Questions from General Accounting

Q: What is risk management and why is it included in the ASXCGC

What is risk management and why is it included in the ASXCGC Corporate Governance Principles and Recommendations?

Q: Didi, a sole trader operating a small landscaping business, asks

Didi, a sole trader operating a small landscaping business, asks you to prepare her statement of financial position (showing her equity) for the year ended 30 June 2020: contributed capital $26 440; p...

Q: From the six scenarios described below, indicate (giving your reasons

From the six scenarios described below, indicate (giving your reasons) the business form each one is likely to take — sole trader, partnership, company or trust. (a) Conor and Ella wish to start an in...

Q: Produce the shareholders’ equity section of the statement of financial position for

Produce the shareholders’ equity section of the statement of financial position for Geelong Davis Ltd, a public company. Use the following information: share capital (200 000 $1 ordinary shares and 30...

Q: Jenny and Margaret agree to form a partnership on 16 September 2020

Jenny and Margaret agree to form a partnership on 16 September 2020 to supply first-aid kits to motor vehicle dealers. They agree on the following market values given to them by an independent valuer....

Q: Presented below are financial statement items for Jupiter Planet (a sole

Presented below are financial statement items for Jupiter Planet (a sole trader) for the period ended 30 September 2020. Determine which items should appear in the statement of profit or loss and whic...

Q: Using the information shown in exercise 3.30, produce a

Using the information shown in exercise 3.30, produce a statement of profit or loss for the period ended 30 September 2020. In exercise 3.30 Presented below are financial statement items for Jupiter...

Q: Explain what a transposition error is and identify how you can detect

Explain what a transposition error is and identify how you can detect that one has occurred.

Q: Refer to the JB Hi-Fi Ltd statement of profit or

Refer to the JB Hi-Fi Ltd statement of profit or loss in figure 3.2 to answer the following questions. Figure 3.2 (a) What is the major difference between the format of this statement and that of a s...

Q: Refer to the JB Hi-Fi Ltd consolidated statement of financial

Refer to the JB Hi-Fi Ltd consolidated statement of financial position in figure 3.3 to answer the following questions. Figure 3.3 (a) What is the major difference between the format of this statemen...