Questions from General Accounting

Q: Lou and Stu are sole traders who run their own separate businesses

Lou and Stu are sole traders who run their own separate businesses providing accounting and bookkeeping services. On 31 December 2019, their individual statements of financial position show the follow...

Q: Go to the ASX website (www.asx.com.

Go to the ASX website (www.asx.com.au). In the search window, type ‘listing with ASX’. What are the key benefits of listing according to the ASX?

Q: Go to the Business Queensland website (www.business.qld

Go to the Business Queensland website (www.business.qld.gov.au) and select ‘Starting a business’, then ‘Business types and legal structures’. Next select ‘Setting up a legal business’ under the headin...

Q: From the following information for sole trader J Pfahlert, software designer

From the following information for sole trader J Pfahlert, software designer, draw up a statement of financial position as at the end of the financial year (30 June 2020). You are also required to det...

Q: Teddy Thomas, a real estate agent, requires you to prepare

Teddy Thomas, a real estate agent, requires you to prepare a statement of profit or loss for the period ended 31 December 2020: donations $120; office wages $8400; sales salaries $30 000; sales commis...

Q: The following account balances, dated 30 September 2020, are of

The following account balances, dated 30 September 2020, are of sole trader Victoria Stone (Stone Bike Hire): capital (V Stone) $108 125; hire revenue $45 000; bike maintenance $10 000; administrative...

Q: Compare and contrast the views of Hobbes with those of Smith and

Compare and contrast the views of Hobbes with those of Smith and Friedman.

Q: You are a friend of Penny Williams, who is thinking about

You are a friend of Penny Williams, who is thinking about starting a business to sell her personalized embroidered towels. Advise Penny on the four factors that should be considered before deciding wh...

Q: Distinguish between personal transactions and business transactions. Illustrate with five examples

Distinguish between personal transactions and business transactions. Illustrate with five examples of each.

Q: Explain with examples the major differences between a company limited by shares

Explain with examples the major differences between a company limited by shares (such as JB Hi-Fi Ltd) and a proprietary company (such as Coconut Plantations Pty Ltd).