Reference no: EM133156162

FNSACC414 Prepare financial statements for non-reporting entities

Assessment Task: Written Questions

Question 1: What is the difference between a Reporting Entity and a Non-Reporting Entity?

Question 2: Describe the key features of the Regulatory Guide 85 from the Australian Securities and Investments Commission.

Question 3: Describe three different non-reporting entities.

Question 4: What are the key features of a partnership?

Question 5: What are the key features of not-for-profit organisations?

Question 6: How does the Australian Tax office define a primary producer?

Question 7: What company data is needed to complete a Cash Flow Statement, and what does it show about a business?

Question 8: How does the classification of a company as a reporting or non-reporting entity have on the financial statements required?

Question 9: Which Act is the primary piece of regulation that defines the reporting obligations of business entities in Australia, and what body administers It?

Question 10: Describe the three basic contents of annual reports as set out in the above Act.

Question 11: Which accounting standard describes the requirements of a Cash Flow Statement?

Question 12: What company data is needed to complete a Balance Sheet, and what does it show about a business?

Question 13: What company data is needed to complete a Profit and Loss Statement, and what does it show about a business?

Question 14: Which Act established the Goods and Services Tax?

Question 15: Under the A New Tax System (Pay As You Go) Act 1999, what obligations does an employer have to their employees regarding their income tax?

Question 16: Discuss the tax collection obligations a business has towards a supplier who refuses to quote their ABN under A New Tax System (Pay As You Go) Act 1999.

Question 17: What is the difference between a Profit and Loss Statement and a Cash Flow Statement?

Question 18: Into which three groups are cash transactions classified in a Cash Flow Statement?

Question 19: Give at least three purposes of a Cash Flow Statement

Question 20: What is measured by the following ratios?

Question 21: What is the main difference between the current ratio and the liquid (or quick) ratio?

Question 22: What is the main difference between the gross profit ratio and the liquid (or quick) ratio? Which one is the more accurate measure of a company's profitability, and why?