Describe the key features of the Regulatory Guide 85 from

Assignment Detail:- FNSACC414 Prepare financial statements for non-reporting entities Assessment Part 1: 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???? Assessment Part 2: Financial statements and report project Part summary This assessment task requires you to read through the available data and prepare financial statements, and a report, on a case study company's financial viability- Carefully read the following: Andrew has been buying and selling timber slabs for a year- He also buys old furniture, renovates it, and then resells it- He has also started repairing furniture for customers- On the first of May, Andrew's Slabs had the following assets: Cheque account                          $19,783 Furniture and fittings                    $14,200 Motor vehicles                              $7,520 Office equipment & computers      $4,750 Plant & equipment                         $4,050 An inventory count was performed on May 1 and found that Andrew's Slabs had $127,540 of stock- Andrew's Slabs' liabilities Accounts payable                       $14,200 Andrew started the business with $45,000 savings and has $22,469 in retained earnings- The business transactions are still recorded in a cash receipts book, but the transactions for May and June have been transferred to an Excel Workbook- Andrew has modified a Financial Policy and Procedures from a company that he worked for previously and wants all financial undertakings to comply with this- Andrew feels that the business is getting too big for him and wants to put it on the market- To that end, Andrew has asked you to read through the available data and prepare financial statements and a report on Andrew's Slabs' financial viability- When your report has Andrew's approval, you are to send a copy to George, a friend of Andrew's, who is interested in buying the business- Complete the following activities: Activity 1- Create a new Excel Workbook for Andrew's Slabs-Review Andrews' Slabs Financial Policy and Procedures to ensure compliance, then enter Andrew's Slabs' transaction details from Andrew's Slabs Transactions May and June, and Andrew's Slabs April Closing Balance, into the first four Worksheets in your new Workbook- Reconcile all transactions with Bank Statements- Use data from the scenario information above and the transactions to create a Worksheet for each of the following for the months of May and June:• Balance Sheet• Profit and Loss• Trial Balance• Cash Flow Statement Save this file as Andrew's Slabs Workbook- Activity 2- Write an email to Andrew -your assessor--The text of the email should be in grammatically correct English, written in an appropriate -polite, business-like- style- The email text should also request clarification on any discrepancies that you found during your reconciliation- It should summarise the contents of the attachment and give a short report -tree or four lines- on the liquidity, financial viability and profitability of Andrews' Slabs as evidenced in the data that you have been given- The email text should also ask Andrew for the place, date and time when they could have a meeting with you to discuss your Excel Workbook and report- Attach your Andrew's Slabs Workbook to the email- Activity 3- Meet with Andrew -your assessor--The objective of the meeting is to discuss your Andrew's Slabs Workbook and report with Andrew- At the meeting, you will be asked to:• Discuss the contents of the Excel Workbook that you have created, giving Andrew a good understanding of how his business is performing-• Discuss your report with Andrew- You may have to modify the report to reflect Andrew's feedback at the meeting- During the meeting, demonstrate effective communication skills including:• Using clear language and correct terminology• Using non-verbal communication to assist with understanding• Asking questions to identify required information• Responding to questions as required• Using active listening techniques to confirm understanding Activity 4- Revise your Excel Workbook-Update your Andrew's Slabs Workbook to include Andrew's requests from the meeting- Save this file as Andrew's Slabs Revised Workbook- 5- Update your report-Revise your short report -tree or four lines- on the financial viability of Andrews' Slabs that you included in the text of the email you sent to Andrew-The changes should reflect any feedback that you received from Andrew at the meeting- Create a new Word document for your report and save this document as Financial Report Activity 6- Write an email to Andrew -your assessor--The text of the email should be in grammatically correct English, written in an appropriate -polite, business-like- style- It should summarise the contents of the attachment and seek Andrew's approval for the Workbook and report to be sent to George- Attach your Andrew's Slabs Revised Workbook and report to the email- Activity 7- Write an email to George -your assessor--When you have received written approval for your Workbook and report, send an email to George-The text of the email should be in grammatically correct English, written in an appropriate -polite, business-like- style- It should start with an introduction and a summary of the contents of the attachment- The email text should also include your short report on the financial viability of Andrews' Slabs- Attachment:- Financial Policy and Procedures-rar

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