Assignment Detail:- FNSACC414 Prepare financial statements for non-reporting entities
Assessment Part: 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????
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