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123 TMP E – Assessment Template – Written v1.3 P ...
123 TMP E – Assessment Template – Written v1.3 Page 1 of 4
Please answer the following questions.
1. Briefly describe benefits of using visual display to present financial information in financial
reporting. Describe some examples of visual display which are commonly used in financial
reports. (Hints: Check the internet for information, following are few recommended websites
for your reference :
2. Read “Accounting Principles and Accrual Accounting” and “Accounti ng for GST”
located in the Supplementary resources section in Connect site .
Identify and explain the key principles of double -entry bookkeeping and accrual accounting.
Please note the principles should also include all conventions, policies and bases.
3. Tax professionals are required to comply with the Tax Practitioners Board’s Code of
Professional Practice. Discuss ethical considerations in relation to conflict of interest,
confidentiality and disclosure requirements as outlined in the Code.
4. Explain the k ey features of integrated computerised accounting systems, and how they
assist to present financial data formatted to both organisational and industry standards.
5. Some accounting items are treated differently under tax legislation than under accounting
standards. Outline the different treatments, options, methods and practices for recording and
reporting expenses/deductions, benefits and depreciation.
6. Identify and explain business legal requirements relating to delegated authorities, reporting
periods a nd taxation payment timings.
123 TMP E – Assessment Template – Written v1.3 Page 2 of 4
The following are the financial statements of North Point Enterprises for the year ended 30 June
North Point Enterprises Ltd
for year ended 30 June 16
Less Cost of Goods Sold
Inventories ( 1/7/15) 14,500
Less Inventories ( 30/6/16) 8,000 141,500
Less Operating expenses
Loss on sales of equipment (piece B) 2,000
Depreciation of equipment 12,000
Depreciation of Motor Vehicle 8,000 62,300
123 TMP E – Assessment Template – Written v1.3 Page 3 of 4
Question 7 continued
North Point Enterprises Ltd
Current Assets $ $ $ $
Cash at Bank 55,000 21,500
Inventories 8,000 14,500
Accounts Receivable 78,700 42,300
Prepaid Advertising 3,200 1,200
Non -Current Assets
Equipment 46,500 66,500
Less Accum Depreciation 22,000 24,500 18,000 48,500
Motor Vehicles 44,000 44,000
Less Accum Depreciation 26,000 18,000 18,000 26,000
Total Non -Current Assets 42,500 74,500
TOTAL ASSET 187,400 154,000
Less Current Liabilities
Accounts Payable 34,900 57,700
Net Assets $ 152,500 $ 96,300
Paid up Capital 95,300 85,300
Retained Profit 57,200 11,000
Important Note: The sale of equipment (piece A) had a historical cost of $20,000 and
accumulated depreciation of $10,000. It was sold for cash of $10,000 .
GST is not included so ignore the GST component of transactions.
You are required to:
a) Prepare a Statement of Cash Flows for the year ended 30 June 2016 in accordance with
b) Prepare a statement reconciling cash flows from operating activities with profit.
Use the format/template on the following page for your answer.
123 TMP E – Assessment Template – Written v1.3 Page 4 of 4
Suggested Template for Question 7:
Cash flows related to operationg activities
Receipts from customers
Payments to suppliers
Income tax paid
Net operating cash flows
Cash flows related to investing activities
Cash purchases of proerty, plant & equipments
Cash proceeds from sale of property, plant & equipment
Net investing cash flows
Cash flows related to financing activities
Proceeds from share issue
Repayments of borrowings
Net financing cash flows
Net increase/Decrease in cash held
Cash at beginning of year
Cash at end of year
Cash at bank
Add/Subtract Non-cash items in the income statement
Add/Subtract operating flows in the balance sheet
Cash Flow Statement for the year ended 30 June 16
Reconciliation of cash
Reconciliation of net profit with cash flows from operation activities
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