Answer: AAA Services Worksheet for the year end 30 Jun 2018 Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement Balance Sheet Accounts Name Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 40860 40860 40860 Accounts Receivable 11800 11800 ...Read More
Answer: Sales Revenue Sl No Particulars Amount Amount 1 Sales Revenue of Lotus Limited 50000 2 Sales Revenue of Troy Limited 47200 3 Less : Inter company sales -10000 4 Sales to be reported 87200 &nbs...Read More
Answer: 1.Advantages and disadvantages compared to partnership format Advantages: The advantages of proprietary firm are that it is easy to form. Proprietary firm is simple and economic to generate and operate since it can be initiated by any individual without any lawful formalities. This proprietary format provides better control as the owner is lone person and he can maintain better control over the business. As there is only one owner of ...Read More
Answer 1. There is different level of role that is conducted by the global accounting standards, in controlling the economic globalisation and international trade. In addition, the accounting standards are relatively different from country to country, which might indicate the use of a global accounting standards for helping the multinational companies in smoothly conducting their operations. The International Standard Committee was mainly formed...Read More
Answer: Part A Transaction Analysis Chart Date Description of Transactions Assets Liabilities Owner’s equity 1 April Initial Investment +160,000 +160,000 2 April Office Space +360,000 +324,000 2 April Payment for Office Space -36,000  ...Read More
Answer: Introduction: The journey of having the mutual set of accounting standard commenced long before to give a professional shape and essence. All the accounts across the world feel the necessity of shortening the gap among different accounting practices streams through harmonization. However, there are some of the strong variants of accounting practices namely the UK and US across the world. These variants are working as the threats of im...Read More
Answers: Solution 1: Cash cycle is the net estimated period in which the company is expected to make all payments and receive all payments. The cash cycle consists of debtor’s period creditor’s period and inventories period. (Fridson & Alvarez, 2012)The lower the cash cycle better it is for the company. Cash cycle is very important for the companies to maintain as it helps in maintaining liquidity. Liquidity is very important ...Read More
Answer: Question 1: Part a The monthly repayment will be $ 4159.87 which is calculated as below: Cost of House $ 666,000.00 Deposit Utilised $ 61,000.00 Loan Required $ &n...Read More
Answer: Requirement 1: a) A record of monies owed from customers Accounts receivable b) A record of sales which indicates who the customers is and whether or not they have paid Sales account c) A record of all purchase and expenses which indicates who the seller is and whether or not they have paid Purchase account d) A record of monies entering and leaving bank account Cash book e) A financial statement ...Read More
Answer: Introduction: The confidence of users of financial statements hit the rock bottom on accounting and financial reporting post the publication of Enron Scandal in October, 2001 that led to the dissolution of the company, Enron Corporation. The accounting scandal of Enron highlighted the number of shortcomings of different accounting concepts and auditing failure to such a large extent. A brief discussion on the different aspects o...Read More
Answer: Introduction There was always a look out to move ahead from the more conventional methods of indirect costs and overhead allocation to a method that would provide more rational allocation based on incidence of costs that are attributable to a function or activity. Hence, Activity based costing emerged from that necessity. Under this technique overheads are allocating to specific items that are incurring that cost because of using ...Read More
Answers: June 21, 2018 Kirsten Carty Ref No: KSC1362 Email: [email protected] Phone: (03) 8602 7400 Dear Kristen, This is in response for the recently advertised position for an IT savvy expert to step up in the law firm as a team member.Through my hands on experience as IT Help Desk Technician at Crazy PC Pty Ltd and Cleaning Team leader at Spotless Facility Services Pty Ltd at Melbourne followed by an academic project of conf...Read More
Answer: Introduction In this report, proper emphasis had been given on highlighting a problem where a listed organization of the ASX had been selected for the purpose of analysing the Shareholder information as mentioned in the annual report of the business organization. This study deals with analysing cash flow statement of the company (Williams 2014). However, comparative analysis will be done and presented under three sub-sections of...Read More
Answers: 1.Balancing between good performance and risk management in choosing managerial pay and performance Some organizations have moved from payment related to occupation to pay in terms of performance, these have enabled employees to deliver an outstanding performance, but I have also come with several risks, for organizations to deal with this risk they have sought to make the following considerations when choosing managerial pay and per...Read More
Answers: Part a The information available in any financial statement facilitates the economic and financial decision making of an investor. However, it cannot be concluded that each and every information contained in such financial statements is of immense use to the users. In order to satisfy their primary objective of helping an investor to take sound decision, there are few qualities which serve as prerequisites (Bromwich & Scapen...Read More
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