1.Explain the purpose of consolidated financial records (3 marks)
2. How would you compile the data and prepare the consolidated financial
statements for the group/organisations under consolidation process?
3. Why is it important to identify partially owned subsidiaries and joint ventures
when preparing financial reports? (2 marks)
4. How would an integrated accounting system assist in maintaining financial
data on all aspects of a large company? (2 marks)
5. What is the purpose of “Valuations” in business? (2 marks)
6. Explain the effects this would have on the taxation of a business (3 marks)
7. Describe how you would identify and record “valuations” to ensure
compliance with relevant accounting standards. (3 marks)
8. You have been involved in creating a balance sheet for a public listed
company and you identify inconsistencies with the long term debt.
Considering the implications of the inconsistent analysis:
a. What action would you take? (3 marks)
b. What levels of management would you report this too? (1 marks)
c. Would it be necessary to report this discrepancy to external bodies?
Explain yes or no. (2 marks)
9. Write a brief timeline for the history of accounting standards in Australia?
10. Explain why you are required to prepare reports in accordance with the
corporation law, accounting standards and securities exchange listing
requirements. (3 marks)
11. What is the Generally Accepted Accounting Principles (GAAP)? .
12. Explain the principles of double entry bookkeeping. (2 marks)
13. Include in your explanation the purpose of the general ledger and the role of
debits and credits.
14. What is the difference between Accrual Accounting and Cash Accounting.
15. Refer to the following web site: http://bit.ly/2suBlGB. Choose the two key
pieces of financial legislation and create a report to stipulate what you should
be aware of when working in Accountancy. (6 marks)
16. Identify the record keeping requirements for ATO and for auditing purposes.
17. Provide 2 methods you could use for calculating the following:
a. Deductions (2 marks)
b. Benefits (2 marks)
c. Depreciations (2 marks)