Preparation of income statement and balance sheet
Toby and Talea McKellar are the joint owners of Beaut Beach Caravan Park, which is near a swimming
beach popular during the summer months. The park provides not only camping facilities for
Tut 3 Week 3 ACC701 Q n SS
P18.2, 18.4, 18.7
Doubtful debts ageing method
On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts
as below. Ignore GST.
DQ1,2,3,6,8,11 Ex22.1, 22.5,22.7, 22.12
Classification of liabilities is based on the same principles as the classification of assets. Do
you agree with this? Why or why not?
Currently, the main basis of classifying assets is according to their nature
DQ3, 6, 7, Ex25.5, 25.6, P25.5
In analysing the financial statements of an entity, the following ratios were calculated:
DQ1, 2, 3, EX24.1, 24.2, 24.6, 24.9
Discuss the purposes of the statement of cash flows.
The purpose of a cash flow statement is to provide information about the historical changes
to an entitys cash and cash equivalents. It is designed to help users o
Tut 5 Week 5 Q n SS Chapter 20
DQ1, 2, Ex20.2, 20.6, P20.8
Discuss which of the following should be included in the cost of equipment: (a) installation
charges, (b) freight charges, (c) cost of building foundations, (d) new parts needed to replace
Tut 7 Q and SS
DQ1,2,4, 9, 10 Ex21.1, 21.3, 21.7
Discuss whether and how a company should account for a revaluation increase and a
revaluation decrease on property, plant and equipment. Discuss also the accounting treatment
if such an increase or decre
Tut 4 Chapter 19 Q n SS
DQ1, 5, 8, 9 , Ex19.6 P19.8
What costs should be included in the cost of an item of inventory?
According to IAS 2/AASB 102, cost in relation to inventories comprises all costs of
purchase, costs of conversion, and other costs in
Tut 2 ACC701 Tut Q n SS
DQ1, 2, 6,8,9 Ex17.7, 17.10
Outline the regulatory process in Australia in relation to accounting standard setting
and discuss the influence of international bodies in the standard-setting process.
The answer to this question re
Tut 1 ss
Ex2.1, 2.2, 2.10, 2.11, P3.1,
Preparing a balance sheet
Financial items for George Karatsis IT Services on 31 May 2016 are presented below in alphabetical order.
$ 64 000