Purchase exam bank for exams preparations

1.10     Provide an example of a company that would produce a GPFS and a company that would produce a SPFS. Who are the likely stakeholders of both types of entities?

An example of a company who would produce a exam bank GPFR would be Qantas Group, Qantas Group has various stakeholders such as investors, employees, customers, supplies, banks, regulatory bodies that would all require important information from the Qantas annual report. A company that would prepare a SPFS could be an entity such as a local government association. This type of entity would provide a set of financial statements in accordance with the local government code of accounting practice and financial reporting and relevant Australian accounting standards. The association would not have a diverse range of stakeholders and a special purpose financial statement would fit the requirement of its stakeholders such as lenders and regulatory bodies.

1.11     Refer to the reality check ‘A Glimpse into the future of the accounting profession’. What are the major factors influencing the exam bank for nature of accounting work?

The major factors influencing accounting work include the following:

·         Technological change and globalisation – lower value transactional work is expected to be fully automated and off shored to lower-cost markets. Therefore, tasks that involve human ingenuity, creativity and innovation will be more in demand.

·         Retirement of baby boomers - from 2011 onwards, people coming into accounting will be from a different generation and also have different values. There will possibly be less career accountants and more mobile workers who have expertise globally and across different entities for exam bank is also available.

·         Change in the structure of accounting firms – more consolidations in accounting firms and the importance of mid-tier firms who are likely to experience restructuring in terms of services offered to clients

1.13    One of the limitations of accounting information is the historical nature of the financial statements. Provide an example of an asset from the balance sheet of question bank download Qantas Ltd where the asset's historical cost may not reflect its current value.

One example of an asset where the reported historical cost may not reflect its current value is property, plant and equipment. The note to the financial statements state that the property, plant and equipment are stated at cost less accumulated depreciation and impairment (if any). This amount may not reflect its current value. Impairment tests allow for the asset to be written down if its carrying amount question bank download exceeds its recoverable amount. However, there is no provision for any revaluation upwards.

1.14     Darby Davis is considering purchasing a sushi bar in the inner Brisbane suburb of Paddington. Discuss three important issues that Darby would need to talk over with her accountant before she purchases the sushi bar.

Sarah should seek the advice of her accountant regarding the following:

1.   Evaluate the purchase — from the accountant’s experience (or with assistance from his/her professional association) advice can be obtained on whether the purchase is a good buy or not e.g. through comparisons of similar recent sales; analysing past financial reports of question bank download.

For more information about exam bank and other books click here: