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FNSACC504 Prepare financial reports for corporate entities: Assessment Task 1

Assessment Task 1 Instructions

Provide answers to all of the questions below:

1. Review the Australian Taxation Office web site and identify company tax rates for the current tax year for the following types of entity:


Small business entity :
Non-profit company:
Non-profit company that are small business entities:


2. Explain ATO requirements for businesses regarding GST registration.



3. Explain how the Corporations Act 2001 defines a Pty Ltd company and requirements regarding the number of directors and members. 



4. Under the Corporations Act 2001, how long must a registered company keep its financial records.



5. Explain under what circumstances consolidated accounts must be prepared.



6. Outline key considerations for a professional accountant in evaluating interests and relationships that may create a conflict of interest and provide three examples of situations which could result in a conflict of interest for a professional accountant.



7. Outline two mechanisms that an accountant working in a large accountancy firm could take to prevent unauthorised disclosure of confidential information when performing professional services related to a particular matter for two or more clients whose interests with respect to that matter are in conflict. 



8. Explain the circumstances in which an accountant’s duty of confidentiality would be overridden and give at least one example of this. 



9. Explain at least five key features of integrated computerised accounting systems, for example MYOB or Xero.



10.  Explain the purpose of General Purpose Financial reports as set out in the Accounting Standard AASB 101 Presentation of Financial Statements and how these differ to special purpose reports. 



11. Explain components of a financial report as set out in the Accounting Standard AASB 101 Presentation of Financial Statements, giving a brief description of each.  



12. Explain fair presentation and compliance with AAS as set out in the AASB101 Presentation of Financial Statements



13. Explain the two accounting principles on which the calculation and reporting of deprecation is based.



14. Outline two common methods for calculating depreciation that can be used by an accountant. 



15. Outline three deductions that a business may not claim and explain why for each. 



16. Outline the ATO requirements for reporting fringe benefits tax.



17. Explain the T-format of displaying accounts and why a business may choose to adopt this format rather than a list approach. 



18. Explain four general features of financial statements that a business must take into account when preparing financial statements as per the AASB 10 Presentation of financial statements.



19. Explain the basic principle of double entry bookkeeping.



20. Explain accrual accounting and why a business may choose to adopt this approach over cash basis accounting.




Answer

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