Study notes for the subject The Purpose of Accounting in the module Financial Accounting 1. These are effective to study and revise in the accounting student's first year.

QUESTION 1 (20 marks total) Limbo Ltd is a retailer of dancewear and accessories. The following transactions occurred during August ********* August Purchased a new premises at a cost of $176,000. Limbo Ltd...

QUESTION 1 (20 marks total) On 1st May 2017 Lady MaMa started a mobile massage business. Lady MaMa employs two (2) staff. The following transactions were completed during the first month of operation: 2017 1 May...

Goodwill could be described as the value of all favourable attributes that relate to a business as a whole that are not separately identifiable. Give four examples of attributes that could result in goodwill. (2...

The following information has been prepared for In Style Pty Ltd by their assistant accountant. REQUIRED: Prepare a report for the directors of In Style Pty. Ltd assessing its: Profitability. (6 marks) Check –...

Introduction: Accounting is introduced as the language of business, used to track, summarize, and communicate financial information. The Accounting Equation: Explains the fundamental equation - Assets =...

Which statement is true? is designed to meet the needs of internal decision makers. Which of the following employees is most likely to only use financial accounting information.

Question a) Leopard Ltd makes three products, A, B and C. The selling price and cost per unit for each of these products is budgeted as follows: A B C £/unit £/unit £/unit Selling price ********* Direct labour...

Tiger Limited produces spare parts for aviation industry. The income statements and statements of financial position for 2021 and 2022 are as follows: Income statements for the year ended 31 December 2021 2022 ...

The selling price, variable costs, annual fixed costs, annual depreciation charges, and marginal tax rate for the project are shown below:

Choose the answer that is not a distinguishing characteristic of financial accounting information. Product costs include all of the following except: Which of the following costs would not be classified as overhead...

Ashlee Adams and Alana Miller graduated in accounting with their Masters in May of Year 17. During the rest of Year 17, they completed the CPA exam.

“My Company” Case: Not-for-Profits (NFP) Materials: These instructions are for not-for-profit entities only. (a) For the not-for-profit (NFP) entity you examine: You will need a set of its financials – balance sheet (or...

Presented below are the balance sheets of Trout Corporation as of December 31, Year 1 and Year 2, and the income statement for the year ended December 31, Year 2. The statement of retained earnings for the year ended...

Interpreting Financial Reports case. Kindly go through the questions first before buying the solution, so you know you are buying the right thing.

Instructions: Using the background information on pages 2-4 (below), complete the following tasks. 1. Prepare journal entries for listed transactions throughout the year. 2. Prepare balances for all accounts...

Question 1 Lion plc’s Income Statement for the year ended 31 December 2022 and the Statements of Financial Position as at 31 December 2021 and 2022 are as follows: Income Statement for the year ended 31st December...

Accounting and Finance in Business Financial Statement Notes and Their Importance in an organization

QUESTION ONE (Topic 1) Question one requires you to Chapter 1 of the text, and the Employability presentation/powerpoints in Topic 1, in order to respond to an article by Lesley Meall, in the 18th edition of ACCA and...

Walsh company expects sales of Product W to be 60,000 units in April 75,000 units in May and 70,000 units in June. The company desires that the inventory