ACCG100 Lecture Notes - Lecture 13: Accrual, Children'S Book Council Of Australia, Financial Statement

• School: Macquarie University
• Department: Accounting and Corporate Governance
• Course: ACCG100
• Professor: Colly He

Document Summary

What to do during the 10 minute reading time. Allocate time proportionally to the value of each question. Decide on the order of your answers mentally. Tick and order the questions you plan to answer. Pre-set time limits for each question according to the value of each question. Re-read the questions and underline key words and phrases. Practical: record transactions, prepare nancial statements, calculations etc. Read the question carefully!! (1) provide an example of a business (i. e. transaction) that a ects at least two nancial elements. (2) state what accounting assumption is violated in this case. Explain the accounting assumption as it relates to this case. (3) the annual depreciation for the equipment is 000. Prepare the month ended adjusting entry on 30 april 201x. Calculate the pro t for the year ended 30 june 201x. Provide a formula and show your workings for each. Provide one example of each of the two costs.