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

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

Document Summary

What to do during the 10 mins 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. Two types of questions: practical & conceptual. Practical: record transactions, prepare financial statements, calculations etc. Read the question carefully!: provide an example of a business (i. e. transaction) that affects at least two financial elements, state what accounting assumption is violated in this case. Explain the accounting assumption as it relates to this case: the annual depreciation for the equipment is 000. Prepare the month ended adjusting entry on 30 april 201x. Follow the instructions!: prepare general journals to record transactions. Narrations are required: calculate the profit for the year ended 30 june 201x. Show your workings: calculate the following ratios.