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ASSISGNMENT - FNSACC301 & FNSACC302

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Theory Questions related to subject FNSACC301 & FNSACC302 – process financial transactions and extract interim reports – refer appendix A while answering the belowquestionsProvide brief answers to the following questions.1. What is the accounting equation? 2. What is the accounting entity concept? 3. Where do we first record transactions into a double entry accounting system? 4. What type of accounts are debit by nature? 5. What type of accounts are credit by nature? 6. What is owners’ equity? 7. What are Accounting Standards? Give an example of one ...

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Question Preview:

Theory Questions related to subject FNSACC301 & FNSACC302 – process financial transactions and extract interim reports – refer appendix A while answering the belowquestionsProvide brief answers to the following questions.1. What is the accounting equation? 2. What is the accounting entity concept? 3. Where do we first record transactions into a double entry accounting system? 4. What type of accounts are debit by nature? 5. What type of accounts are credit by nature? 6. What is owners’ equity? 7. What are Accounting Standards? Give an example of one Accounting Standard and outline the objective of that standard. 8. List 3 pieces of legislation which may require reports from businesses accounting records.

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ASSISGNMENT - FNSACC301 & FNSACC302

1.    What is the accounting equation?

Accounting equation shows the connection of the assets, liabilities and shareholders’ equity. Accounting equation is based on double entry bookkeeping system which records the assets and liabilities simultaneously. For each transaction, the total assets of a company must be equals to the total liabilities and shareholders’ equity. Assets can be anything in terms of value, which can be changed into cash. Liabilities are the company’s legal obligations that arise during business operations. Capital shows the shareholders’ equity.Assets = Liabilities + Shareholders’ Equity

2.    What is the accounting entity concept?

In accounting, a business and its owners are considered as two different parties. This concept is known as entity concept. It is important to maintain separate business transactional records to understand exact financial state of the business. Separate accounting system can decide the financial result. Hence, a business needs to carry a separate entity and differentiate it from the owners.

3.    Where do we first record transactions into a double entry accounting system?

The double entry accounting system is used for maintaining records of the assets, liability, Income, expense and capital accounts. First, we need to record transactions in general ledger account.

4.    What type of accounts are debit by nature?

A debit is an accounting entry that either increase assets or expenses or decrease liability or equity accounts. Assets, expenses, losses and the owners’ drawing accounts are debit in nature.

5.    What type of accounts are credits by nature?

A credit is an accounting entry that can increase liability and equity or decrease assets and expenses accounts. Liabilities, sales and revenues, profits and owners’ equity and stockholders’ equity accounts are credit in nature. 

6.    What is owners’ equity?

Owners’ equity is the computation of the net worth of the company. It will be calculated by subtract total liabilities from total assets. Capital shows the shareholders’ or owners’ equity.

7.    What are Accounting Standards?

Give an example of one Accounting Standard and outline the objective of that standard?Accounting standards are the written accounting policies which has ability to identify and  make arrangements of accounting in financial statements. Accounting standards are purely reliable standards for financial statements and these are the primary source of generally accepted accounting principles (GAAP). Accounting standard AS 3 assists for preparing cash flow statements. The objectives of accounting standard AS 3 are as under:a)    To provide standard for the various accounting policies, procedures and principlesb)    To increase efficiency of financial statementsc)    To establish transparency d)    To establish qualitye)    To maintain accuracy

8.    List 3 pieces of legislation which may require reports from businesses accounting records.a)    Archive Regulation: To provide information for appraisal, notification of destruction or other disposal.b)    Privacy Regulation (2012): This comes under the privacy act. The act contains 13 Australian Privacy Principles to regulate individual information.c)    Legally binding privacy guidelines and rules: This comes under the privacy act. Number of rules and guidelines are mentioned to protection, disclosure of tax and medical research.

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