Accounting Answers

define and explain when the presence of a backstop competitive supplier leaves hotelling industry extraction largely unchanged and when such a bacckstop changes hotelling extraction considerably

FNSACC406
Reconciling the GST control accounts is different for accrual based accounting and cash accounting. When reconciling the GST control accounts, with what would outstanding GST be reconciled in each case? Discuss in 50 to 80 words.

What is moderation of a decision-making process and why is it valuable? ( related to individual tax return)

When two proprietors decide to combine their businesses and form a partnership, GAAP usually requires that non-cash assets be taken over at their __________.

Describe the key features of organisational policy and procedures relating to the preparation of tax documentation for individual taxpayers.

An individual who is not an existing client approaches you in early November stating that the income tax return for the financial year has not been prepared or lodged. The individual is aware that tax agents can lodge later than the October 31 deadline so requests that you prepare and lodge the tax return to avoid penalties. What advice do you give this individual?

FNSINC401
The information you convey to customers about the product/ service you offer must be truthful, accurate, current and reliable. Describe the consequences of failing to do this by commission or omission.

Partners Roger and Martin each have $3,000 capital balances and share income and losses in a 2:1 ratio for Roger and Martin, respectively. Cash equals $1,000, noncash assets total $10,000, and liabilities are $5,000. If all the noncash assets are sold for $4,000, Martin's capital account will:

FNSACC503
Who is legally responsible for oversight of the budget in a business/ company?