Economics Answers

Describe the information which will be contained in typical financial reports.

What will determine how often you generate reports?

that is the whole question but its talking about financial reports and everything that could affect them like how much the company is earning or how they do tax, something along those lines

What are the possible consequences of taxpayers failing to correctly report an amount they are required to pay or meet other tax obligations?

How data might be consolidated or converted to allow it to be analysed?

Why is it important to report actual income and expenditure figures against budget figures at regular intervals?

If nominal GDP increased by 11 percent and real GDP increased by only 5 percent, the price level must have increased by tentatively around 6 percent. Why is this so?

By using GDP deflator, the price level has increased by (11/5) X 100 = 220. Assuming everything is kept constant ceteris paribus. I don’t see why the concept of GDP deflator is not being able to be used here as we are speaking about price level.

Demonstrate the procedures that should be followed to record financial data in a computerised system. You will need to negotiate a time and place for the demonstration with your assessor.

Why might it be necessary to consolidate and/or convert financial data to allow it to be analysed in accordance with organisational requirements?

How data might be consolidated or converted to allow it to be analysed?

Describe a process that could be used for collating, coding, and classifying accounts data in preparation for processing.