§-Accounting Q&A
TAS · TASC← Accounting
Accounting Q&A by dot point
A short Q&A bank for every TAS Accounting syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
Accounting for Decision-Making
Apply the key accounting principles and ethical responsibilities to reporting decisions.
Prepare a cash budget and explain the difference between profit and cash flow.
Calculate and interpret profitability, liquidity and efficiency ratios.
Prepare and interpret a cash flow statement classified into operating, investing and financing activities.
Financial Accounting
Explain accrual accounting and process balance day adjustments for accrued and prepaid items.
Record bad debts written off and create an allowance for doubtful debts at balance day.
Calculate and record depreciation using the straight-line and reducing-balance methods.
Prepare and interpret the income statement and balance sheet for a sole trader.
Explain how GST is collected and paid by a sole trader and record GST in transactions.
Apply internal controls over cash and prepare a bank reconciliation statement.
Record inventory transactions under the perpetual system and reconcile to a stocktake.
Record transactions in the general journal and post them to ledger accounts.
Record transactions in special journals and post to subsidiary ledgers and control accounts.
Explain the accounting equation and the rules of double-entry recording.
Identify the users of accounting information and explain the decisions each needs to make.