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September 22, 2025, 09:02:26 am
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Author Topic: Your questions answered.  (Read 26992 times)  Share 

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naved_s9994

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Re: Your questions answered.
« Reply #105 on: June 07, 2010, 04:36:38 pm »
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Quote from: TyErd on June 07, 2010, 04:26:49 pm
Why isn't GST included in the calculation of depreciation?

gst isnt expense - colllected on behalf ato
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TyErd

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Re: Your questions answered.
« Reply #106 on: June 07, 2010, 04:39:26 pm »
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disadvantage of accrual accounting for a small business?
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Akirus

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Re: Your questions answered.
« Reply #107 on: June 07, 2010, 04:40:36 pm »
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Quote from: TyErd on June 07, 2010, 04:39:26 pm
disadvantage of accrual accounting for a small business?

Costly, often impractical, etc etc.
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TyErd

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Re: Your questions answered.
« Reply #108 on: June 07, 2010, 04:43:48 pm »
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Does depreciation lead to an indirect retention of funds? I dont even know what the questions is asking
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naved_s9994

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Re: Your questions answered.
« Reply #109 on: June 07, 2010, 04:44:44 pm »
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Quote from: TyErd on June 07, 2010, 04:43:48 pm
Does depreciation lead to an indirect retention of funds? I dont even know what the questions is asking

LOLLLLLLLLLLLLL !!!!!!!!!
But they are good questions, ive been revising all this over the last month :)
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TyErd

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Re: Your questions answered.
« Reply #110 on: June 07, 2010, 04:46:35 pm »
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last minute preparation :)
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LFTM

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Re: Your questions answered.
« Reply #111 on: June 07, 2010, 04:59:02 pm »
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guys, why do we actually depreciate?
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naved_s9994

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Re: Your questions answered.
« Reply #112 on: June 07, 2010, 05:01:03 pm »
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Quote from: LFTM on June 07, 2010, 04:59:02 pm
guys, why do we actually depreciate?

to determine an accurate profit by matching revenue earnt against expenses incurred for current reporting period
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mmmmm

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Re: Your questions answered.
« Reply #113 on: June 07, 2010, 05:01:29 pm »
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Quote from: LFTM on June 07, 2010, 04:59:02 pm
guys, why do we actually depreciate?

Because the asset is assisting the firm in earning revenue, an appropriate amount needs to be expensed to match the revenue it's earning.

I think that's why, i'm not sure.  Someone should confirm this!
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TyErd

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Re: Your questions answered.
« Reply #114 on: June 07, 2010, 05:07:09 pm »
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Quote from: LFTM on June 07, 2010, 04:59:02 pm
guys, why do we actually depreciate?

To ensure the cost incurred in relation to a non current asset is reported as an expense in each reporting period in which it earns revenue. This allows the owner to accurately calculate profit.
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Aqualim

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Re: Your questions answered.
« Reply #115 on: June 07, 2010, 05:10:55 pm »
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Quote from: TyErd on June 07, 2010, 04:24:43 pm
Is there any benefits of having a net negative operating or financing?
There may, depending on whether the business purchased a large quantity of non-current assets when they are just starting up their business. This is because these non-current assets are expected to generate revenue for the business in the near future which will in turn, hopefully, increase operating cash flows

Quote from: TyErd on June 07, 2010, 04:35:17 pm
explain how depreciation ensures relevance in the p/l statement and the balance sheet?

Same answer as this question; 'Explain with reference to one qualitative characteristic why it is necessary to depreciate non-current assets'... I'm assuming you've done a million of them by now

Quote from: TyErd on June 07, 2010, 04:36:33 pm
disadvantages of using perpetual inventory system
- Can be costly for staff to update records and invest in stock management software
- Can be time consuming for staff to conduct physical stock takes and compare them to manual reports

Quote from: TyErd on June 07, 2010, 04:28:52 pm
Benefits of classifying the balance sheet, p/l statement and cash flow statement?
Upholds understandability be presenting the reports in such a manner that allows non-accountants to understand and comprehend the information presented in order to make accurate decisions on balance day.
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TyErd

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Re: Your questions answered.
« Reply #116 on: June 07, 2010, 05:14:32 pm »
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thanks all for answering my questions :)
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naved_s9994

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Re: Your questions answered.
« Reply #117 on: June 07, 2010, 05:23:39 pm »
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Give us more Tyred :P

I love your questions :P Heheh
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TyErd

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Re: Your questions answered.
« Reply #118 on: June 07, 2010, 05:27:15 pm »
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lol alright :)

explain why the balance sheet is titled 'as at'
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TyErd

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Re: Your questions answered.
« Reply #119 on: June 07, 2010, 05:27:36 pm »
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What is meant by the term equities
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"Don’t ever let somebody tell you you can’t do something, not even me.  Alright?  You got a dream, you gotta protect it.  People can’t do something themselves, they wanna tell you you can’t do it.  If you want something, go get it, period." - Chris Gardner
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