Exam Revision Sem 2 Flashcards
1
Q
What is debtor and what is creditor?
A
Debtor Acc Rec
Creditor Acc Pay
2
Q
Taxable Supplies Requirements?
A
1For payment of some kind
2Made in the course of operating a business
3Connected with Australia
2
Q
Classified Income Statement Format
A
Income
Sales
Less Discount Allowed
Less COGS
lESS DISCOUNT RECEIVED
Gross Porfit
Add other income
Total Income
Less Expenses
SD
GA
F
ISLLLGATL
2
Q
Input Taxed Supplies+EXAMPLE
A
Sales of goods and service that dont include GST in price. but where GST credits can NOT be claimed on the good or service
finacia supplies
2
Q
4 things they look at before ppl giving loans
A
liquidity
history
gurantor
