Tutorial 1 Questions for maths, good notes PDF

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lecture 1 questions for maths, pretty good notes...

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School of Accounting and Commercial Law

ACCY 130: Accounting for Accountability and Decision Making Trimester One 2021 Tutorial 1 QUESTION 1: ACCOUNTING BASICS You are having coffee with a friend who has little knowledge of accounting. Your friend has recently read an article about the accounting profession in New Zealand and is confused about some ideas and concepts which he/she would like you to clarify. a) What is accounting? b) Why do organisations have to be accountable and what should they be accountable for? c) What do accountants mean by (i) “external users”/“stakeholders”, (ii) accounting information, (iii) annual report? d) Why should some organisations be required to prepare detailed reports, while others should not? e) What make accounting information “useful”? f) What is the difference between “for-profit entities” and “public benefit entities”? Required: Address your friend’s questions in non-technical language. QUESTION 2: ENTITY TYPES AND USER NEEDS As discussed in class, there are various types of organisations that operate in New Zealand society. These entities have different objectives, stakeholders, and reporting requirements. Required: For each of the organisations listed below, (a) state what type of entity the organisation is, (b) identify at least 2 stakeholders, and (c) provide examples of the accounting information these stakeholders may need from the organisation as a basis for action or decisions.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.

Kayes Fletcher Walker (law firm, see: http://www.kfw.co.nz/home) Remuneration Authority Auckland University The Lottery (Lotto) Commission Open Polytechnic Subway Karori (Sandwich shop) Stellar Projects Limited Kilbirnie Mosque Spark New Zealand Pathlab (see: https://www.pathlab.co.nz/) New World Supermarket Xero Limited Contact Energy New Zealand Glassons Limited Friends of the Earth Department of Internal Affairs Karen Walker Limited McDonalds Limited Poneke Football Club

You may use the following table to answer this question. Entity

(a) Entity Type

(b) THREE examples of stakeholders

(c) TWO examples of accounting information for decision making and/or accountability purposes...