Q1: What is a firm’s ledger?
Q2: What are subsidiary ledgers?
Q3: What is a chart of accounts?
Q4: What are ‘internal controls’ in a business and how can using subsidiary ledgers support the ‘internal controls’ in a business?
Q5: Are items of revenue and expenses in our firm’s Income statement inclusive or exclusive of GST?
Q6: What is the benefit of having accounts for GST separate to our firm’s revenue and expenses accounts?
Q7: Are items of assets and liabilities in our firm’s Balance sheet inclusive or exclusive of GST? What common exception is there to this?
Q8: What are specialised journals?
Q9: What is a bank reconciliation?
Q10: View this video on bank reconciliations using Xero. How do we complete bank reconciliations using a cloud-based accounting system such as Xero?
Q11: What is depreciation?
