Q1: Do all businesses have inventories? Why or why not?
Q2: For firms that do have inventories, is understanding how a firm records its inventory transactions and values its inventories important? Why or why not?
Q3: What is the difference between Revenue and Income? (revision from Week 1)
Q4: Do revenue and expense accounts of a firm typically include or exclude GST? Why is this the case?
Q5: Which items in a Balance sheet typically include GST and which typically exclude GST?
Q6: Describe the two main methods of accounting for inventory transactions (principally purchases and sales of inventory). Which method is the most popular? Why is this the case?
Q7: On what basis are Inventories valued in the Balance sheet?