Workshop Questions

Discuss the difference between a special-purpose financial report and a general-purpose financial report, and the nature of the users of each of these types of financial reports. Q 1. 7 Explain the basic differences between a sole trader (or single proprietorship), a partnership and a company. What factors need to be considered in selecting an appropriate structure for Darner’s landowning business? Exercise 1.

3 Information for decisions Renee Carter has decided to study medicine at a university in Queensland.She has arranged to stay with a family on the north side of the city. In order to get to and from the university, she decides she will need to buy a car, costing a maximum of $10 000. She searches the classified ads in the local newspaper and finds the following advertisement which interests her: HONDA Ohio, 3-speed man sedan, mob, air con, tint winds, CD play, power steer, $9800 non, pH 3456 7890. Required A. How useful is this information in arriving at a decision? B. What extra information would Renee need before deciding whether to buy this car?C.

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Assume that Renee does purchase the car, and subsequently finds that the car has mechanical problems which will require $2000 to fix. What should she do, given that she does not have enough money to pay for the repairs? Exercise 1. 4 Choosing a University Major You have just enrolled in a course in business at the Western University in Perth. There are several specialty areas, one of which you must choose -? accounting, business law, economics, finance, management, marketing information systems.The choice you make is important as it will affect your true; hence, you must give careful thought to this decision. Required A. Identify two possible specialty areas in business that interest you.

B. Set down your goals and personal preferences in selecting a business major. Identify the factors which will help you make this decision, and specify the factors which are most important to you. C.

Establish a set of criteria which must be met before making a decision about your appropriate specialty area.