Outline the arguments for and against defining funds as total resources.

1.Outline the arguments for and against defining funds as total resources.2.‘Defining funds as cash is unsatisfactory because the effects of many transactions are ignored.’ Discuss. 3. 4.Your friend has commented as follows: ‘Cash flow data are different from accounting profit data, and so I agree with the AASB requirement that companies prepare a statement of cash flows.’ Evaluate this comment.4.‘The statement of cash flows classifies cash flows into operating, investing and financing, but these classifications are necessarily arbitrary in that not all cash flows are easily recognisable as operating, investing or financing cash flows.’ Discuss. (LO4)

 

 

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the auditor should ensure control testing is performed for periods both before and after the accounting change became effective.

A major change in the accounting system has taken place during the year. The effect on control testing is that: a. the auditor should ensure control testing is performed for….

select a sample of invoices relating to motor vehicle purchases and ensure they are correctly recorded on the non-current assets master file.

The following represents an existence test for property, plant, and equipment: a. select a sample of items of machinery in the factory and agree that they are correctly recorded in….

The control that would be the most effective in assuring that the proper custody of assets in the investing cycle is maintained is?

The control that would be the most effective in assuring that the proper custody of assets in the investing cycle is maintained is: a. the purchase and sale of investments….