【正文】 les$$3. Sales of goods$1,$4. Profit before tax$($)(a) Billabong International Ltd’s total assets were greater than Globe International Ltd’s assets, and Billabong’s sales were 11 times that of Globe International Ltd’s. In addition, Billabong’s accounts receivables were substantially greater than Globe International’s and represent 22% of its sales. It would appear that both Globe International’s accounts receivable and Billabong’s may appear to be too high.Please note: these figures are taken from the 2008 Annual Report as an example. Students are requested to use the most recent report available on the Billabong International Ltd website.Billabong International Ltd recorded a profit for its most recent year, whereas Globe International Ltd had a loss year.BYP 14Nestl233。 follows the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board. Kraft Foods is a US pany and follows the standards issued by the Financial Accounting Standards Board. To the extent that these standards differ, then parison may be difficult. Cadbury is an Australian pany and prepares its financial reports in accordance with standards issued by the Australian Accounting Standards Board. As Australia adopted International Accounting Standards on 1 January 2005, Australian accounting standards are equivalent to IFRS. Nestl233?！痵 financial reports are prepared under the historical cost convention. The cost principle also underlies US accounting standards. Thus, this would assist parison.The primary concern here relates to the monetary unit assumption. In the US, financial reports are prepared in terms of US dollars. Nestl233。 prepares its reports in terms of Swiss francs and Cadbury prepares in terms of the Australian Dollar. While conversion from francs to dollars is possible, it will not necessarily capture the full economic situation.BYP 15 (1) The field is normally divided into three broad areas: audit accounting, tax and financial accounting, and management accounting.(2) The skills required in these areas are: People skills, sales skills, munication skills, analytical skills, ability to synthesis, creative ability, initiative, puter skills, and work hours.(3) The skills required in these areas differ as follows:Audit accountingTax and FinancialManagement AccountingPeople skillsMediumMediumMediumSales skillsMediumMediumLowCommunication skillsMediumMediumHighAnalytical skillsHighVery HgihHighAbility to synthesiseMediumLowHighCreative abilityLowMediumMediumInitiativeMediumMediumMediumComputer skillsHighHighVery HighWork hours4070/week4070/week4050/week(4) Some key job functions in accounting:Auditing: Work in audit involves checking accounting ledgers and financial statements within entities. This work is being increasingly puterized and can rely on sophisticated random sampling methods. This work allows you to really understand how entities operate. It’s great background!Financial Accounting and Taxation: Financial accountants prepare financial reports based on general ledgers and participate in important financial decisions involving mergers and acquisitions, planning, and longterm financial projections. This work can be varied over time. One day you may be running spreadsheets. The next day you may be visiting a customer or supplier to set up a new account and discuss business. This work requires a good understanding of both accounting and finance.Tax accountants prepare corporate and personal ine tax statements and formulate tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like. This work requires a thorough understanding of economics and the relevant tax legislation. Increasingly, large entities are looking for persons with both an accounting and legal background in tax.Management Accounting: Management accountants work in panies and participate in decisions about capital budgeting and line of business analysis. Major functions include cost analysis, analysis of new contracts, and participation in efforts to control expenses efficiently. This work often involves the analysis of the structure of organizations. Is responsibility to spend money in a pany at the right level of our organization? Are goals and objectives to control costs being municated effectively? Historically, many management accountants have been derided as ‘bean counters’. This mentality has undergone major changes as management accountants now often work side by side with marketing and finance to develop new business. Note: accounting and finance employees normally earn $82,809$250,000.BYP 16(a) The estimated of the $4900 loss was based on the difference between the $20,000 invested in the tennis clinic and the bank balance of the $15,100 at 30 June. This is not a valid basis for determining profit because it only shows the change in cash between two points in time.(b) The statement of financial position at 30 June is as follows:ACE COACHING CLINIC Statement of Financial Positionas at 30 June 2010AssetsCash$15,100Club rooms6000Equipment800 Total assets$21,900Liabilities and Owner39。s EquityLiabilities Accounts payables ($150+$100)$250Owner39。s EquityCapital21650 Total liabilities and owner39。s equity$21,900(c) Actual profi