Question 1 (10 marks)
(a) List 5 stakeholders within a business. (2.5 marks) (approx. 80 words)
(b) Explain the stakeholders’ interest in the financial information. (7.5 marks) (approx. 240 words)
Question 2 (12 marks)
(a) What is the GRI? (2 marks) (approx. 80 words)
(b) In your own words explain sustainability reporting, listing the 3 components. (Hint: refer to the Global Reporting Initiative – GRI). (7 marks) (approx. 230 words)
(c) Select a sustainability report as an example to support your explanation. Explain why you chose the particular company’s report. Please include a web reference not the full report. (3 marks) (approx. 100 words)
Question 3 (33 marks)
(a) Explain the purpose of the General Journal and its key elements (3 marks) (approx. 100 words)
(b) Journalise the following business transactions in general journal form. Identify each transaction by number. All entries must include a narration. (30 marks)
1. Shareholders invest $35,000 in cash in starting a real estate office operating as a company.
2. Purchased $400 of office supplies on credit.
3. Purchased office equipment for $6,000, paying $2,500 in cash and the remainder of $3,500 on credit.
4. Real estate commissions invoiced to clients amount to $4,000.
5. Paid $700 in cash for the current month’s rent.
6. Paid $200 cash on account for office supplies purchased in transaction 2.
7. Received an account for $500 for advertising for the current month.
8. Paid $2,200 cash for office salaries.
9. Paid $1,200 cash dividends to shareholders.
10. Received a cheque for $3,000 from a client in payment on account for commissions invoiced in transactio