Indicate the accounting principles applicable: a) Mr Stamford is an owner of a restaurant and an apartment for rent, as well as, a business consultant. He prepares separate financial statements for...

Indicate the accounting principles applicable:

a) Mr Stamford is an owner of a restaurant and an apartment for rent, as well as, a business consultant. He prepares separate financial statements for each of the business.

b) M Magazine Corp received member subscription fees for 1 year in advance. The company regards that transaction as a liability called “unearned subscriptions”

c) PTT PLC bought office supplies for less than 500 baht and recorded it as an expense under “miscellaneous expense”

d) A land plot was bought by a company 15 years ago for 200,000 baht now valued at 3,000,000 baht; it is still recorded at book value of 200,000 baht on the company’s account.

CP ALL PLC has a large number of shareholders. Based on which accounting principle are transactions of CP ALL PLC recorded as a separate account from the individuals owning the shares.

All companies registered in Thailand must abide to the same accounting standard. What is such standard?

What are the 3 key financial statements that companies must prepare? Briefly explain their objectives.

What are the key activity types in which the cash flow statement is structured?

Accounts in financial statements are sorted in a certain way. How are they organized? What determines such order?

Identify how each transaction affects financial statements:

· Received cash for stock issued

· Bought inventory on credit

· Sold products on credit

· Collected money owed by debtors

· Repaid debts to creditors

How do partnerships differ from limited partnerships?

Stamp Co., Ltd. Has 1,000,000 baht of registered capital. What is the minimum paid-up capital required by law?

Which organization is responsible for setting up an accounting standard in Thailand?