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HI5001 Accounting for Business Decisions

Holmes Institute has started tutorial questions in order to assess students for their coursework. For each subject there would be multiple tutorial questions which needs to be answered by the students.

Topic 1 Accounting for Decision Making

Discussion Questions:

  1. You have decided that now is the time to buy a new laptop. List the factors that are important in choosing a new laptop and gather relevant information from various sources about different models on the market. Given that you have a maximum of $1600 to spend, identify which model you will buy and discuss the reasons for your choice. Present your answer so as to illustrate the steps required in the decision-making process as discussed in this chapter.
  • “Accounting is all about numbers.” Evaluate.
  • Luci and Sherry have decided to lease some newly built premises for the purpose of opening a seafood outlet. They intend to provide a wide range of different products, including a variety of seafood for sale and take-away fish and chips.

Discuss the types of economic decisions that they will be required to make, and the information that they will need to make those decisions. Distinguish non-economic and economic information, identify non-economic decisions that they will also be required to make. Discuss why Luci and Sherry may require the services of an accountant.

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