Posted: May 1st, 2022

ACCT2000 – Financial Accounting Assessment

INDIVIDUAL ASSIGNMENT
Topic Code and Title ACCT2000 – Financial Accounting
Assessment Assessment 2
• Half A: Focus on and interpret numerous Accounting Requirements overlaying non-present property, income recognition, liabilities, provisions, and money move assertion
• Half B: Dialogue of partnership processes and preparation of accounting entries
Particular person/Group Particular person Project
Size Half A—1500 phrases
Half B— 300 phrases for requirement three.
Studying Outcomes b) Apply Accounting ideas and requirements when accounting for noncurrent property, income, and liabilities. c) Put together statements of money flows.
d) Put together Accounting entries and processes for partnerships.
Submission Week 10 (Detailed data is supplied under)
Weighting 30%
Complete Marks 100 marks (Half A: 75 marks and Half B: 25 marks)
Particular person Project Specs
Assessment Process Description
The project is to be accomplished individually. Listed under is the overview, directions, marking standards and rubric for Half A and Half B outlining the particular inquiries to be addressed in your report.
Overview
The project requires you to:
(i) straight tackle Half A & Half B price a complete of 85 marks, and
(ii) “to take action with tutorial and self-discipline conventions and sources of proof”, price 15 marks (see Directions, Merchandise four)
Directions
1. Choose an organization from Desk 1 listed beneath pt.5.
2. Acquire the current annual report ideally monetary 12 months ending 30 June 2021, additionally acceptable if the report is for 12 months ending 30 June 2020.
three. College students usually are not allowed to pick out the identical firm; due to this fact, your lecturer should approve the selection of your organization.
four. When it comes to ‘Tutorial High quality’ price 10 marks for Half A and 5 marks for Half B, a mixed complete of 15 marks out of 100 marks.
5. Chosen record of ASX firms is supplied under, that have to be chosen in your alternative of Half A
Desk 1: Chosen record of ASX listed firms
ASX Code Firm identify
A2M The a2 Milk Firm Ltd
ABC Adbri Ltd
ABP Abacus Property Group
AGL AGL Power Ltd
AIA Auckland Worldwide Airport Ltd
ALD Ampol Ltd
ALQ Als Ltd
ALU Altium Ltd
ALX Atlas Arteria
AMC Amcor Plc
AMP AMP Ltd
ANN Ansell Ltd
APA APA Group
APE Eagers Automotive Ltd
APX Appen Ltd
ARB ARB Company Ltd
6. The necessities for Half A of this project should be written/structured within the type of a ‘enterprise report’. That’s, it will need to have a/an:
(i) A correct report format is predicted (title web page, government abstract, desk of contents, introduction, physique of the report with headings and subheadings, conclusion & suggestions, appendices, record of references)
(ii) Phrase restrict: 1,500 phrases
(iii) The enterprise report is required to be submitted on the Blackboard by 11:55pm AEST of the Sunday day in week 10.
(iv) College students are strongly suggested to keep away from plagiarism or collusion in doing the Assessment. Normal rule: If the similarity, detected and reported by Turnitin report, comes from the unique project questions, desk of contents, desk of numbers and knowledge, diagrams and charts, calculations, reference record, appendix…, then it isn’t a sign of plagiarism. Nonetheless, if the similarity comes from the dialogue or Assessment or interpretation or advice components of the project then it is a sign that the scholar has “copied and pasted” from the unique supply. This isn’t the scholar’s personal work and due to this fact it’ll negatively have an effect on the standard of the scholar’s solutions within the submitted report.
(v) A minimal of three totally different tutorial reference sources are required. Do not forget that Wikipedia, Investopedia and different related web sites usually are not tutorial sources and should not be used as a reference supply.
(vi) The marking rubrics for the enterprise report is supplied beneath Project marking standards and Rubric.
Half A: Focus on and interpret numerous Accounting Requirements overlaying non-present property, income recognition, liabilities, provisions and money move assertion. (75 Marks)
In your chosen/authorised Firm, touch upon the next:
1. Data and understanding of the accounting ideas and requirements for non-present property, income, and liabilities.
a. Focus on why the chosen firm has ready the Normal Goal Financial Statements (GPFS). Your dialogue ought to embody the reference to the target of conceptual framework. (6 marks)
b. State the idea of preparation of those statements. (three marks)
c. Check with the next objects from assertion of economic place/ Stability sheet of the chosen firm:
? Property, Plant& Tools (PPE)
? Intangible property
? Proper of use of asset
? Deferred tax property
? Deferred tax liabilities
? Provisions
Overview the knowledge supplied in notes to monetary statements about every of the above objects. In your written report establish the next for every of the above merchandise:
? accounting requirements used for reporting. (6 marks)
? measurement foundation used. (6 marks)
? key judgements and estimates utilized. (6 marks)
d. Determine chosen firm’s sources of income and the accounting customary utilized for reporting income. (three marks)
e. Clarify the income recognition standards utilized to every of the income supply recognized in (d) and additional assess whether or not it satisfies the popularity standards as acknowledged within the Conceptual Framework. (6 marks)
2. Preparation, presentation, and Assessment of money move assertion.
a. Define the 2 totally different strategies of making ready the assertion of money flows. Look at the chosen firm’s assertion of money flows and report on its technique used. (6 marks)
b. Assess how every part within the assertion of money move of your chosen firm pertains to the assertion of economic place. (6 marks)
c. Look at the chosen firm’s assertion of money flows and examine the money from working actions with working revenue after tax. Are they related? If not, counsel why.
(6 marks)
d. What financing actions had been undertaken by the chosen firm? Examine the borrowings from the earlier 12 months and counsel causes for any main modifications. Had been there any funds made to shareholders? (three marks)
e. Generate an opinion concerning the chosen firm’s money place and its usefulness to
shareholders, lenders, and collectors. (three marks)
three. Developed suggestions according to the proof accessible within the annual report.
Analyse the measurement foundation, key judgements and estimates recognized in Half 1 (c), talk about whether or not this offers related, dependable, and trustworthy illustration to stakeholders. For this Assessment it’s possible you’ll take a look at qualitative traits talked about within the conceptual framework and take a look at an annual report of one other firm in the same sector and examine the strategy adopted along with your chosen firm. (5 marks)
four. Use of educational and self-discipline conventions and sources of proof.
Report Format and Content material (i.e., title web page, government abstract, desk of contents, introduction, physique of the report (that is the place you’ll tackle the above three questions) with headings and subheadings, conclusion & suggestions, appendices, record of references (10 marks)
Half B: Partnership processes and accuracy of accounting entries (25 Marks)
On 1 July 2020 Michael and Jackson determined to hitch forces and type a partnership (M&J Companions).
Their contributions to the partnership had been:
Michael – Money: $70,000, Accounts Receivable: $47,500, Tools: $52,500 Jackson – Money: $115,000, Stock: $100,000, Accounts payable: $37,500
Their settlement has the next circumstances:
• Jackson’s stock has a market worth of $95,000
• Michael’s gear has been valued at $40,000
• The companions obtain 5% curiosity on their capital balances • Salaries Jackson – $35,000 and Michael – $47,500
• The remaining revenue is break up equally.
• Any drawings appeal to an 10% rate of interest for the monetary 12 months.
Required:
1. Put together journal entries for the formation of the partnership. (four marks)
2. Throughout their first 12 months they made a revenue of $102,000. Each companions have drawings Justin $10,000 and Joel $17,500. Put together a schedule for the distribution of revenue for the 12 months. (6 marks)
three. Because the enterprise is rising, companions are curious to know if firm construction could be useful for the enterprise. Present a short advise to the companions stating whether or not they need to take into account registering the enterprise as an organization. In your recommendation touch upon the points of firm construction, akin to regulatory compliance, taxation, continuity and if these points present any benefit over partnership construction. (10 marks, 300 phrases)
four. Use of educational and self-discipline conventions and sources of proof. (5 marks)
Project Marking Standards and Rubric
The next summarizes the important thing marking standards that can be used to evaluate how you will have addressed the project necessities of Half A and Half B, tutorial and self-discipline conventions, and sources of proof. Marking Standards
Marking Standards Marks Allotted Marks Awarded
Half A: Focus on and interpret numerous accounting requirements overlaying non-present property, income recognition, liabilities, and money move assertion
1.
a.
b.
c.
d.
e.
Data and understanding of the accounting ideas and requirements for non-present property, income, and liabilities.
Focus on why the chosen firm has ready the Normal Goal Financial Statements (GPFS). Your dialogue ought to embody the reference to the target of conceptual framework (6 marks)
State the idea of preparation of those statements. (three marks) Check with the next objects from assertion of economic place/ Stability sheet of the chosen firm:
? Property, Plant& Tools (PPE)
? Intangible property
? Proper of use of asset
? Deferred tax property
? Deferred tax liabilities
? Provisions
Overview the knowledge supplied in notes to monetary statements about every of the above objects. In your written report establish the next for every of the above merchandise:
? accounting requirements used for reporting. (6 marks)
? measurement foundation used. (6 marks)
? key judgements and estimates utilized. (6 marks) Determine chosen firm’s sources of income and the accounting customary utilized for reporting income. (three marks) Clarify the income recognition standards utilized to every of the income supply recognized in (d) and additional assess whether or not it satisfies the popularity standards as acknowledged within the Conceptual Framework. (6 marks)
36
2. Preparation, presentation, and Assessment of money move assertion.
a. Define the 2 totally different strategies of making ready the assertion of money flows. Look at the chosen firm’s assertion of money flows and report on its technique used. (6 marks)
b. Assess how every part within the assertion of money move of your chosen firm pertains to the assertion of economic place. (6 marks)
24
c. Look at the chosen firm’s assertion of money flows and examine the money from working actions with working revenue after tax. Are they related? If not, counsel why. (6 marks) d. What financing actions had been undertaken by the chosen firm? Examine the borrowings from the earlier 12 months and counsel causes for any main modifications. Had been there any funds made to shareholders? (three marks)
e. Generate an opinion concerning the chosen firm’s money
place. (three marks)
three. Developed suggestions according to the proof accessible within the annual report.
Analyse the measurement foundation, key judgements and estimates recognized in Half A 1 (c), talk about whether or not this offers related, dependable, and trustworthy illustration to stakeholders. For this Assessment it’s possible you’ll take a look at qualitative traits talked about within the conceptual framework and take a look at an annual report of one other firm in the same sector and examine the strategy adopted along with your chosen firm. (5 marks)
5
four. Use of educational and self-discipline conventions and sources of proof. 10
Half B: Partnership processes and accuracy of accounting entries
1. Put together journal entries for the formation of the partnership. (four marks)
2. Throughout their first 12 months they made a revenue of $102,000. Each companions have drawings Justin $10,000 and Joel $17,500 drawings. Put together a schedule for the distribution of revenue for the 12 months. (6 marks)
three. Because the enterprise is rising, companions are curious to know if firm construction could be useful for the enterprise. Present a short advise to the companions stating whether or not they need to take into account registering the enterprise as an organization. In your recommendation touch upon the points of firm construction, akin to regulatory compliance, taxation, continuity and if these points present any benefit over partnership construction. (10 marks, 300 phrases)
20
four. Use of educational and self-discipline conventions and sources of proof. (5 marks)
5
TOTAL Marks 100
TOTAL Weight 30%
Last Mark
Marking Rubric (Enterprise report: 65 marks (Half A) and Partnership processes and accounting entries: 20 marks (Half B)). Assessment Attributes for Half A and Half B have been clearly labelled within the desk under. Please notice that the final Attribute of Tutorial and self-discipline conventions apply to each components, the place Half A has been allotted 10 marks and Half B allocation is 5 marks.
Assessment Attributes Fail (Zero-49%) Move (50-64%) Credit score (65-74%) Distinctions (75-84%) Excessive Distinction (85100%)
Half A
Data and understanding of the accounting ideas and requirements for noncurrent property, income, and liabilities.
(36 marks)
• Exhibits very
little to no
understanding of the accounting ideas and requirements required to be mentioned from the annual report of chosen firm.
• Key
parts of the project
usually are not addressed.
• Demonstrates
little to no capability to clarify and apply related accounting ideas and requirements.
• Has answered
most components incorrectly. • Exhibits restricted understanding of the accounting ideas and requirements required to be mentioned from the annual report of chosen firm.
• Has answered some components incorrectly. • Thorough
information or understanding of the accounting ideas and requirements required to be mentioned from the annual report of chosen firm. • Extremely developed understanding of the accounting ideas and requirements required to be mentioned from the annual report of chosen firm. • A complicated understanding of the accounting ideas and requirements required to be mentioned from the annual report of chosen firm.
Half A
Preparation, presentation, and Assessment of money move assertion.
(24 marks)
•
•
• Exhibits no understanding of direct and oblique strategies of presenting money flows from working actions.
Demonstrates
little to no capability to clarify the significance of money move from working actions.
Has answered most components incorrectly. •
•
• Exhibits restricted understanding of direct and oblique strategies of presenting money flows from working actions.
Demonstrates restricted capability to clarify the significance of money move from working actions.
Has answered some components incorrectly. •
•
Exhibits good understanding of direct and oblique strategies of presenting money flows from working actions.
Demonstrates a superb understanding in explaining the significance of money move from working actions. •
•
Exhibits extremely developed understanding of direct and oblique strategies of presenting money flows from working actions.
Demonstrates a extremely developed understanding in explaining the significance of money move from working actions. •
•
Exhibits subtle understanding of direct and oblique strategies of presenting money flows from working actions.
Demonstrates a complicated understanding in explaining the significance of money move from working actions.
Half A
Developed suggestions according to the proof accessible within the annual report.
(5 marks)
• No advice s developed. • Suggestions developed however not broadly according to the proof offered and generated within the case. • Helps private opinion and knowledge substantiated by proof from the analysis/course supplies. • Discriminates between
assertion of non-public opinion and knowledge substantiated by sturdy proof from the analysis/course supplies and prolonged studying. • Systematically and critically
discriminates
between
assertion of non-public opinion and knowledge substantiated by sturdy proof from the analysis/course supplies and prolonged studying.
Half B
Data and understanding of partnership processes and accuracy of accounting entries
(20 marks)
•
•
• Exhibits very
little to no
understanding of the partnership processes Demonstrates
little to no accuracy in recording accounting entries.
Has answered most components incorrectly. •
•
• Exhibits very restricted understanding of the partnership processes Demonstrates restricted accuracy in recording accounting entries.
Has answered some components incorrectly. •
• Thorough information or understanding of the partnership processes
Demonstrates good accuracy in recording accounting entries •
• Extremely developed understanding of the partnership processes
Demonstrates excessive accuracy in recording accounting entries •
•
• A complicated understanding of the partnership processes.
Demonstrates good accuracy in recording accounting entries
10 marks for Half A and 5 marks for Half B
Use of educational and self-discipline conventions and sources of proof.
(15 marks)
•
•
• Poorly written with errors in spelling, grammar.
Demonstrates inconsistent use of excellent high quality, credible and related analysis sources to Help and develop concepts.
There are errors in •
• Is written in keeping with
tutorial style
(e.g. with introduction, conclusion or abstract) and has
correct spelling, grammar, sentence and paragraph building.
Demonstrates constant use of credible and related analysis sources to Help and •
•
• Is nicely-written and adheres to the tutorial style (e.g. with introduction, conclusion or abstract).
Demonstrates constant use of top quality, credible and related analysis sources to Help and develop concepts.
There aren’t any errors in • Look at the knowledge supplied within the notes to the monetary statements for every of the objects listed above. In your written report, please present the next data for every of the objects listed above:
? the accounting requirements which can be used within the reporting course of. (six factors)
? the measuring foundation that was employed (six factors)
? the appliance of important judgments and estimates (six factors) Decide the sources of income for the desired firm, in addition to the accounting customary that was used to report income. (three factors) Give a proof of the income recognition standards that had been used to every of the income sources listed in (d), after which decide whether or not or not the income supply satisfies the income recognition standards as specified within the Conceptual Framework. (six factors)
36
2. Money move assertion preparation, presentation, and Assessment are all a part of the job description.
On this part, you’ll find out about two distinct approaches of making ready the assertion of money flows. Look at the assertion of money flows for the chosen firm and supply a report on the tactic that was employed. (six factors)
Decide the connection between every space of your chosen firm’s assertion of money move and the corporate’s assertion of economic place in step b. (six factors)
24
c. Look at the assertion of money flows for the chosen firm and make a comparability between the money from working operations and the working revenue after tax. Are they related in any means? If not, please clarify why. (six factors) d. What sorts of financing operations have been carried out by the chosen firm? Examine the borrowings from the prior 12 months and supply explanations for any important variations. Had been any dividends or different funds made to shareholders? (three factors)
e. Kind an opinion concerning the money place of the corporate that has been picked. (three factors)
three. Developed options that had been in accordance with the proof offered within the yearly report.
Focus on whether or not or not the measurement foundation, key judgments, and estimates recognized in Half A 1 (c) present related, dependable, and trustworthy illustration to stakeholders, and whether or not or not that is the case. For this Assessment, it’s possible you’ll need to take a look at the qualitative options indicated within the conceptual framework in addition to an annual report from one other agency in an analogous business and examine the strategy taken by that firm with the strategy taken by your chosen firm. (5 factors)
5
four. The applying of educational and self-discipline guidelines, in addition to using proof sources 10
Half B: The processes of a partnership and the accuracy of accounting entries
1. Compile the required journal entries for the formation of the enterprise partnership. 2. (4 factors)
2. They achieved a revenue of $102,000 of their first 12 months of operation. Each companions have drawings, with Justin having a $10,000 drawing and Joel having a $17,500 drawing. Plan the distribution of earnings for the rest of the 12 months in keeping with a timetable. (six factors)
As well as, as the corporate grows, the companions are intrigued as as to if a extra formal company construction could be useful to the corporate. To offer a concise advice to the companions on whether or not they need to take into account incorporating their enterprise, write a fast letter. In your advice, talk about the benefits and drawbacks of firm type, akin to regulatory compliance, taxation, and continuity, in addition to whether or not or not these traits present any benefits over the partnership construction. (10 factors for 300 phrases)
20
four. The applying of educational and self-discipline guidelines, in addition to using proof sources (5 factors)
5 OUT OF 10 POINTS 100 POUNDS IN TOTAL WEIGHT 30 % of the inhabitants
Marking the End Line
Rubric for analysis (enterprise report: 65 factors (Half A), and partnership processes and accounting entries: 20 factors (Half B)). Part A and Part B Assessment attributes have been clearly labeled within the desk under. Necessary: Please needless to say the ultimate Attribute of Tutorial and disciplinary requirements applies to each components, and that Half A has been assigned 10 factors whereas Half B has been assigned 5 factors.
Assessment Attributes are inadequate (Zero-49 % ) To achieve success, one should first show one’s skill to be taught (50-64 % ) Acknowledgement (65-74 % ) Distinguishing Traits (75-84 % ) Excessive Degree of Distinction (85100 % )
Half A is the primary part of the guide. Half B is the second part of the guide.
Detailed information and comprehension of noncurrent property, income, and liabilities in accordance with accounting ideas and requirements is required.
(There are 36 factors.)
On this case, the scholar demonstrates little to no comprehension of the accounting ideas and requirements which can be anticipated to be mentioned from the annual report of the corporate in Question Assignment.
• There’s a failure to handle crucial parts of the duty.
• Doesn’t show a powerful understanding of and talent to clarify and apply essential accounting ideas and requirements. •
• Has given faulty solutions to nearly all of the questions. • Doesn’t show ample consciousness of the accounting ideas and requirements that should be talked about from the annual report of the corporate in Question Assignment.
• Has given faulty solutions to some questions. It’s essential to have a radical information of or understanding of accounting ideas and requirements with a purpose to talk about them from an annual report of a particular firm. • Thorough comprehension of the accounting ideas and requirements that can be mentioned from the annual report of the chosen firm. • An in depth understanding of accounting ideas and requirements is important with a purpose to talk about the annual report of a particular firm in depth.
Preparation, presentation, and Assessment of a money move assertion are coated in Half A.
(You’ll obtain 24 factors.)
demonstrates a scarcity of grasp of the variations between direct and oblique strategies of displaying money flows from working operations.
Doesn’t have a powerful skill to speak the importance of money move from working actions to others.
Has given faulty solutions to nearly all of the questions. • • • Demonstrates a poor consciousness of the variations between direct and oblique strategies of displaying money flows from operations.
Demonstrates a restricted skill to explain the importance of money move from working operations by way of profitability.
A few of the questions have been answered wrongly. This candidate demonstrates a radical consciousness of each direct and oblique methods of displaying money flows from working operations.
Demonstrates a radical understanding of the significance of money move from working operations by explaining it intimately. • Demonstrates a radical understanding of each direct and oblique methods of displaying money flows from working actions.
Demonstrates a nicely developed consciousness of the significance of money move from working operations whereas articulating its significance. In-depth comprehension of each direct and oblique methods of displaying money flows from working operations is demonstrated.
Demonstrates a deep understanding of the significance of money move from working operations whereas articulating its significance.
Half A is the primary part of the guide. Half B is the second part of the guide.
The suggestions had been developed in accordance with the proof offered within the yearly report.
(5 factors)
• May be very wellwritten and adheres to the tutorial style.
Constantly demonstrates professional use of excellent high quality, credible and related analysis sources to Help and develop applicable arguments and statements. •
• Expertly written and adheres to the tutorial style.
Demonstrates professional use of excessive-high quality, credible, and related analysis sources to Help and develop arguments and place statements. Exhibits in depth
utilizing the APA model. •
• develop concepts, however these usually are not all the time express or nicely developed. There aren’t any
errors in utilizing the APA model. utilizing the APA model. • Exhibits proof of studying past the important thing studying.
There aren’t any errors in utilizing the APA model. • proof of studying past the important thing studying.
There aren’t any errors in utilizing the APA model.
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