INDIVIDUAL ASSIGNMENT Subject Code and Title ACCT2000 – Financial Accounting

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INDIVIDUAL ASSIGNMENT
Subject Code and Title ACCT2000 – Financial Accounting
Assessment Assessment 2
• Part A: Discuss and interpret various Accounting Standards covering non-current assets, revenue recognition, liabilities, provisions, and cash flow statement
• Part B: Discussion of partnership processes and preparation of accounting entries
Individual/Group Individual Assignment
Length Part A—1500 words
Part B— 300 words for requirement 3.
Learning Outcomes b) Apply Accounting principles and standards when accounting for noncurrent assets, revenue, and liabilities. c) Prepare statements of cash flows.
d) Prepare Accounting entries and processes for partnerships.
Submission Week 10 (Detailed information is provided below)
Weighting 30%
Total Marks 100 marks (Part A: 75 marks and Part B: 25 marks)
Individual Assignment Specifications
Assessment Task Description
The assignment is to be completed individually. Listed below is the overview, instructions, marking criteria and rubric for Part A and Part B outlining the specific questions to be addressed in your report.
Overview
The assignment requires you to:
(i) directly address Part A & Part B worth a total of 85 marks, and
(ii) “to do so with academic and discipline conventions and sources of evidence”, worth 15 marks (see Instructions, Item 4)
Instructions
1. Select a company from Table 1 listed under pt.5.
2. Obtain the recent annual report preferably financial year ending 30 June 2021, also acceptable if the report is for year ending 30 June 2020.
3. Students are not allowed to select the same company; therefore, your lecturer must approve the choice of your company.
4. In terms of ‘Academic Quality’ worth 10 marks for Part A and 5 marks for Part B, a combined total of 15 marks out of 100 marks.
5. Selected list of ASX companies is provided below, that need to be selected for your choice of Part A
Table 1: Selected list of ASX listed companies
ASX Code Company name
A2M The a2 Milk Company Ltd
ABC Adbri Ltd
ABP Abacus Property Group
AGL AGL Energy Ltd
AIA Auckland International 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 Corporation Ltd
6. The requirements for Part A of this assignment must be written/structured in the form of a ‘business report’. That is, it must have a/an:
(i) A proper report format is expected (title page, executive summary, table of contents, introduction, body of the report with headings and subheadings, conclusion & recommendations, appendices, list of references)
(ii) Word limit: 1,500 words
(iii) The business report is required to be submitted on the Blackboard by 11:55pm AEST of the Sunday day in week 10.
(iv) Students are strongly advised to avoid plagiarism or collusion in doing the assessment. General rule: If the similarity, detected and reported by Turnitin report, comes from the original assignment questions, table of contents, table of numbers and data, diagrams and charts, calculations, reference list, appendix…, then it is not an indication of plagiarism. However, if the similarity comes from the discussion or analysis or interpretation or recommendation parts of the assignment then it is an indication that the student has “copied and pasted” from the original source. This is not the student’s own work and therefore it will negatively affect the quality of the student’s answers in the submitted report.
(v) A minimum of 3 different academic reference sources are required. Remember that Wikipedia, Investopedia and other similar websites are not academic sources and must not be used as a reference source.
(vi) The marking rubrics for the business report is provided under Assignment marking criteria and Rubric.
Part A: Discuss and interpret various Accounting Standards covering non-current assets, revenue recognition, liabilities, provisions and cash flow statement. (75 Marks)
For your selected/approved Company, comment on the following:
1. Knowledge and understanding of the accounting principles and standards for non-current assets, revenue, and liabilities.
a. Discuss why the selected company has prepared the General Purpose Financial Statements (GPFS). Your discussion should include the reference to the objective of conceptual framework. (6 marks)
b. State the basis of preparation of these statements. (3 marks)
c. Refer to the following items from statement of financial position/ Balance sheet of the selected company:
? Property, Plant& Equipment (PPE)
? Intangible assets
? Right of use of asset
? Deferred tax assets
? Deferred tax liabilities
? Provisions
Review the information provided in notes to financial statements about each of the above items. In your written report identify the following for each of the above item:
? accounting standards used for reporting. (6 marks)
? measurement basis used. (6 marks)
? key judgements and estimates applied. (6 marks)
d. Identify selected company’s sources of revenue and the accounting standard applied for reporting revenue. (3 marks)
e. Explain the revenue recognition criteria applied to each of the revenue source identified in (d) and further assess whether it satisfies the recognition criteria as stated in the Conceptual Framework. (6 marks)
2. Preparation, presentation, and analysis of cash flow statement.
a. Outline the two different methods of preparing the statement of cash flows. Examine the selected company’s statement of cash flows and report on its method used. (6 marks)
b. Assess how each section in the statement of cash flow of your selected company relates to the statement of financial position. (6 marks)
c. Examine the selected company’s statement of cash flows and compare the cash from operating activities with operating profit after tax. Are they similar? If not, suggest why.
(6 marks)
d. What financing activities were undertaken by the selected company? Compare the borrowings from the previous year and suggest reasons for any major changes. Were there any payments made to shareholders? (3 marks)
e. Generate an opinion about the selected company’s cash position and its usefulness to
shareholders, lenders, and creditors. (3 marks)
3. Developed recommendations in line with the evidence available in the annual report.
Analyse the measurement basis, key judgements and estimates identified in Part 1 (c), discuss whether this provides relevant, reliable, and faithful representation to stakeholders. For this analysis you may look at qualitative characteristics mentioned in the conceptual framework and look at an annual report of another company in the similar sector and compare the approach adopted with your selected company. (5 marks)
4. Use of academic and discipline conventions and sources of evidence.
Report Layout and Content (i.e., title page, executive summary, table of contents, introduction, body of the report (this is where you will address the above 3 questions) with headings and subheadings, conclusion & recommendations, appendices, list of references (10 marks)
Part B: Partnership processes and accuracy of accounting entries (25 Marks)
On 1 July 2020 Michael and Jackson decided to join forces and form a partnership (M&J Partners).
Their contributions to the partnership were:
Michael – Cash: $70,000, Accounts Receivable: $47,500, Equipment: $52,500 Jackson – Cash: $115,000, Inventory: $100,000, Accounts payable: $37,500
Their agreement has the following conditions:
• Jackson’s inventory has a market value of $95,000
• Michael’s equipment has been valued at $40,000
• The partners receive 5% interest on their capital balances • Salaries Jackson – $35,000 and Michael – $47,500
• The remaining profit is split equally.
• Any drawings attract an 10% interest rate for the financial year.
Required:
1. Prepare journal entries for the formation of the partnership. (4 marks)
2. During their first year they made a profit of $102,000. Both partners have drawings Justin $10,000 and Joel $17,500. Prepare a schedule for the distribution of profit for the year. (6 marks)
3. As the business is growing, partners are curious to know if company structure would be beneficial for the business. Provide a brief advise to the partners stating whether they should consider registering the business as a company. In your advice comment on the aspects of company structure, such as regulatory compliance, taxation, continuity and if these aspects provide any advantage over partnership structure. (10 marks, 300 words)
4. Use of academic and discipline conventions and sources of evidence. (5 marks)
Assignment Marking Criteria and Rubric
The following summarizes the key marking criteria that will be used to assess how you have addressed the assignment requirements of Part A and Part B, academic and discipline conventions, and sources of evidence. Marking Criteria
Marking Criteria Marks Allocated Marks Awarded
Part A: Discuss and interpret various accounting standards covering non-current assets, revenue recognition, liabilities, and cash flow statement
1.
a.
b.
c.
d.
e.
Knowledge and understanding of the accounting principles and standards for non-current assets, revenue, and liabilities.
Discuss why the selected company has prepared the General Purpose Financial Statements (GPFS). Your discussion should include the reference to the objective of conceptual framework (6 marks)
State the basis of preparation of these statements. (3 marks) Refer to the following items from statement of financial position/ Balance sheet of the selected company:
? Property, Plant& Equipment (PPE)
? Intangible assets
? Right of use of asset
? Deferred tax assets
? Deferred tax liabilities
? Provisions
Review the information provided in notes to financial statements about each of the above items. In your written report identify the following for each of the above item:
? accounting standards used for reporting. (6 marks)
? measurement basis used. (6 marks)
? key judgements and estimates applied. (6 marks) Identify selected company’s sources of revenue and the accounting standard applied for reporting revenue. (3 marks) Explain the revenue recognition criteria applied to each of the revenue source identified in (d) and further assess whether it satisfies the recognition criteria as stated in the Conceptual Framework. (6 marks)
36
2. Preparation, presentation, and analysis of cash flow statement.
a. Outline the two different methods of preparing the statement of cash flows. Examine the selected company’s statement of cash flows and report on its method used. (6 marks)
b. Assess how each section in the statement of cash flow of your selected company relates to the statement of financial position. (6 marks)
24
c. Examine the selected company’s statement of cash flows and compare the cash from operating activities with operating profit after tax. Are they similar? If not, suggest why. (6 marks) d. What financing activities were undertaken by the selected company? Compare the borrowings from the previous year and suggest reasons for any major changes. Were there any payments made to shareholders? (3 marks)
e. Generate an opinion about the selected company’s cash
position. (3 marks)
3. Developed recommendations in line with the evidence available in the annual report.
Analyse the measurement basis, key judgements and estimates identified in Part A 1 (c), discuss whether this provides relevant, reliable, and faithful representation to stakeholders. For this analysis you may look at qualitative characteristics mentioned in the conceptual framework and look at an annual report of another company in the similar sector and compare the approach adopted with your selected company. (5 marks)
5
4. Use of academic and discipline conventions and sources of evidence. 10
Part B: Partnership processes and accuracy of accounting entries
1. Prepare journal entries for the formation of the partnership. (4 marks)
2. During their first year they made a profit of $102,000. Both partners have drawings Justin $10,000 and Joel $17,500 drawings. Prepare a schedule for the distribution of profit for the year. (6 marks)
3. As the business is growing, partners are curious to know if company structure would be beneficial for the business. Provide a brief advise to the partners stating whether they should consider registering the business as a company. In your advice comment on the aspects of company structure, such as regulatory compliance, taxation, continuity and if these aspects provide any advantage over partnership structure. (10 marks, 300 words)
20
4. Use of academic and discipline conventions and sources of evidence. (5 marks)
5
TOTAL Marks 100
TOTAL Weight 30%
Final Mark
Marking Rubric (Business report: 65 marks (Part A) and Partnership processes and accounting entries: 20 marks (Part B)). Assessment Attributes for Part A and Part B have been clearly labelled in the table below. Please note that the last Attribute of Academic and discipline conventions apply to both parts, where Part A has been allocated 10 marks and Part B allocation is 5 marks.
Assessment Attributes Fail (0-49%) Pass (50-64%) Credit (65-74%) Distinctions (75-84%) High Distinction (85100%)
Part A
Knowledge and understanding of the accounting principles and standards for noncurrent assets, revenue, and liabilities.
(36 marks)
• Shows very
little to no
understanding of the accounting principles and standards required to be discussed from the annual report of selected company.
• Key
components of the assignment
are not addressed.
• Demonstrates
little to no capacity to explain and apply relevant accounting principles and standards.
• Has answered
most parts incorrectly. • Shows limited understanding of the accounting principles and standards required to be discussed from the annual report of selected company.
• Has answered some parts incorrectly. • Thorough
knowledge or understanding of the accounting principles and standards required to be discussed from the annual report of selected company. • Highly developed understanding of the accounting principles and standards required to be discussed from the annual report of selected company. • A sophisticated understanding of the accounting principles and standards required to be discussed from the annual report of selected company.
Part A
Preparation, presentation, and analysis of cash flow statement.
(24 marks)


• Shows no understanding of direct and indirect methods of presenting cash flows from operating activities.
Demonstrates
little to no capacity to explain the importance of cash flow from operating activities.
Has answered most parts incorrectly. •

• Shows limited understanding of direct and indirect methods of presenting cash flows from operating activities.
Demonstrates limited capacity to explain the importance of cash flow from operating activities.
Has answered some parts incorrectly. •

Shows good understanding of direct and indirect methods of presenting cash flows from operating activities.
Demonstrates a good understanding in explaining the importance of cash flow from operating activities. •

Shows highly developed understanding of direct and indirect methods of presenting cash flows from operating activities.
Demonstrates a highly developed understanding in explaining the importance of cash flow from operating activities. •

Shows sophisticated understanding of direct and indirect methods of presenting cash flows from operating activities.
Demonstrates a sophisticated understanding in explaining the importance of cash flow from operating activities.
Part A
Developed recommendations in line with the evidence available in the annual report.
(5 marks)
• No recommendation s developed. • Recommendations developed but not broadly consistent with the evidence presented and generated in the case. • Supports personal opinion and information substantiated by evidence from the research/course materials. • Discriminates between
assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. • Systematically and critically
discriminates
between
assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading.
Part B
Knowledge and understanding of partnership processes and accuracy of accounting entries
(20 marks)


• Shows very
little to no
understanding of the partnership processes Demonstrates
little to no accuracy in recording accounting entries.
Has answered most parts incorrectly. •

• Shows very limited understanding of the partnership processes Demonstrates limited accuracy in recording accounting entries.
Has answered some parts incorrectly. •
• Thorough knowledge or understanding of the partnership processes
Demonstrates good accuracy in recording accounting entries •
• Highly developed understanding of the partnership processes
Demonstrates high accuracy in recording accounting entries •

• A sophisticated understanding of the partnership processes.
Demonstrates perfect accuracy in recording accounting entries
10 marks for Part A and 5 marks for Part B
Use of academic and discipline conventions and sources of evidence.
(15 marks)


• Poorly written with errors in spelling, grammar.
Demonstrates inconsistent use of good quality, credible and relevant research sources to support and develop ideas.
There are mistakes in •
• Is written according to
academic genre
(e.g. with introduction, conclusion or summary) and has
accurate spelling, grammar, sentence and paragraph construction.
Demonstrates consistent use of credible and relevant research sources to support and •

• Is well-written and adheres to the academic genre (e.g. with introduction, conclusion or summary).
Demonstrates consistent use of high quality, credible and relevant research sources to support and develop ideas.
There are no mistakes in •
• Is very wellwritten and adheres to the academic genre.
Consistently demonstrates expert use of good quality, credible and relevant research sources to support and develop appropriate arguments and statements. •
• Expertly written and adheres to the academic genre.
Demonstrates expert use of high-quality, credible, and relevant research sources to support and develop arguments and position statements. Shows extensive
using the APA style. •
• develop ideas, but these are not always explicit or well developed. There are no
mistakes in using the APA style. using the APA style. • Shows evidence of reading beyond the key reading.
There are no mistakes in using the APA style. • evidence of reading beyond the key reading.
There are no mistakes in using the APA style.
ACCT 2000 Financial Accounting |Page

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