ASSESSMENT BRIEF
Subject Code and Title
ACCT6003 Financial Accounting Process
Assessment
Individual Assessment–Part 1
Individual/Group
Individual
Length
600 words +/- 10%
Learning Outcomes
1. Explain the regulatory framework that governs financial reporting in Australia with emphasis on the Conceptual Framework for financial reporting
3. Apply accounting principles and standards when accounting for non-current assets, revenue and liabilities and recognise the judgements required in a range of diverse business contexts
5. Differentiate between shares and debentures and apply appropriate accounting procedures
Submission
End of Module 2, i.e. by 11:59 pm AEST/AEDT Sunday of Week 4
Weighting
Part 1: 5% (Full assessment: 30%)
Total Marks
100 marks
Context:
This assignment forms Part 1 of the major assignment. Students are provided with a business case in which an entrepreneur, Xiaojing Wu, from China immigrated to Australia and considered setting up a small business in South Australia. Xiaojing started her business as a partnership but decided to dissolve the partnership. Subsequently, Xiaojing considered forming a company and discussing with the accountant and remaining partner on accounting regulation and reporting requirements relevant to companies.
Business Case
Refer to the transcript for Module 1 Accounting Regulation and Revenue
Instructions:
Students are expected to review the content of Module 1, Part 2 on Accounting Regulation and Revenue Recognition, then respond to the assignment questions.
The following rubric provides guidance for marking Part 1.