Assessment Description . Required: This assignment is to be completed in teams/groups. It consists of four (4) questions, all of which must be attempted. Each group should have three - four students....

Assessment Description . Required: This assignment is to be completed in teams/groups. It consists of four (4) questions, all of which must be attempted. Each group should have three - four students. The assignment must be submitted before the above due date to avoid any late penalties. Please make sure you follow the usual assignment presentation guidelines especially those relating to presentation of written work, late policy and academic integrity. Forming Teams: You must discuss the selection of teams with your lecturer, who may decide to allocate you into teams or he/she may decide to form teams using a random process. Any work which has been copied or shared between teams will result in a Fail grade for all students concerned. So please make sure that the answer to this team assignment is your own work and not copied from any source. Please note that a word limit exists for all questions. You must indicate your word count at the end of each question. Submissions that exceed the word count by more than 10% will cease to be marked from the point at which that limit is exceeded. Submission: The assignment will need to be submitted electronically through the student portal – use the link under “Assessments” to submit the information and include the team cover sheet. Please note to follow the instructions on the teamwork cover sheet when submitting your team’s assignment. BUS103 AFM – 2T2017 – Group Assignment Page 2 of 5 QUESTION 1: (7.5 + 7. 5 = 15 marks) Corporate and Professional - Disciplinary action The Institute of Chartered Accountants website, like other accounting bodies around the world, publishes notices of disciplinary decisions based on complaints against its members. Go to the Institute of Chartered Accountants website at www.charteredaccountants.com.au. Search ‘decisions-register’. Download the latest professional conduct annual report and answer the following questions, avoiding the legal jargon. Required: A. Summarise the investigations and tribunal hearings, listing the nature of at least 3 common allegations, against the members of the accounting profession. . (Word limit: 375 words) B. Explain why professional bodies, like Chartered Accountants, publish their decisions. (Word limit: 375 words) QUESTION 2: 10 marks “Financial accounting statements such as Balance Sheets, Income Statements and Cash Flow Statements report past events. Despite this they are used by stakeholders to make decisions for the future.” Choose a specific user group and provide an example to support this statement. (Word limit: 500 words) QUESTION 3 (10 + 5 = 15 marks) A. As a new management accountant, respond to this comment by a plant manager: ‘No “bean counter” knows enough about my responsibilities to be of any use to me. As I see it, our accountants may be needed to keep records for shareholders and the Australian Tax Office, but I don’t want them sticking their noses in my day-to-day operations.’ (Word limit: 500 words) B. ‘Knowledge of technical issues such as computer technology is a necessary but not a sufficient condition to becoming a successful management accountant.’ Do BUS103 AFM – 2T2017 – Group Assignment Page 3 of 5 you agree? Explain your answer. (Word limit: 250 words) Question 4 (10 + 10 = 20 marks) The income statement and the balance sheet for MobileNet are presented below. MobileNet Balance sheet as at 30 June 2016 Assets Current assets Investments Property, plant and equipment Intangible assets $20 000 5 000 32 000 15 000 Total assets $72 000 Liabilities Current liabilities Long-term liabilities $ 9 000 16 000 Total liabilities 25 000 Owner’s equity M. Phone — capital 47 000 Total liabilities & owner’s equity $72 000 MobileNet Income statement for the year ended 30 June 2016 BUS103 AFM – 2T2017 – Group Assignment Page 4 of 5 Sales revenue Cost of sales $45 000 20 000 Gross profit 25 000 Operating expenses 18 000 Profit $ 7 000 Required: A. Calculate the following, showing your working: i. the current ratio ii. the return on assets (use year-end figures) iii. the return on shareholders’ funds (owner’s equity; use year-end figures) iv. the debt to equity ratio B. Prepare a memo on the performance and position of MobileNet under each heading explaining how the firm performed in each measure. Explain what other information would have been helpful for your memo. (Word limit: 500 words) Team Work Cover Sheet Team Number: ADE/BRI/MEL/SYD: ……………………………………….….…………………….. BUS103 AFM – 2T2017 – Group Assignment Page 5 of 5 Team Name: ………………………………………………………………………………….…………. Student Number Student Name Signature Indicate the Team Leader Instructions: By the end of week 5 Team Number: In creating your team numbers please note to include the location and then your team number; for example, ADE01Team or BRI01Team or MEL01Team…MEL02Team etc., or SYD01Team. Please note to liaise with the lecturer on your campus to get unique team numbers. Please finalise your team members and your team number with your lecturer by the end of week 5 at the latest. Inform them in class or by email. Upon submission of the assignment If you are not the team leader, then you are required to upload this cover sheet only, duly completed to include all the names and student IDs of the team members. Individual members should not upload copies of the assignment. If you are the team leader, you must upload the assignment including this cover sheet. This assignment will then be marked by the lecturer. The marks awarded will be the same for each member of the team for the “teamwork” section of the assignment. Please note that this cover sheet must match the with the team members you previously informed your lecturer of and must be the same for all team members.