1 Assessment Task – Tutorial Questions Assignment 1 Unit Code: HC1010 Unit Name: Accounting for Business Assignment: Tutorial Questions Assignment 1 Due: 11:30pm 15th May 2020 Weighting: 25% Total...

HC1010 Tutorial Questions Assignment 1.pdf


1 Assessment Task – Tutorial Questions Assignment 1 Unit Code: HC1010 Unit Name: Accounting for Business Assignment: Tutorial Questions Assignment 1 Due: 11:30pm 15th May 2020 Weighting: 25% Total Assignment Marks: 50 Marks Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit Unit Learning Outcomes Assessed: 1. Obtain and contextualise business information for business accounting to explain and apply different concepts of costs to business decisions; 2. Apply, analyse, synthesise and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses; 3. Prepare, analyse, and interpret transaction data and financial statements for data- driven decision- making; 4. Evaluate the complex concepts of accounting such as roles and purposes of accounting and preparation of worksheets; and 5. Communicate accounting information in writing professionally. Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 1 to 5 inclusive and submit these answers in a single document. 2 The questions to be answered are; Week 1 Question (10 marks) (Note this question is Q2 in the Pre-recorded Tutorial Questions) Select an Australian business of your choice. Identify any five (5) stakeholders and explain their information requirements for making informed decisions. Week 2 Question (10 marks) (Note this question is Q3 in the Pre-recorded Tutorial Questions) What is the difference between the Conceptual Framework's fundamental qualitative characteristics of relevance and faithful representation? Can you think of any trade-offs between relevance and faithful representation? Week 3 Question (10 marks) (Note this question is Q3 in the Pre-recorded Tutorial Questions) Explain why ethics and corporate governance are important topics in the study of accounting and the business environment? Week 4 Question (10 marks) (Note this question is Q2 in the Pre-recorded Tutorial Questions) Advanced Cricket Coaching Pty Ltd, had the following account balances as at 30 June 2020 as shown. Cash at bank $75 000 Accounts receivable (net) $37 500 Inventory $30 000 Land $37 500 Fixtures and Fittings $ 9 000 Loan Payable $ 7 500 Tax payable $ 7 500 Share capital $30 000 Retained Earnings $144 000 Required: Prepare a balance sheet as at 30 June 2020 for Advanced Cricket Coaching Pty Ltd using a T-format. 3 Week 5 Question (10 marks) (Note this question is Q3 in the Pre-recorded Tutorial Questions) The following information was obtained from the financial records of Bulmer Ltd for the year ended 30 June 2020. Prepare the statement of profit or loss for the year ended 30 June 2020. Retained earnings 1 July 2019 $180 000 Sales revenue from continuing operations for the year $1 200 000 Finance costs $49 000 Estimated income tax expense for the year ended 30 June 2020 $101 000 Interim dividends paid (ordinary shares) $40 000 Write off research and development costs $8 000 Share capital (1 million $1 shares) $1 000 000 Expenses from ordinary activities (excluding finance costs) $500 000 Required: a) Prepare the statement of profit or loss for the year ended 30 June 2020. (5 marks) b) Prepare statement of changes in equity for the year ended 30 June 2020. (5 marks) Submission Directions: The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one. Academic Integrity Academic honesty is highly valued at Holmes Institute. Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used. Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number. In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and the student’s history of academic misconduct issues. All assessments will be automatically submitted to Safe-Assign to assess their originality. Further Information: For further information and additional learning resources, students should refer to their Discussion Board for the unit.