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Major Assignment 1 ACC210 Major Assignment (Task 2) ATMC Semester 2 – 2018 Word count: approximately 1,500 words Weighting: 30% This assignment (task) requires you to prepare answers to the following four (4) questions. The assignment must be your own individual work, that means it is not a group assignment. If it is believed that a student has copied material from another student or any other source without appropriate referencing, the necessary action will be taken in accordance with the University’s Student Academic Integrity – Governing Policy: (http://www.usc.edu.au/explore/policies-and-procedures/student-academic- integrity-governing policy). Therefore, it is critical that you provide complete referencing for any and all sources of information (e.g. course textbook, other textbooks, journal articles, website documents etc) that you use in preparing your assignment. This includes both in-text references and a list of references at the end of your assignment. Please contact your local campus lecturer/tutor if you have any queries about referencing. Alternatively, you can post your query to the Discussion Board on the course Blackboard site. Other general points about this assignment: • The assignment must be submitted electronically via Safe Assignment on the ACC210 Blackboard site. • If you wish to apply for an extension to your submission date, please email Ratna Paudyal (
[email protected]) to explain the circumstances and attach supporting documentation. • Late penalties will be applied for assignments submitted after 12 midnight (24:00 hours) on Monday 24 September 2018 without an approved extension. More details on late penalties are provided in the course outline. • It is not necessary to include an overall introduction and conclusion for the assignment. • The suggested word count for each of the four (4) questions provides you with a guide to the approximate number of words that you should use in answering each question. The total word count is approximately 1,500 words. But if your word count is above 1,800 words, we will not continue marking your assignment after reading that number of words. http://www.usc.edu.au/explore/policies-and-procedures/student-academic-integrity-governing http://www.usc.edu.au/explore/policies-and-procedures/student-academic-integrity-governing mailto:
[email protected] 2 Question 1: (Approximately 400 words) 6 marks Himalaya Ltd operates a café and gift shop at Mount Tamborine in the Gold Coast hinterland. You are the accountant for the company and the following items relate to the year ended 30 June 2018: (a) $20 000 cash was stolen from Himalaya Ltd.’s night safe (b) The court has ordered Himalaya Ltd to repair the environmental damage it caused to the local river system. You have no idea how much this repair work will cost. (c) Himalaya Ltd receives a donation of $10 000. Required: Explain how Himalaya Ltd should account for each of the 3 circumstances described above. You must justify your answer by reference to the AASB conceptual framework's definitions and recognition criteria for assets, liabilities, income and/or expenses. Question 2: (Approximately 400 words) 6 marks Riyaz Ltd has acquired a new machine which it has had installed in its factory. 1. Labour and travel costs for managers to inspect possible new machines and for negotiating for a new machine. 2. Freight costs and insurance to get the new machine to the factory. 3. Costs for renovating a section of the factory, in anticipation of the new machine’s arrival, to ensure that all the other parts of the factory will have easy access to the new machine. 4. Cost of cooling equipment to assist in the efficient operation of the new machine. 5. Costs of repairing the factory door, which was damaged by the installation of the new machine. 6. Training costs of workers who will use the machine. Required: Explain which of the 6 items described above should be capitalised into the cost of the building. Provide a reason for your answers. You should refer to the Conceptual Framework and any relevant accounting standards to support your explanation. 3 Question 3: (Approximately 450 words) 6 marks Harry Ltd acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of $10 500. This book is estimated to have a useful life of 5 years from 1 September 2017, the date it was published. The second copyright was purchased from the Oxford University Press on 1 December 2017 for $12 000. This book, which analyses Aboriginal history in Western Australia prior to 2000, is considered to have an indefinite useful life. Required: Discuss how these two copyrights should be reported in the statement of financial position of Harry Ltd at 30 June 2018. You should refer to the Conceptual Framework and any relevant accounting standards to support your explanation Question 4: (Approximately 250 words) 4 marks The accountant of Harry Ltd believes that long service leave should not be considered as a liability in the accounts until employees have commenced their tenth year of service, given this leave entitlement only applies to Harry Ltd employees after 10 years of continuous service. Required: Advise the accountant on whether this approach is acceptable, you should refer to relevant parts of the AASB accounting standards in your answer. Assessment Criteria and Marking rubrics: The assignment will be marked according to the rubric, which encompass aspects such as: • Logical application of concepts to situations, with adequate justification for choices made • Professional presentation, including correct use of spelling, grammar and Harvard referencing • You should present your assignment in report format but you may exclude the Executive Summary, Introduction, Conclusion and Recommendations. Your report format should include: o Title page o Table of Contents o Question 1 o Question 2 o Question 3 o Question 4 o List of References Presentation, Spelling, grammar & referencing (overall; not separately for each question) 8 marks 4 CRITERIA HD > 85% DN (75% - 84.9%) CR (65% -74.9%) P (50%- 64.9%) FL < 50% take a position on a topic, and defend the position by presenting an argument, supported by evidence from: • your course text & materials • scholarly sources; and • other relevant sources logic a well-reasoned and detailed argument. conclusions and related outcomes (consequences and implications) are supported by clear, logical and informed evaluation. a detailed argument. a range of information/data, including opposing viewpoints; related outcomes (consequences and implications) are identified clearly premises are supported with relevant and logically connected information/data presented. conclusion is logically tied to all premises clear premises have been identified. premises are tied to information/data presented. some related outcomes or conclusions are made no clear connection between premises, data and conclusion. statements are inconsistently tied to some of the information discussed; related outcomes (consequences and implications) are oversimplified application of accounting standard meaningfully synthesises connections among case/context to deepen understanding of accounting standard and to broaden own points of view effectively selects examples from case/context to illuminate applicable accounting standard. uses accounting standard to explain own point of view reasonable causes or contributing factors of case/context are identified and explained using relevant accounting standard clear and coherent connection between accounting standard and practice using key theoretical tenets to explain case/context the explanation of the accounting standard is unclear or inaccurate. the connection between accounting standard and case is unclear or inaccurate application of accounting framework effective application of accounting framework to cases and recommend the best decision examines the connections and disconnections between accounting framework and cases to draw thoughtful conclusions uses comparisons and knowledge of others to explain accounting framework in the context of cases uses key concepts of accounting framework to explain cases and own perspective unable to draw simple conclusions due to inaccurate use of accounting framework communicate in academic writing • adhere to conventions of written english (word choice, grammar, punctuation and spelling • acknowledge sources and adhere to referencing conventions as per harvard style guide • adhere to presentation requirement and word limits you should present your assignment in report format but you may exclude the executive summary, introduction, conclusion and recommendations. your report format should include: title page, table of content, question 1, question 2, question 3, question 4, list of references 50%="" take="" a="" position="" on="" a="" topic,="" and="" defend="" the="" position="" by="" presenting="" an="" argument,="" supported="" by="" evidence="" from:="" •="" your="" course="" text="" &="" materials="" •="" scholarly="" sources;="" and="" •="" other="" relevant="" sources="" logic="" a="" well-reasoned="" and="" detailed="" argument.="" conclusions="" and="" related="" outcomes="" (consequences="" and="" implications)="" are="" supported="" by="" clear,="" logical="" and="" informed="" evaluation.="" a="" detailed="" argument.="" a="" range="" of="" information/data,="" including="" opposing="" viewpoints;="" related="" outcomes="" (consequences="" and="" implications)="" are="" identified="" clearly="" premises="" are="" supported="" with="" relevant="" and="" logically="" connected="" information/data="" presented.="" conclusion="" is="" logically="" tied="" to="" all="" premises="" clear="" premises="" have="" been="" identified.="" premises="" are="" tied="" to="" information/data="" presented.="" some="" related="" outcomes="" or="" conclusions="" are="" made="" no="" clear="" connection="" between="" premises,="" data="" and="" conclusion.="" statements="" are="" inconsistently="" tied="" to="" some="" of="" the="" information="" discussed;="" related="" outcomes="" (consequences="" and="" implications)="" are="" oversimplified="" application="" of="" accounting="" standard="" meaningfully="" synthesises="" connections="" among="" case/context="" to="" deepen="" understanding="" of="" accounting="" standard="" and="" to="" broaden="" own="" points="" of="" view="" effectively="" selects="" examples="" from="" case/context="" to="" illuminate="" applicable="" accounting="" standard.="" uses="" accounting="" standard="" to="" explain="" own="" point="" of="" view="" reasonable="" causes="" or="" contributing="" factors="" of="" case/context="" are="" identified="" and="" explained="" using="" relevant="" accounting="" standard="" clear="" and="" coherent="" connection="" between="" accounting="" standard="" and="" practice="" using="" key="" theoretical="" tenets="" to="" explain="" case/context="" the="" explanation="" of="" the="" accounting="" standard="" is="" unclear="" or="" inaccurate.="" the="" connection="" between="" accounting="" standard="" and="" case="" is="" unclear="" or="" inaccurate="" application="" of="" accounting="" framework="" effective="" application="" of="" accounting="" framework="" to="" cases="" and="" recommend="" the="" best="" decision="" examines="" the="" connections="" and="" disconnections="" between="" accounting="" framework="" and="" cases="" to="" draw="" thoughtful="" conclusions="" uses="" comparisons="" and="" knowledge="" of="" others="" to="" explain="" accounting="" framework="" in="" the="" context="" of="" cases="" uses="" key="" concepts="" of="" accounting="" framework="" to="" explain="" cases="" and="" own="" perspective="" unable="" to="" draw="" simple="" conclusions="" due="" to="" inaccurate="" use="" of="" accounting="" framework="" communicate="" in="" academic="" writing="" •="" adhere="" to="" conventions="" of="" written="" english="" (word="" choice,="" grammar,="" punctuation="" and="" spelling="" •="" acknowledge="" sources="" and="" adhere="" to="" referencing="" conventions="" as="" per="" harvard="" style="" guide="" •="" adhere="" to="" presentation="" requirement="" and="" word="" limits="" you="" should="" present="" your="" assignment="" in="" report="" format="" but="" you="" may="" exclude="" the="" executive="" summary,="" introduction,="" conclusion="" and="" recommendations.="" your="" report="" format="" should="" include:="" title="" page,="" table="" of="" content,="" question="" 1,="" question="" 2,="" question="" 3,="" question="" 4,="" list="" of="">