ACC5215 Corporate Accounting
At USQ, Policy and Procedure guides our approach to assessment, and it is important that all students are familiar with the relevant Policy and Procedure documents, and annually complete the Mandatory Academic Integrity Training. You will not be able to submit your assignment files if you have not completed the integrity training this year.
In the Assessment section of the StudyDesk for this course you will find:
You are strongly urged to complete this assignment by yourself to receive clear feedback about your level of understanding of the course material. To ensure your submission is your own work, plagiarism detection software is used.
Course objective – employability skills:
Employers seek graduates with more than technical knowledge; they also look for skills like communication (writing reports, memos, business letters), critical thinking and judgement, and ‘business acumen’. This Assignment provides an opportunity for you to produce professional standard examples of communications that you can use as part of your portfolio, whether it be for entry to the profession, promotion, or seeking a better position with another employer. These skills are also highly relevant if you operate your own business.
When relevant, the Word limit excludes in-text references, headings, and sub- headingsThere is a link in the Assessment section of the StudyDesk to use to submit your Word file. Turnitin is activated – do not complete the submission process until you are ready to submit.
Extensions are only granted in extenuating circumstances and will not be granted after the due date. Refer to the Assessment Policy and Assessment Procedures links in the Assessment section of StudyDesk. Use the link provided there to make your application.
Crashing of computers, too busy with other assignments and such reasons are not considered extenuating circumstances. You must organise your study time around these other commitments. Extensions will only be considered where supporting documentation is provided (e.g. doctor’s certificate). Work commitments are generally not considered to be extenuating circumstances. If you have had to do extensive amounts of overtime or work-related travel you must provide a supporting letter from your employer, which provides details of such circumstances.
Zeehan Pty Ltd is a membership organisation and holds fund in trust for operating a local charity in Tasmania. Zeehan Pty Ltd has prepared its adjusted trial balance for the year ended 30 June 2031.
It has yet to determine its income tax expense for the year and the tax assets and liabilities that arise from the transactions and events of the year. The following tables provide relevant information from the adjusted trial balance:
|Allowance for doubtful debts||(34,000)||(21,760)|
|Accumulated depreciation - Machinery||(612,000)||(408,000)|
|Deferred tax asset||93,636|
|Memebership fees in advance||19,040||25,160|
|Provision for sick leave||435,200||238,000|
|Deferred tax liability||192,372|
|Export incentive grant income||39,440|
|Membership fees revenue||333,200|
|Sick leave expense||197,200|
|Bad and doubtful debts expense||28,560|
|Depreciation expense - Machinery||204,000|
Question 2 (800 words)
Daydream Island Resort Pty Ltd is an Australian subsidiary of a large multinational company. The parent company is financially sound and is a guarantor of all debt of the Australian subsidiary. In May 2031, a cyclone caused extensive damage to the resort. A significant loss was incurred for the year ended 30 June 2031, as the insurance policy excluded coverage for cyclones and ocean surges. A tax loss of $45 million was determined for that financial year. As an Australian company, the subsidiary pays company tax in Australia. Assume that taxation legislation allows such losses to be offset against future taxable profit.
Imagine that you are a recent graduate working for an accounting practice. Your manager has asked you to provide advice via an internal memo (see later discussion) on the recognition of a deferred tax asset in relation to the tax loss. Your manager will review and revise your memo before writing a business letter containing advice for the CEO of Daydream Island Resort Pty Ltd on this matter.
In your answer, you are expected to explain and apply the requirements of AASB 112
Your answer to Q2 should be presented in the form of a memorandum (not an essay). A memo template file will be provided on StudyDesk for you to copy from or adapt (copy from this document and paste it into the Word doc you will submit for this assignment). You should:
You are writing for experienced accountants in this report and your writing style should reflect it.
On 1 July 2034, Strahan Ltd, a company based in Tasmania, Australia, acquired all the issued shares of Bavarian Brewing Ltd (BBL), a German craft beer brewery based in Munich. The trial balance (in Euro) for BBL for the last two years appears below:
|Y/E 30/06/35||Y/E 30/6/34|
|Inventory (Opening balance)||532,000||456,000|
|Accum. Depn. - Motor Vehicles||452,000||300,000|
|Accum. Depn. - Machinery||480,000||290,000|
|Loan from Bank of Berlin Ltd||1,800,000|
|Retained earnings (Opening balance)||760,000||646,000|
|Depreciation - Motor Vehicles||152,000||114,000|
|Depreciation - Machinery||190,000||133,000|
|Income tax expense||551,000||494,000|
$456,000. The machinery assets have a useful life of eight years, with no residual value. BBL use straight-line method for all machinery.
The exchange rates for the&
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