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HC1010 Accounting for Business Assignment: Tutorial Questions Assignment 1 Answer

Assessment Task – Tutorial Questions Assignment 1

Unit Code: HC1010

Unit Name: Accounting for Business Assignment: Tutorial Questions Assignment 1

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 andexpenses;
  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.

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.

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:

  1. Prepare the statement of profit or loss for the year ended 30 June 2020. (5 marks)
  2. 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.

Answer

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