Accounting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IndividualAssignment

 

Unit:                                       TACC102 Accounting 1B

 

Total Marks:                          100 marks(20%)

 

Number ofQuestions:            2 Parts

 

Instructions:                           All questions should be attempted.

Themarks ofeach question would be awarded based onyourunderstandingof thequestions, concepts and procedures; henceyou should demonstrateyouranswersstepbystep.

 

No hard copy is required, please submit your work through the Turn-it-in system

 

 

PLEASEREAD THIS DOCUMENTCAREFULLY BEFOREYOUBEGIN, SO YOU DONOTLOSE MARKS.

INSTRUCTIONS TO FOLLOW:

 

  • NO Suggested length
  • Anylist of the referencesactuallycited must be included in
  • FonttypeshouldbeTimesNewRoman(size12),paragraphspacingshouldbeequalto 1.5.

 

Marks:

Theassignment is worth20%of thetotalmark forthe unit. The marksawarded will dependon the qualityof the reasoningexhibited and the abilityto express theargument in a concisemanner.

 

Due date:

Theassignment must besubmittedon or before 5pm Friday,15Sept 2017.

Late assignments will beaccepted up to 72 hoursafter thesubmission deadline. There will bea deduction of20%of thetotalavailable marks made from the totalawardedmark foreach24 hour period orpart thereof that thesubmission is late (forexample,25hours latemeans a40% penalty).

 

 

 

HOW TO SUBMIT YOUR ASSIGNMENT

YouMUSTsubmit an electroniccopy through TURNITIN on Moodleforcheckingplagiarism.Failureto submit it mayresult in a zeromarkforthe entireassessment.

 

 

PartA(50marks)

 

Refertotheconsolidatedfinancialstatementsandnotesinthe2013financialreportof JBHi-FiLimited on its website,www.jbhifi.com.au,andanswer thefollowingquestions:

 

  1. HavethecurrentliabilitiesofJBHi-FiLimitedincreasedordecreasedovertheyear?Byhowmuch?Whatclassesofliabilitiesarerecordedundertheclassification“CurrentLiabilities”?
  2. What are the major liabilities ofJBHi-FiLimitedat the end ofthefinancialyear?
  3. Whatitemsareincludedundertheheading‘Provisions’inthe‘CurrentLiabilities’sectionofthestatementoffinancialposition(balancesheet)?ExplainthenatureoftheseDothesesatisfythedefinitionofprovisionsascontainedinIAS37/AASB137?Byhowmuchhaveliabilitiesfor employeebenefitsincreasedovertheyear?
  4. Howmuchcashhasbeenraisedbyinterest-bearingloansinthemostrecentfinancialyear?Howmuchofsuchloanshasbeenrepaid?Howdotheseamountscomparewiththe previousyear?
  5. Determine whether anyof thenon-currentliabilitiesare
  6. Howmuch of thenon-currentborrowingsareduetoberepaidwithin2years?Between 2yearsand 5years?Beyond5years?
  7. Arethereanynon-currentprovisions?Ifso,what,inverygeneralterms,dotheserepresent?

 

Part B (50marks)

 

Refertothe2013annualreportofCountryRoadLimitedonitswebsite,www.countryroad.com.au(orgoogle‘annualreport2013countryroad’),andanswerthefollowingquestionsusingtheconsolidatedincomestatementandbalancesheet/statementoffinancial position and notes to the consolidatedfinancialstatements.

 

 

  1. TheCountryRoadLimitedincomestatementshowsadeduction(inbrackets)forincometaxWouldthisexpenseitembeseenintheincomestatementofapartnership?Explainyouranswer.
  2. Inthestatementofchangesinequityregardingretainedearnings,howisthetotalprofitavailableappropriated?HowdoestheallocationofthetotalprofitavailableforappropriationinapartnershipdifferfromthatshownforCountryRoadLimited?Explain the reasons forany
  3. Refertothebalancesheet(statementoffinancialposition)ofCountryRoadLimitedandthenotetitled‘issuedcapital’.Howdothesedifferfromthatofatypicalpartnership?Explain.
  4. CountryRoadLimitedisrequiredtoproduceastatementofcashflows(cashflowstatement)andincludethisinWould thetypicalpartnershipberequiredtopreparesuchastatement?Whyorwhynot?Wouldatypicalpartnership preparesuch astatement?Explain.
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