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ACCOUNTING QUESTIONS

 

Q1

John has applied and been approved a licence to operate a casino in Melbourne, which later on he
named it The Casino East. John has received 10-year licence from Victorian Government to operate
the casino. He also received approval for Casino’s building for a long period of time (90 years).
John was instructed by the relevant Government agency to pay $180 million for the approved
casino’s licence and $80 million as prepaid rent covering the first 10 years of casino’s rental. John
has negotiated to pay $400,000 rental per year for the remaining 80 years of the lease.
With reference to relevant legislation and case law discuss whether casinos prepaid rent is
considered a revenue expense or a capital expense.

Q2

  1. Gain an understanding of the nature of the entity and its industry and then identify
    key business risks. After this is completed, assess where the risks of material misstatements could be in the financial report. Consider the factors affecting both
    Inherent Risk and Control Risk. Finally, apply the Audit Risk Model [AR = f (IR,
    CR, DR)] to the selected company. Which risk rating would you apply (Low, Medium
    or High) to the company’s inherent risk assessment and control risk assessment?
    How does this affect your assessment of Detection Risk and Audit Risk?
    Perform analytical procedures of the Statement of Financial Position and of Financial
    Performance over the last three years using appropriate ratios and/or metrics. Select
    four key ratios and provide a brief explanation in the report. This should be
    presented in a table format.
    3. Discuss with your group members which account balances are considered “material”.
    Explain how you calculated materiality for planning purposes and provide appropriate
    justification for your decision-making.

 

Q3

  1. Gain an understanding of the nature of the entity and its industry and then identify
    key business risks. After this is completed, assess where the risks of material misstatements could be in the financial report. Consider the factors affecting both
    Inherent Risk and Control Risk. Finally, apply the Audit Risk Model [AR = f (IR,
    CR, DR)] to the selected company. Which risk rating would you apply (Low, Medium
    or High) to the company’s inherent risk assessment and control risk assessment?
    How does this affect your assessment of Detection Risk and Audit Risk?
    2. Perform analytical procedures of the Statement of Financial Position and of Financial
    Performance over the last three years using appropriate ratios and/or metrics. Select
    four key ratios and provide a brief explanation in the report. This should be
    presented in a table format.
    3. Discuss with your group members which account balances are considered “material”.
    Explain how you calculated materiality for planning purposes and provide appropriate
    justification for your decision-making.

 

Q4

The purpose of the Group Assignment is to provide students with an opportunity
to work in a collaborative environment in solving two case problems by citing the
relevant legal rules and cases and applying these to the facts of the case.
In this Group Assignment, students are required to:
4. Demonstrate the legal principles for managing a company in particular the
company’s relationship with others.
5. Critically analyse the concept of corporate internal rules and management.
6. Analyse the role and responsibility of directors and members in the
management of the company.
7. Analyse the interaction between members’ rights, directors’ duties and
corporate governance

Q5

Purpose
This assignment aims at developing your group’s understanding of latest cyber security issues and
their impacts on business operations. Your group is required to critically evaluate three recent cyber
security case studies and their lessons to business organisations.
Required
Your group is required to conduct a literature search and select three (3) cyber security case studies
that are published between 2014 – 2019. Based on the selected case studies, your group is required
to prepare a written report to cover the following points:
? Description of case company in each case
o General information of the company
o Key business processes of the company
? Cyber security issues covered in each case
o Key cyber security issues identified in each case
o Risks associated with the issues
o Impacts of the issues on case company
? Lessons learnt from each case
o Actions reported in each case to address the identified issues
o Outcomes of the reported actions
o Proposed actions other than the reported ones that could be taken to address the
issues
o Suggestions for preventing the issues in future

 

Q6

Rick advises you that he sold the following assets during the 2019 income year: (a) As previously indicated, Rick owns a number of Australian shares. On 17 September 2018, he purchased 100,000 Cardinal Resources Ltd shares under a contract of purchase for $4,200. Brokerage costs separately incurred on the same date came to $40. Later on 9 June 2019, Rick sold 60,000 of these shares for $3,240. Rick also paid brokerage fees of $20 in relation to the sale on this date. These shares were a non-active asset. Rick did not receive any dividends from these shares during the period of ownership.

Q7

Topic:
Workplaces today are undergoing dramatic changes and the future presents many challenges and
opportunities for both HRM and employees.
Technological change, particularly the development of artificial intelligence (AI) and new generation
robotics, are said to represent a “third wave” of economic development that will displace current jobs and
current employment patterns and will fundamentally impact upon the very fabric of society itself.
Task:
1. Broadly discuss these trends and also discuss their impact at the societal level in 40 to 50 years’ time. Will
society be better or worse overall for most people?

 

Q8

Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial
statements (balance sheet, income statement, cash flow statement) and notes attached to financial
statements on income tax issues very carefully. Please remember some aspects of your firm’s treatment of its
tax – can be a very complicated area, particularly for some firms. Based on your understanding of the topic
“accounting for income tax” and based on your reading of the collected annual reports, do the following tasks.
i Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary
difference, deductible temporary difference, deferred tax assets and deferred tax liability.
ii Briefly explain the recognition criteria of deferred tax assets and deferred tax liability.
iii What is your firm’s tax expense in its latest financial statements?
iv Is this figure the same as the company tax rate times your firm’s accounting income? Explain why this is,
or is not, the case for your firm highlighting the reasons for differences.
v Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible
reasons why they have been recorded.
vi Is there any current tax assets or income tax payable recorded by your company? Why is the income tax
payable not the same as income tax expense?
vii Is the income tax expense shown in the income statement same as the income tax paid shown in the cash
flow statement? If not, why is the difference?
viii Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent
differences that your company may have.
ix What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
in your firm’s financial statements? What new insights, if any, have you gained about how companies
account for income tax as a result of examining your firm’s tax expense in its accounts?

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Q9

Comparison of four key financial institutions: commercial banks, insurance companies,
investment banks and investment funds in Australia from the perspective of a potential
investor who would like to invest into the institutions
Criteria for comparison include: (1) classification (the group of financial institutions it belongs
to); (2) market sector of operation; (3) key business activities; and (4) main source of income.
Organize your group’s comparison in a relevant table. Your group’s research should be
supported by a fact finding of real life examples of a commercial bank, insurance company,
and investment bank and investment fund in Australia. Your group’s discussion on each
example should reflect the above mentioned criteria and the following information: (i) what
is the code of stock listed, (ii) when was the company’s stock was first listed, (iii) what is the
current market capitalization of that stock, (iv) the current total share outstanding, (v) who is
the chairman and who is the CEO of that company, (vi) a graph of five year dividend payment
for each company and (vii) next dividend date. Using ASX and ASIC websites for the fact
finding. Your group is not allowed to choose the cases I have used as examples in this
assignment instruction.

Q10

Week 2

Financial data for Safety Hire as of 30 June 2019 are:

Required:
Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. (10 marks)

Week 3

On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST).

Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.

Required:

  1. a) Prepare the general journal entries to record the above transactions. (6.25 marks)
  2. b) Post the entries from the general journal to the general ledger accounts (running balance

format) and enter the posting references in the general journal. (2.75 marks)

  1. c) Prepare a trial balance as at 31 July 2018. (1 mark)

Week 4

The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.

  1. On 15 February, Danielle Drip’s business borrowed $16 000 from Northern Bank at8% interest. The principal and interest are payable on 15 August.
  2. Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance.
  3. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid.
  4. On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue.
  5. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June.

Required:
Prepare the necessary adjusting entries at 30 June. (10 marks)

Date Accounts Ref Debit Credit

Week 5

The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.

Adjusted trial balance Income statement Balance sheet
Debit Credit Debit Credit Debit Credit

Account Cash at Bank

Accounts Receivable Prepaid Rent
Office Supplies Equipment

Accum. Depr. Equip’tAccounts Payable Salaries Payable Unearned Revenue F. Elliot, Capital

  1. Elliot, Drawings Painting Revenue Salaries Expense
    Rent Expense Depreciation Expense Telephone Expense Office Supplies Used Sundry Expenses

Profit for the period

1 230 75 600 1 800 8 320 160 000

22 000

106 000 6 050 8 040 4 020 10 080 9 200 $412 340

ELLIOT PAINTING SERVICES

Worksheet (Partial)
for the year ended 30 June 2019

25 000 54 000 8 760 3 430 101 500

219 650

$412 340

Required:

  1. a) Complete the worksheet. (6 marks)
  2. b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the

entity’s accounting period.(4 marks)

 

Q11

Week 2

Financial data for Safety Hire as of 30 June 2019 are:

Required:
Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. (10 marks)

Week 3

On 1 July 2018 Nicole Andreou opened a beauty parlour. The following transactions occurred during the first month of operations (ignore GST).

Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.

Required:

  1. a) Prepare the general journal entries to record the above transactions. (6.25 marks)
  2. b) Post the entries from the general journal to the general ledger accounts (running balance

format) and enter the posting references in the general journal. (2.75 marks)

  1. c) Prepare a trial balance as at 31 July 2018. (1 mark)

Week 4

The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.

  1. On 15 February, Danielle Drip’s business borrowed $16 000 from Northern Bank at8% interest. The principal and interest are payable on 15 August.
  2. Drip Dry Cleaning Services purchased a 1-year insurance policy on 1 March of the current year for $660. A 3-year policy was purchased on 1 November of the previous year for $2700. Both purchases were recorded by debiting Prepaid Insurance.
  3. The business has two part-time employees who each earn $220 a day. They both worked the last 3 days in June for which they have not yet been paid.
  4. On 1 June, the Highup Hotel paid the business $2100 in advance for doing their dry cleaning for the next 3 months. This was recorded by a credit to Unearned Dry Cleaning Revenue.
  5. The supplies account had a $280 debit balance on 1 July. Supplies of $1560 were purchased during the year and $190 of supplies are on hand as at 30 June.

Required:
Prepare the necessary adjusting entries at 30 June. (10 marks)

Date Accounts Ref Debit Credit

Week 5

The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.

Adjusted trial balance Income statement Balance sheet
Debit Credit Debit Credit Debit Credit

Account Cash at Bank

Accounts Receivable Prepaid Rent
Office Supplies Equipment

Accum. Depr. Equip’tAccounts Payable Salaries Payable Unearned Revenue F. Elliot, Capital

  1. Elliot, Drawings Painting Revenue Salaries Expense
    Rent Expense Depreciation Expense Telephone Expense Office Supplies Used Sundry Expenses

 

One of the most popular questions that I often come across is “Where can I get someone to help me solve my tough Business Case Studies and Report Writing Assignments Online ?” or “Which is the best and affordable website for homework help where tutors give discounts throughout the year?” Well the answer is simple – Homework Nest. I have tried it and can testify without hesitation. Last time I was facing it rough on coming up with my PHD thesis ideas and research and Homework Nest Tutors came in hand. You see, College life is not a walk in the park especially for those who double it with a day job to keep their bills on check. You can find the best ElantSolutions Business Case Studies and Report Writing Assignments Online at Homework Nest. You can also find the best Varsity Tutors for psychology and philosophy college assignments at Homework Nest. I will also add that you can find the best TransTutors for psychology and philosophy college assignments at Homework Nest. All Homework and assignments are handled in minutes. In conclusion, the Best Known Website for Helping with College Homework for students is Homework Nest. If your homework deadline fast approaching and you do not have time? I used Homework Nest (https://www.homeworknest.com/) to Ace My Homework and Got As in my Final Exams. Hey, all the tutors are verified!Profit for the period

1 230 75 600 1 800 8 320 160 000

22 000

106 000 6 050 8 040 4 020 10 080 9 200 $412 340

ELLIOT PAINTING SERVICES

Worksheet (Partial)
for the year ended 30 June 2019

25 000 54 000 8 760 3 430 101 500

219 650

$412 340

Required:

  1. a) Complete the worksheet. (6 marks)
  2. b) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of the

entity’s accounting period.(4 marks)

 

Q12

You have been asked by the CEO of a major Australian Bank to advise them on their strategy
formulation for International expansion.
The Bank has developed a reputable brand in the Australian and New Zealand markets and is now
looking for suitable acquisitions and strategic partnerships in foreign markets in order to grow their
business.
The three markets that they are currently assessing for entry are; France, Brazil and South Korea
(ROK). You are required to assess the attractiveness of each of the three markets and put forward
recommendation(s) for future action based on a co-operative discussion in your groups.
By working in co-operative groups, select a well-known Financial Services (FS) multi-national entity
or consult with your tutor and ensure that it has not been selected by another group. Analyse the
selected and approved FS multi-national entity and consider the following factors:
• The differences in the structure of each market identified for entry
• The estimated size and profitability of each market identified for entry
• The potential problems in selling to and supporting the MNE in each market identified for
entry
• The likely future developments in each market identified for entry
• The potential foreign exchange and trade implications
In this report,
• Use sub-headings
• Use appropriate paragraphing
• Reference the sources used with correct in-text citation conventions
• Provide a full list of references at the end using correct referencing conventions
• Check the safe-assign report and modify the submission if it is Medium or High risk.
Your final submission is due Friday of Week 10 at Midnight. Late submissions will attract penalties
at the rate of -5 % per day.

 

Q13

Strategic alliance and cooperative partnerships provide one way to gain some of the benefits
offered by vertical integration, outsourcing and horizontal mergers and acquisitions while
minimizing the associated problems, it is a formal agreement between two or more separate
companies in which they agree to work collaboratively towards some strategically relevant
objectives. E.g.
? The Delta Airlines/Northwest Airlines merger
? Shell oil company and Pemex (Mexico’s state-owned petroleum company)
? Renault-Nissan-Mitsubishi Alliance
1. Determine how to capture the benefits and minimize the drawbacks of strategic
alliances and partnership to extend the scope of operations via international expansion
and diversification strategies.
2. Discuss the role of centralized and decentralized decision making in striking the right
balance between rewards and punishment in an ethical and unethical strategic alliance?
3. Identify the key features of a company’s corporate culture that can influence the
merger and acquisition?

Q14

Strategic alliance and cooperative partnerships provide one way to gain some of the benefits
offered by vertical integration, outsourcing and horizontal mergers and acquisitions while
minimizing the associated problems, it is a formal agreement between two or more separate
companies in which they agree to work collaboratively towards some strategically relevant
objectives. E.g.
? The Delta Airlines/Northwest Airlines merger
? Shell oil company and Pemex (Mexico’s state-owned petroleum company)
? Renault-Nissan-Mitsubishi Alliance
1. Determine how to capture the benefits and minimize the drawbacks of strategic
alliances and partnership to extend the scope of operations via international expansion
and diversification strategies.
2. Discuss the role of centralized and decentralized decision making in striking the right
balance between rewards and punishment in an ethical and unethical strategic alliance?
3. Identify the key features of a company’s corporate culture that can influence the
merger and acquisition?

Q15

Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial
statements (balance sheet, income statement, cash flow statement) and notes attached to financial
statements on income tax issues very carefully. Please remember some aspects of your firm’s treatment of its
tax – can be a very complicated area, particularly for some firms. Based on your understanding of the topic
“accounting for income tax” and based on your reading of the collected annual reports, do the following tasks.
i Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary
difference, deductible temporary difference, deferred tax assets and deferred tax liability.
ii Briefly explain the recognition criteria of deferred tax assets and deferred tax liability.
iii What is your firm’s tax expense in its latest financial statements?
iv Is this figure the same as the company tax rate times your firm’s accounting income? Explain why this is,
or is not, the case for your firm highlighting the reasons for differences.
v Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible
reasons why they have been recorded.
vi Is there any current tax assets or income tax payable recorded by your company? Why is the income tax
payable not the same as income tax expense?
vii Is the income tax expense shown in the income statement same as the income tax paid shown in the cash
flow statement? If not, why is the difference?
viii Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent
differences that your company may have.
ix What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
in your firm’s financial statements? What new insights, if any, have you gained about how companies
account for income tax as a result of examining your firm’s tax expense in its accounts?

Q16

Your Task
• You are required to prepare a business letter to answer all of the following questions.
• You are also required to prepare a short video presentation (3 to 5 mins) summarising the
key issues you have addressed in your letter.
Assessment Description
Assume that you are a team of graduate accountants working for Pitcher Group Ltd, a public
accounting firm Situated at 346 Gregory Avenue, Melbourne, VIC 3000. The Manager of your
firm, Ms. Michelle Pitcher has asked you to draft a letter in response to an email received from a
client – Mr. Andrew Dixon, the Managing Director of Dixon Ltd, raising several accounting issues
– see the copy of the email on the next page.
The maximum length for the body of the letter is 1,000 words. You should address all the
technical issues/discussion in the letter, followed by a Reference List.
• Part A: Technical component 10% – This mark covers the technical content of your advice
and the explanation on each of the issues, the calculations, and the sources used.
• Part B: Communication Skills – Letter Writing 5% – This mark covers the generic skills of
Letter writing; layout, clear meaning, structure and organisation, appropriate tone and
grammar, spelling, and punctuation, etc. throughout the whole assignment.
• Part C: Communication Skills – Video Presentation 5% – You have to prepare a 3-5 minute
video presentation that will keep the audience engaged; the presentation should be wellrehearsed and supplementary material, such as slides and visual aids must be of a
professional standard.

Q17

Questions: 1. Briefly discuss the budgeting process. (5 marks)
2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies the purpose of planning, controlling and evaluating performance. (5 marks)
3. The two widely used practices in preparing budgets are ‘top down’ budgeting and ‘bottom up’ budgeting. Identify and explain the practice adopted by the organisation discussed in your selected journal article and further explain the behavioural implications of adopted practice. (5 marks)
4. Based on your literature findings (above), critically evaluate the comment that ‘traditional budgeting practices are constraint on creativity, and the time and energy spent on budget formulation is better spent elsewhere’.
5. Based on your literature findings (above), would you recommend budgeting for contemporary organisations for planning and control purpose? Explain (5 marks)

Q18

JIM is considering implementing a 401K program for its employees. The program plan will include the company matching at 50% of the employee’s contribution up to 6% contribution. The Human Resources manager proposing this plan feels it will reduce turnover, improve morale, and provide a competitive edge when recruiting new employees. The HR manager has estimated JIM’s annual contribution to be $300,000 and the savings to be $70,000 in employee turnover costs and improved performance. Management is concerned about this additional cost.

  • Explain the 401 K limits and special treatment for highly-compensated
  • Document how, as a tax analyst, you see this program.
  • Document what, if any, will be the tax implications of this program.

 

Q19

Background
You were recently employed as a management accountant in a listed firm on the ASX. The Managing
Director of your company has formed a small taskforce to explore the possibility of implementing a
Balanced Score Card (BSC) system in the company. You are assigned to work with others in the
taskforce due to your management accounting background.
Required
Your group is required to prepare a report to provide advice on the suitability of the BSC for an ASXlisted company, which is selected by your group. The company selected must be “unique” and it is
NOT allowed to be the same as another group.
NOTE – You must check your selected ASX listed company on shared excel sheet. If the company has
already been selected, then you must go back and select another ASX listed company.

Q20

Case 1: (15 marks) a) Explain the nature of business combination? (5 marks) b) Explain, with examples, the accounting for business combination through direct or indirect acquisitions? (5 marks) c) Please explain the difference between New vs old lease accounting standard (AASB 117 Leases, AASB 16 Leases)? (5 marks) Case 2: (15 marks) On 1 July 2017, Chancellor Ltd purchased 90% of the issued shares of Park Ltd for $800,000. At this date, the fair value of the NCI in Park Ltd was $88,500. The following balances appeared in the records of Park Ltd at this date: Share capital $400,000 General reserve 40,000 Retained earnings 200,000 At 1 July 2017, all the identifiable assets and liabilities of Park Ltd were recorded at fair value except for the following: Carrying amount Fair value Equipment (cost $720,000) Inventories $600,000 320,000 $800,000 400,000 Land 360,000 400,000 The equipment had a remaining useful life of 4 years beyond 1 July 2017, with benefits to be received on a straight-line basis over the period. By 30 June 2018, all the inventories were sold externally. Any adjustments for differences at acquisition date between carrying amounts and fair values are made in the consolidation worksheet. For the year ended 30 June 2019, the following information is available: (a) During the year, Park Ltd sold inventory to Chancellor Ltd for $800,000. The original cost of the inventory was $640,000. At 30 June 2019, Chancellor Ltd had 20% of the inventory on hand. (b) On 1 January 2019, Park Ltd sold an item of equipment to Chancellor Ltd for $20,000 at a before-tax profit of $4,000. Chancellor Ltd treated the asset as part of its inventory and it was still on hand at 30 June 2019. (c) On 1 July 2018, Chancellor Ltd sold some equipment to Park Ltd for $40,000. The carrying amount of the equipment at this date was $24,000. Park Ltd treated the asset as a non-current asset and depreciated it using the straight-line method over 5 years.

Q21

You are required to conduct a literature search and discussion in this assignment.
You are to choose a peer reviewed journal article (from any country) on the:
-Use of Budgeting as a management technique for managing resources.
The article should be published between 2010 – 2020. Choose your article only after you have accessed
several relevant articles, and then choose the best articles that will answer the assignment question below.
Required: Critically evaluate the relevance and challenges of budgeting systems by answering the 5 questions
below:
Questions:
1. Briefly discuss the budgeting process. (5 marks)
2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies
the purpose of planning, controlling and evaluating performance. (5 marks)
3. The two widely used practices in preparing budgets are ‘top down’ budgeting and ‘bottom up’
budgeting. Identify and explain the practice adopted by the organisation discussed in your selected
journal article and further explain the behavioural implications of adopted practice. (5 marks)
4. Based on your literature findings (above), critically evaluate the comment that ‘traditional budgeting
practices are constraint on creativity, and the time and energy spent on budget formulation is better
spent elsewhere’.
5. Based on your literature findings (above), would you recommend budgeting for contemporary
organisations for planning and control purpose? Explain (5 marks)

Q22

  1. Reflections on any one topic covered in the unit that interests you the most from this unit. Why was
    it interesting and what had you learnt from it?
    Reflections on your experience as a group member in the group assignment. What went well, what
    did not go to plan and what had you learnt from it?
    3. Reflections on what you had learned from the group assignment. What insights had you gained and
    what had you learned from this experience?

Q23

Mr Dominic Supreme owns a pizza restaurant. However, for public health reasons he has now closed the
restaurant side of the business and is currently operating on a takeaway basis only. He has several employees
working in the kitchen and delivering pizzas. He also owns various assets, including a rental property.
Enzo is Dominic’s head chef and he is provided with the use of a Toyota RAV4 motor car as well as his salary of
$100,000 per year. The car was purchased by Dominic on 1 April 2018 for $55,000. Dominic has not made the
election under section 10 of the Fringe Benefits Tax Assessment Act. Enzo travelled 10,000 km in the car during
the FBT year ended 31 March 2019 and, of this, 4,000 km were for business purposes. Enzo paid for the petrol
for the car and this amounted to $900 for the FBT year ended 31 March 2019. Enzo was not reimbursed for the
petrol.
Maria is Dominic’s store manager and she was given an interest free loan of $500,000 by Dominic on 1 January
2019. Maria used the loan for two purposes: 60% for the purchase of an investment property and 40% to pay
off her home mortgage.
Because of the current health crisis, Dominic pays the private health insurance premiums of all his staff and
these premiums were $55,000 for the year ended 31 March 2019.
Dominic purchased a rental property on 1 July 2018 for $1,200,000. To finance this purchase, he borrowed $1
million from Megabank at an interest rate of 5%. To arrange for the loan Dominic paid a total of $4,000 for a
loan application fee, a valuation fee and legal fees on 1 July 2018. He also paid stamp duty of $52,000 and
$3,200 in legal fees in connection with the purchase of the property.
In August 2018 Dominic fixed the door to the rental property which was broken at the time of his purchase for a
cost of $900. He also purchased new refrigerator for the rental property of $3,000 on 1 November 2018. The
useful life of the refrigerator is 10 years. Dominic replaced the entire roof of the rental property in October
2018 at a cost of $35,000 after it was severely damaged in a hailstorm in September 2018. He used substantially
the same type of material that was there before.
On 10 June 2019 he sold the rental property for $1,500,000. The costs he incurred on the sale were $30,000 for
real estate agent’s commission and $2,000 for advertising. He also sold the refrigerator on 10 June 2019 for
$2,000. With the proceeds of the property sale, Dominic repaid his loan from Megabank on the date of sale.
Dominic purchased some BHP Billiton Limited shares in May 1990 for $50,000 and then sold them in May 2019
for $100,000. He purchased an antique clock for $600 in June 2000 and sold it in June 2019 for $4,000. Dominic
also sold his Mercedes sports car in April 2019 for $60,000 which he purchased in April 2001 for $20,000.
Dominic wants to maximise his deductions at all times. Assume that Dominic can claim GST input tax credits for
the provision of all fringe benefits he provides apart from the loan.
Required:
Part 1 (10 marks)
What fringe benefits tax (FBT) must Dominic pay for the year ended 31 March 2019?
Part 2 (10 marks)
What is Dominic’s net capital gain or net capital loss for the year ended 30 June 2019?
Part 3 (10 marks)
What income tax deductions can Dominic claim for the year ended 30 June 2019?
Please note: Students must give reasons for their answer. This discussion must include an analysis of the
pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, students must show
calculations.

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Q24

  • “Revaluation of non-current asset doesn’t impact the recognition of future tax associated with that asset”. Evaluate this statement. (4 marks)
    2) Discuss whether revaluation of non-current asset will lead to a deferred tax asset or a tax liability. (2 marks)
    3) In your opinion, comment whether the deferred tax asset and deferred tax liability meet the definition and recognition for an asset and a liability according to the Conceptual Framework for Financial Reporting. (4 marks)
    Part B (7 marks)
    4) Provide and comment on an example (other than revaluation of non-current assets) that leads to a deferred tax asset in the chosen company. Evaluate its impact on financial position from the perspective of investors. (3 marks)
    5) Provide and comment on an example (other than revaluation of non-current assets) that leads to a deferred tax liability in the chosen company. Evaluate its impact on financial position from the perspective of investors. (3 marks)
    6) In your opinion, are there any deferred tax asset or deferred tax liability that are not recognised in the annual report of the chosen company? (2 marks)
    2 marks will be awarded to effective communication and presentation of this report.

Q25

  1. Prepare the general journal entries to record the above transactions. (6.25 marks)
    b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks)
    c) Prepare a trial balance as at 31 July 2018. (1 mark)

Q26

Debates on whether the converged International Financial Reporting Standards have resulted in harmonised international accounting practices across countries have been growing over the last ten years. Study based in emerging economies, such as China (He et al., 2012), Romania (Albu et al., 2014), India, Pakistan, and Bangladesh (Ali et al., 2006), South Pacific Island countries (Chand, 2005), United Arab Emeritus (Irvine, 2008), and Turkey (Misirlioglu et al., 2013), have consistently reported the challenge of effectively implementing IFRS in those countries due to country-specific contextual issues. Nobes (2015) also reported challenging issues in implanting IFRS in developed countries. Assignment questions 1. Prepare a report critically arguing why having a single set of accounting standards (i.e. IFRS) for a world-wise use is inherently problematic. 2. Review literature explaining the contextual issues of implementing IFRS in emerging economies and in developed countries. 3. Critique whether adoption and use of IFRS will lead to improved financial reporting quality.

Q28

The unadjusted trial balance of Inaknot Insurance Corp. includes the following account balances at December 31, 2020, its fiscal year-end. Assume all accounts have normal debit or credit balances. Prepaid insurance Truck Unearned commissions revenue Rent earned Advertising expense Salaries expense Supplies expense $ 1,800 18,000 9,000 -0- 5,000 25,000 900 The following information is available: a. A physical count indicates that $200 of supplies have not been used at December 31. b. The prepaid insurance consists of a one-year policy, effective October 1. c. The truck was purchased on July 1; it is expected to have a useful life of 6 years. No depreciation has been recorded during the year. d. The unearned commission revenue at December 31 is $7,500. e. Two days of salary amounting to $200 remain unpaid and unrecorded at December 31; the amounts will be included with the next Friday’s payment, which will be in January. f. Rental revenue of $300 has not yet been received for a sublet of part of a warehouse for 2 weeks during December. g. A $300 bill for December advertising has not yet been recorded. Required: Prepare all necessary adjusting entries at December 31, 2020. General ledger account numbers and descriptions are not necessary.

 

Q29

Questions:
1. Briefly discuss the budgeting process. (5 marks)
2. Based on your selected journal article, discuss citing examples whether the budgeting process satisfies
the purpose of planning, controlling and evaluating performance. (5 marks)
3. The two widely used practices in preparing budgets are ‘top down’ budgeting and ‘bottom up’
budgeting. Identify and explain the practice adopted by the organisation discussed in your selected
journal article and further explain the behavioural implications of adopted practice. (5 marks)
4. Based on your literature findings (above), critically evaluate the comment that ‘traditional budgeting
practices are constraint on creativity, and the time and energy spent on budget formulation is better
spent elsewhere’.
5. Based on your literature findings (above), would you recommend budgeting for contemporary
organisations for planning and control purpose? Explain (5 marks)

Q30

  • Provide a brief background in your own words to the role of a conceptual framework in
    accounting, including benefits of having one, together with problems and criticisms of the
    current (2010) framework. (3 Marks)
    Page 2 Kaplan Business School Assessment Outline
    2) In your own words and in your opinion, what should be the objective of general purpose
    financial reporting? (3 Marks)
    3) In your own words, explain what you understand by the term ‘prudence’. How can an
    ‘asymmetrically prudent’ accounting treatment lead to the understatement of income in
    one period but an overstatement in future periods? (3 Marks)
    4) a) In your own words, explain what is meant by the concept of substance over form.
    You can use examples from within and/or outside accounting to help answer this
    (3 Marks)
    b) Do you agree with the board’s decision to state explicitly that a faithful
    representation represents the substance of an economic phenomenon instead of
    merely representing its legal form? Justify your answer. (3 Marks)

 

Q31

  1. Discuss and provide an analysis of items in the statement of cash flow and identify item(s) which
    relate to the balance sheet.
    Explain the company’s performance based on Earnings per Share (EPS) and provide EPS
    calculations for the last two consecutive periods.
    3. Discuss whether EPS is a useful performance indicator for the company.
    4. Explain how the material movements in the statement of changes in equity is reflected and
    reported in the statement of cash flows.
    5. Discuss the items recorded as Non-Current Liabilities, including the related notes and provide an
    explanation of the material movements of each item.
    6. Based on the capital structure of the company selected, discuss the potential advantages and
    disadvantages of each source of capital.

Q32

The aim of this assignment is to produce a requirements document that captures the
functional requirements for an information system that supports the current needs of
the Holmes Hair management system as defined later in the Case Study Description.
This is a business report and should be written accordingly i.e. directed to the
customer who is “Holmes Hair”. It should reflect your understanding of the tasks
required.
Students will be able to:
2) Evaluate system implementation and post implementation systems
requirements.
3) Identify, critically analyse and investigate the process of exploring problem
areas in a given context
4) Apply analysis and modelling techniques in the context of practical problems,
discuss alternative models and solutions
5) Apply problem solving and object oriented design skills to build a simple
systems prototype
6) Understand the ICT profession in systems analysis and design
8) Review and describe the major legal and ethical issues with respect to
systems analysis and design

 

Q33

A council health inspector threatens to close down a restaurant by issuing a fake health violation
notice if the owner does not make a financial payment to him. If the restaurant owner does not
cooperate, the restaurant cannot be opened for business and the negative publicity will drive
customers away. Faced with the potential economic loss, the owner makes the payment.
Required:
a) What type of fraud is this? (4 marks, maximum 150 words)
b) What controls can be implemented to prevent or detect the fraud? (6 marks, maximum 200
words)
Week 3
How is a credit check in the advanced technology system fundamentally different from a credit check
in the basic technology system? (10 marks, maximum 300 words)

Q34

  1. What are the December 31, 2018, Investment Income and Investment in Clay account balances assuming Adams uses the: ? Equity method. ? Initial value method. 2. How does the parent’s internal investment accounting method choice affect the amount reported for expenses in its December 31, 2018, consolidated income statement? 3. How does the parent’s internal investment accounting method choice affect the amount reported for equipment in its December 31, 2018, consolidated balance sheet? 4. What is Adams’s January 1, 2018, Retained Earnings account balance assuming Adams accounts for its investment in Clay using the: ? Equity value method. ? Initial value method. 5. What worksheet adjustment to Adams’s January 1, 2018, Retained Earnings account balance is required if Adams accounts for its investment in Clay using the initial value method? 6. Prepare the worksheet entry to eliminate Clay’s stockholders’ equity. 7. What is consolidated net income for 2018?

 

Q35

  1. What are the December 31, 2018, Investment Income and Investment in Clay account balances assuming Adams uses the: ? Equity method. ? Initial value method. 2. How does the parent’s internal investment accounting method choice affect the amount reported for expenses in its December 31, 2018, consolidated income statement? 3. How does the parent’s internal investment accounting method choice affect the amount reported for equipment in its December 31, 2018, consolidated balance sheet? 4. What is Adams’s January 1, 2018, Retained Earnings account balance assuming Adams accounts for its investment in Clay using the: ? Equity value method. ? Initial value method. 5. What worksheet adjustment to Adams’s January 1, 2018, Retained Earnings account balance is required if Adams accounts for its investment in Clay using the initial value method? 6. Prepare the worksheet entry to eliminate Clay’s stockholders’ equity. 7. What is consolidated net income for 2018?

 

Q36

Amandeep born in India and migrated to Australia. He lives in Australia permanently. He still holds
Indian passport. Amandeep works with the New Zealand Princess Cruises tours and most of the
income year is in New Zealand. He signed an employment contract for this position in the company’s
Australian office in Sydney. Amandeep has two kids that are living with his wife Sandeep in Sydney.
Three years ago, Amandeep purchased a unit apartment in Sydney. Amandeep and his wife holding
dividend yielding shares in an Indian public company called Hindustan Unilever. Amandeep and
Sandeep have an Australian bank account as well. Amandeep’s employer pays his salary to this bank
account every fortnight.
Biannually Amandeep receives a holiday package from his employer, New Zealand Princess Cruises
tours and he is using this package with his family traveling in Australia interstates or moves to India to
visit his in laws.
Required:
With reference to the relevant laws, discuss whether Amandeep is an Australian resident for tax
purposes and also critically discuss whether Amandeep needs to pay income tax on his salary and
investment income explained above. (10 marks, maximum 400 words)

Q37

Luxurious firm performs its expenditure cycle activities using its integrated ERP system as follows: • Employees in any department can enter purchase requests for items they note as being either out of stock or in small quantity. • Occasionally, special items are ordered that are not regularly kept as part of inventory, from a specialty supplier who will not be used for any regular purchases. In these cases, an accounts payable clerk creates a one-time supplier record. • Each day, employees in the purchasing department process all purchase requests from the prior day. To the extent possible, requests for items available from the same supplier are combined into one larger purchase order in order to obtain volume discounts. Purchasing agents use the Internet to compare prices in order to select suppliers. If an Internet search discovers a potential new supplier, the purchasing agent enters the relevant information in the system, thereby adding the supplier to the approved supplier list. Purchase orders above $10,000 must be approved by the purchasing department manager. Electronic Data Interchange is used to transmit purchase orders to most suppliers, but paper purchase orders are printed and mailed to suppliers who are not Electronic Data Interchange capable. • Receiving department employees have read-only access to outstanding purchase orders. Usually, they check the system to verify existence of a purchase order prior to accepting delivery, but sometimes during rush periods they unload trucks and place the items in a corner of the warehouse where they sit until there is time to use the system to retrieve the relevant purchase order. In such cases, if no purchase order is found, the receiving employee contacts the supplier to arrange for the goods to be returned. • Receiving department employees compare the quantity delivered to the quantity indicated on the purchase order. Whenever a discrepancy is greater than 5%, the receiving employee sends an email to the purchasing department manager. The receiving employee uses an online terminal to enter the quantity received before moving the material to the inventory stores department. Required: Identify weaknesses in Luxurious firm existing expenditure cycle procedures, explain the resulting problems, and suggest as solution.

 

Q38

Question 1
Using the information presented below, prepare an income statement, owner’s equity and balance sheet from the adjusted trial balance of Hanson Storage. Ms. Hanson’s capital account balance of $40,340 consists of a $30,340 beginning-year balance plus a $10,000 investment during the current year.

 

Q39

  1. What is internal control? Why is internal control important in organization?2. What are the four basic purposes of internal control? Give an example of each one?B. EXERCISE1. The California State University (CSU) system is the largest four-year higher educationsystem in the United States. In 2004, all twenty-three CSU campuses adopted PeopleSoft,an enterprise resource planning system, for managing finances, personnel records andother important functions. The project was referred to as the Common ManagementSystem (CMS). Considering Brown’s taxonomy of risk, identify five risks the CSU and itsmanagement took by making the PeopleSoft decision.2. The following is a question in which one is expected to evaluate internal controls.The Art Appreciation Society operates a museum for the benefit and enjoyment of the community.During hours when the museum is open to the public, two clerks who are positioned at theentrance collect a $5 admission fee from each nonmember patron. Members of the ArtAppreciation Society are permitted to enter free of charge upon presentation of their membershipcards.At the end of each day one of the clerks delivers the proceeds to the treasurer. The treasurercounts the cash in the presence of the clerk and places it in a safe. Each Friday afternoon thetreasurer and one of the clerks deliver all cash held in the safe to the bank, and receive anauthenticated deposit slip which provides the basis for the weekly entry in the cash receipts journal.The Board of Directors of the Art Appreciation Society has identified a need to improve their systemof internal control over cash admission fees.The Board had determined that the cost of installing turnstiles, sales booths, or otherwise alteringthe physical layout of the museum will greatly exceed any benefits that may be derived. However,the Board has agreed that the sale of admission tickets must be an integral part of its improvementefforts.Smith has been asked by the Board of Directors of the Art Appreciation Society to review theinternal control over cash admission fees and provide suggestions for improvement.RequiredIndicate weaknesses in the existing system of internal control over cash admission fees, which Smithshould identify, and recommend one improvement for each of the weaknesses identified.

Q40

Required:
a) Calculate the acquisition cost of the Gizmo Machine that will be used as the base for future
depreciation charge. (3 marks)
b) Provide the journal entries that would appear in Tea Tree Bay Ltd’s books to account for the
acquisition of the Gizmo Machine. (5 marks)
c) Will the maintenance cost be included in the acquisition cost of the machine? Justify your answer.
(2 marks, maximum 100 words)
Week 2
a) What factors should be considered in determining the issue price of a debenture. (2 marks)
b) On 1 July 2018 Bombo Ltd issues $2 million in six-year debentures that pay interest each six
months at a coupon rate of 8 per cent. At the time of issuing the securities, the market requires a
rate of return of 6 per cent. Interest expense is determined using the effective-interest method.
Required:
(i) Determine the issue price of the debenture. (2 marks)
(ii) Provide the journal entries at: (6 marks)
1 July 2018, 30 June 2019, & 30 June 2020.

Q41

Alex Kingsford is a mechanical engineer working for ABC Engineering in Melbourne. Alex owns a property in Dandenong, Victorian where he and his family are residing. He also runs a home-based food catering business, preparing food for local residents and school canteens. Catering business is well-structured. Alex works 15 days a month and earns a substantial income from the catering services business. He is travelling from ABC Engineering workshop to his home-based business by car or sometimes Uber. When he lodged his tax return in July 2019, he has requested a deduction for a substantial amount of travelling expenses between the ABC Engineering workshop and home-based food business.
Alex is now seeking your advice. With reference to relevant legislation and case law discuss whether Alex’s travelling expenses between the ABC Engineering workshop and his home-based catering business is an allowable deduction.
Assignment Structure should be as the following (students’ responses involves calculations, and students must refer to the relevant legislation and/or cases whenever required according to the questions).

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Q42

Task 1: Variable List 1. Using the variables listed in the table above, Describe each variable. 2. State for each variable whether it is qualitative or quantitative; if it is qualitative, state whether it is nominal or ordinal, and if it is quantitative, state whether it is discrete or continuous. Task 2: Histogram 3. Create a histogram showing the distribution of salaries. Find the 5-number summary of the distribution of salaries. Comment upon the shape of the distribution: is it symmetric? If it is not, is it positively or negatively skewed? Are there any outliers present? If so, are they of particular interest? State which central measure would be best to use to describe the centre of this distribution, and the reason(s) why.

Q43

Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial
statements (balance sheet, income statement, cash flow statement) and notes attached to financial
statements on income tax issues very carefully. Please remember some aspects of your firm’s treatment of its
tax – can be a very complicated area, particularly for some firms. Based on your understanding of the topic
“accounting for income tax” and based on your reading of the collected annual reports, do the following tasks.
i Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary
difference, deductible temporary difference, deferred tax assets and deferred tax liability.
ii Briefly explain the recognition criteria of deferred tax assets and deferred tax liability.
iii What is your firm’s tax expense in its latest financial statements?
iv Is this figure the same as the company tax rate times your firm’s accounting income? Explain why this is,
or is not, the case for your firm highlighting the reasons for differences.
v Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible
reasons why they have been recorded.
vi Is there any current tax assets or income tax payable recorded by your company? Why is the income tax
payable not the same as income tax expense?
vii Is the income tax expense shown in the income statement same as the income tax paid shown in the cash
flow statement? If not, why is the difference?
viii Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent
differences that your company may have.
ix What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax
in your firm’s financial statements? What new insights, if any, have you gained about how companies
account for income tax as a result of examining your firm’s tax expense in its accounts?

Q44

art A (70 marks)
In accordance with the Australian government’s Budget Paper No. 2 Budget Measures
2015-2016, the Income Tax Rates Amendment (Working Holiday Maker Reform) Act 2017
(the ‘WHMR Act’) was passed. The WHMR Act proposed changes to tax rules for working
holiday makers on 417 and 462 visas (‘backpackers’) as a means of raising revenue. This,
with other proposed legislative amendments concerning working holiday makers, has been
referred to in the media as the ‘Backpacker Tax’.
Choose and read ONE of the following cases.
Clemens and Commissioner of Taxation [2015] AATA 124 (6 March 2015); or
Jaczenko and Commissioner of Taxation [2015] AATA 125 (6 March 2015);or
Koustrup and Commissioner of Taxation [2015] AATA 126 (6 March 2015)
Task
Answer the following questions
1. What issues are being considered in your chosen case, and what decision
(conclusion) is reached? (20 marks)
2. Would the decision in your chosen case support the need for a change to the
residency rules for backpackers in Australia? Give reasons (20 marks)
3. How does the WHMR Act treat income earned by ‘backpackers’ in Australia? (10
marks)
4. Is this different to the way income earned by ‘backpackers’ was treated prior to the
introduction of the WHMR Act? If so, how? (20 marks)

Q45

Hill and Hult (2019) include a set of 20 cases to fill strategically aligned objectives for the core features of
international business strategy. They argue that: “(s)everal of these cases focus on company and country
scenarios related to China, Germany, Mexico, Myanmar, Russia, Venezuela, and prominent other markets.”
(p609) These cases cover a range of international companies including Apple, Dominos, Ford, General Motors,
Microsoft, Philips Siemens, Skype and Volkswagen. As well, these cases in general relates to several unit learning
outcomes including differing elements of international business – related theories, national differences, the
global trade and investment environment, the strategy and structure of international business, and international
business functions.
Required:
This Group Assignment is comprised of two parts.
Part A: Written Report on Two Cases (15%) [this part must be submitted via Turnitin by 5:00pm Friday 24
January 2020] – Expected length – Total 2000 words (i.e., 1000 words for each case)
First, you, as a group, are required to select two out of twenty cases as included at the end of the text by Hill
and Hult (2019 – pp608 – 634). The selection of these two cases will be determined by the coordinator of the
unit and will be allocated in Week 4 during Semester 3, 2019.
Second, you are required to:
a. Summarise and elaborate the respective case scenarios;
b. Answer and critically evaluate the set questions in each case; and
c. Demonstrate applicable theories and issues of international business relates to the selected case.
Third, as well, you are required to provide your reflections and conclusions using contemporary aspects of
international business relating to the case.
The expectation is that you are required to use academic and professional authentic references in analysing
the case and writing the report. Please go through unit outline for guidelines about Turnitin submission and
referencing style.
The Group Assignment develops students’ theoretical and technical skills in international business theory and
strategy as well as their written communication skills. You are required to form a group by Week 4 with no
more than THREE members of your class. Each member is fully responsible for the discussion, preparation,
composition and submission of the integrated case analysis in group. Failure by a student to attend,
contribute, and submit the assignment will result in the said student receiving a zero (0) mark weighting for
this assessment task. You must attach a completed, signed coversheet and a self and peer contribution
evaluation form with your written assignment.

Q46

Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding of the reporting requirements of auditing
standards relating to auditors’reports.
2. Explain how the audit planning process directs the auditor to obtain adequate evidence to
support auditfindings and addressthe importanceofmateriality in an audit.
3. Explaintheprocessofauditplanningtodetermineriskassessmentsandanoverallauditstrategy.
4. Explain the auditors’ obligations with regards to understanding the client’s business and
internal controls and assessing businessrisks.
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 docu

Q47

  • Prepare a current worksheet to calculate taxable income and the current tax liability as at 30 June 2011, and prepare any necessary journal entry; 2) Prepare a deferred tax worksheet (use the below format in your answer) to determine the deferred tax balances as at 30 June 2011, and prepare any necessary journal entries.
    NB:
    a) Only include accounts that will incur temporary differences between carrying amounts and tax bases, use asset net values to calculate the temporary differences. b) It will be necessary to reconstruct some accounts in order to determine either accounting or tax items.

Q48

Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers Students will nave the opportunity to establish payroll records and to complete a month of payroll information for Wayland. Wayland Custom Woodworking is located at 1716 Nichol Street. Logan. Utah. 84321. phone number 435-555-9877. The owner is Mark Wayland. Wayland’s EN is 91-7444533. and the Utah Employer Account Number Is 999.92904 Wayland has determined it will pay their employees on a semimonthly basis. Federal income tax should be computed using the percentage method.
For Pan 2 of this project, you will complete payroll for the last month (December) of the fourth Quarter (Q4) of 2018. which consists of the final two pay periods of the year. Then file the annual tax forms for Wayland as well as prepare each employee’s Form W-2 In Part 2.
The SUTA (Ur) rate for Wayland Custom Woodworking is 2.6 percent on the first $34,300. The state withholding rate is 4.95 percent for all Income levels and marital statuses.

Q49

Amandeep born in India and migrated to Australia. He lives in Australia permanently. He still holds
Indian passport. Amandeep works with the New Zealand Princess Cruises tours and most of the
income year is in New Zealand. He signed an employment contract for this position in the company’s
Australian office in Sydney. Amandeep has two kids that are living with his wife Sandeep in Sydney.
Three years ago, Amandeep purchased a unit apartment in Sydney. Amandeep and his wife holding
dividend yielding shares in an Indian public company called Hindustan Unilever. Amandeep and
Sandeep have an Australian bank account as well. Amandeep’s employer pays his salary to this bank
account every fortnight.
Biannually Amandeep receives a holiday package from his employer, New Zealand Princess Cruises
tours and he is using this package with his family traveling in Australia interstates or moves to India to
visit his in laws.
Required:
With reference to the relevant laws, discuss whether Amandeep is an Australian resident for tax
purposes and also critically discuss whether Amandeep needs to pay income tax on his salary and
investment income explained above. (10 marks, maximum 400 words)

Q50

Lendlease is an international property and infrastructure Company. It is currently the
fifth largest in Australia.
The 2019 integrated annual report for the Company is provided on the subject Moodle shell.
Using the 2019 Report, compare the financial results of the Company between 2018 and
2019. You should use any financial information provided in the 2019 reports (including
ratios, and narratives) to conclude on the improvements or not in financial position and
profitability. You discussion should focus on reasons for this.
What other information would you need to make an assessment of Lendlease?
Word Limit 1100 words, Marks = 45
Question 2.
The 2019 integrated annual report is the fourth for Lendlease. Explain what is an
integrated report, and how Lendlease is Managing and Measuring Value.
What is your opinion of the Sustainability achievements of Lendlease?

Q52

Consider the judgement delivered on 30 October 2019 by Justice Logan in the Federal
Court of Australia decision Addy v Commissioner of Taxation [2019] FCA 1768.
(Hint: you may either read the decision or read at least one of the several
commentaries available online)
Task
Answer the following questions
1. What are the possible consequences of this decision for ‘backpackers’ who have
already paid tax in accordance with WHMR Act? Give reasons.(20 marks)
2. How has the Australian Tax Office (ATO) responded to the decision in Addy v
Commissioner of Taxation? (10 marks)

Q53

Assessment 2 Assessment Type: Case study report – theory and calculations – individual assessment

Purpose: To allow students to apply the technical knowledge of relevant accounting standards to financial reporting settings. This assessment relates to learning outcomes c, d. Value: 30%

Due Date: Week 9 – 8:00 pm Wednesday of Week 9

Submission: Submission must be made to the Moodle Assignment Link on the KOI Moodle Subject Home Page by 8.00 pm Wednesday of Week 9. A printed copy must be submitted to the Lecturer at the Week 9 Lecture to assist with marking. All assignments must have a signed KOI Assignment Coversheet included with the submission.

Topic: Research Individual Assignment

Task Details: Mags Ltd is an Australian mail-order company. Although the sector in Australia is growing slowly, Mags Ltd has reported significant increases in sales and net income in recent years. While sales increased from $50 million in 2009 to $120 million in 2018, profit increased from $3 million to $12 million over the same period. The stock market and analysts believe that the company’s future is very promising. In early 2019, the company was valued at $350 million, which was three times 2018 sales and 26 times estimated 2019 profit.

Company management and many investors attribute the company’s success to its marketing flair and expertise. Instead of competing on price, Mags Ltd prefers to focus on service and innovation, including: •

free delivery • a free gift with orders over $200.

As a result of such innovations, customers accept prices that are 60% above those of competitors, and Mags maintains a gross profit margin of around 40%.

Nevertheless, some investors have doubts about the company as they are uneasy about certain accounting policies the company has adopted. For example, Mags Ltd capitalises the costs of its direct mailings to prospective customers ($4.2 million at 30 June 2018) and amortises them on a straight-line basis over 3 years. This practice is considered to be questionable as there is no guarantee that customers will be obtained and retained from direct mailings.

In addition to the mailing lists developed by in-house marketing staff, Mags Ltd purchased a customer list from a competitor for $800 000 on 4 July 2019. This list is also recognised as a non-current asset. Mags Ltd estimates that this list will generate sales for at least another 2 years, more likely another 3 years. The company also plans to add names, obtained from a phone survey conducted in August 2019, to the list. These extra names are expected to extend the list’s useful life by another year.

One of the most popular questions that I often come across is “Where can I get someone to help me solve my tough Business Case Studies and Report Writing Assignments Online ?” or “Which is the best and affordable website for homework help where tutors give discounts throughout the year?” Well the answer is simple – Homework Nest. I have tried it and can testify without hesitation. Last time I was facing it rough on coming up with my PHD thesis ideas and research and Homework Nest Tutors came in hand. You see, College life is not a walk in the park especially for those who double it with a day job to keep their bills on check. You can find the best ElantSolutions Business Case Studies and Report Writing Assignments Online at Homework Nest. You can also find the best Varsity Tutors for psychology and philosophy college assignments at Homework Nest. I will also add that you can find the best TransTutors for psychology and philosophy college assignments at Homework Nest. All Homework and assignments are handled in minutes. In conclusion, the Best Known Website for Helping with College Homework for students is Homework Nest. If your homework deadline fast approaching and you do not have time? I used Homework Nest (https://www.homeworknest.com/) to Ace My Homework and Got As in my Final Exams. Hey, all the tutors are verified!

Mags Ltd.’s 2018 statement of financial position also reported $7.5 million of marketing costs as noncurrent assets. If the company had expensed marketing costs as incurred, 2018 net income would have been $10 million instead of the reported $12 million. The concerned investors are uneasy about this capitalisation of marketing costs, as they believe that Mags Ltd.’s marketing practices are relatively easy to replicate. However, Mags Ltd argues that its accounting is appropriate. Marketing costs are amortised at an accelerated rate (55% in year 1, 29% in year 2, and 16% in year 3), based on 25 years’ knowledge and experience of customer purchasing behaviour.

Required: Discuss the requirements under AASB138 / IAS 38 Intangible Assets how Mag Ltd should account for the costs. Provide reasons for your answer in reference to relevant paragraphs of AASB138 / IAS 38.

Research requirements: Students need to support their analysis with reference to relevant material from the text and a minimum of eight (8) suitable, reliable, current and academically acceptable sources – this should include at least 2 peer-reviewed academic journal articles.

Presentation: 2000 + 10% word short report format. Title page, executive summary, table of contents, appropriate headings and sub-headings, recommendations/findings/conclusions, in-text referencing and reference list (Harvard – Anglia style), attachments if relevant. Single spaced, font Times New Roman 12pt, Calibri 11 pt or Arial 10 pt.

Marking Guide:

Interpretation and representation 20%

Calculations 20%

Analysis20%

Assumptions20%

Communication 20%

Total mark will be scaled to a mark out of 30 subject marks.

 

Q54

You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small
proprietary company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was
agreed at $5 million, on the condition that OEL is satisfied with the financial records of Local.
As Local is a small proprietary company, it has not prepared statutory financial reports or
undergone an audit since its incorporation in 2016. However, Local has agreed to allow your
firm, which is the auditor of OEL, to access its books and records. The CEO of OEL, Wendy
Champion, has requested that your firm provide assurance on the following three items:
? The management accounts for the year ended 30 June 2017
? All transactions occurring from the date negotiations commenced until the settlement
date, to ensure that all transactions were within the normal course of operations
? The financial report prepared at the acquisition date of 30 June 2018
In order to clarify your responsibilities, you requested that OEL indicate the level of
assurance that they require for each item. Wendy replied that the financial report as at
acquisition date is very important, as are the transactions since negotiations commenced,
but that she is willing to have less work done on the previous year’s management accounts.
Required:
Indicate the type of engagement that will most likely be undertaken for each of the three tasks
and the level of assurance to be provided. Explain your selections. (10 marks)

 

Q55

QUESTION ONE: Absorption and Variable Costing: Prepare and Reconcile Variable costing Statements
Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with personal electronics that are custom moulded to each customer’s ear. Cost data for the product follows

Q56

  1. Identify each item in the accounting records as either an asset, a liability, or ownership interest
    or Equity (identifying separately the expenses and revenues which contribute to the change in
    the ownership interest).
    b) Prepare a statement of financial position (balance sheet) at 30 June Year 2.
    c) Prepare an income statement (profit and loss statement) for the year ended 30 June Year 2.

Q57

You are required to develop a report to the CEO and Board of the company, identifying the internal control procedures required within the organisation.
You will be required to submit the report following organisational formatting procedures and recommendations to address the internal control requirements for the company.
Your answers are required to be grammatically correct and where there is a report to present it should be completed as a business report.

Q58

Aves Treats, Inc. produces bird seeds. All direct materials used in the production process are added at the beginning of the manufacturing process. Labor and overhead are added evenly thereafter, as each unit is mixed and packaged. Aves Treats uses process costing and had the following unit production information available for the months of June and July: The units remaining in work in process at the end of June were 30% complete. During the month of July, all of the beginning work in process units was completed and the units remaining in work in process at the end of the month were 60% complete. a) Refer to the information above. For the month of June, the number of equivalent units of direct materials produced was: b) Refer to the information above. For the month of June, the number of equivalent units of labor and overhead produced was: c) Refer to the information above. For the month of July, the number of equivalent units of direct materials produced was: d) Refer to the information above. For the month of July, the number of equivalent units of labor and overhead produced was:

Q59

Examine the CAFR. Utilizing the CAFR obtained for Exercise/Problem 1-15, examine the financial statements included in the financial section and answer the following questions. If the CAFR you have obtained does not conform to GAAP, it is recommended that you obtain one that does. a. Government-wide Statements. What are the titles of the two government-wide statements? Are total assets larger for governmental activities or business-type activities? Which function or program has the highest net cost? What kinds of general revenues are available to cover the net cost of governmental activities? Were business-type activities “profitable”? That is, is the excess of revenues over expenses positive? b. Governmental Funds. Does the report state the basis of accounting used for the General Fund? What types of assets and liabilities are included on the governmental funds balance sheet? Is this reporting consistent with the basis of accounting being followed? c. Identify which of the major funds, if applicable, are special revenue funds, debt service funds, capital projects funds, and permanent funds. Are you able to determine which funds are considered nonmajor? (Hint: look for supplementary information.) What fund balance categories are being used? d. Proprietary Funds. List the names of the proprietary fund types included in the financial statements. Do the financial statements provide evidence that all proprietary funds use accrual accounting? e. Fiduciary Funds. List the names of the fiduciary funds included in the fund financial statements. Identify whether each of these is an agency fund, investment trust fund, pension (and other employee benefit) trust fund, or private-purpose trust fund. Do the financial statements provide evidence as to what basis of accounting these funds use? f. Notes to the Financial Statements. Read the notes to the financial statements, so that you can refer to them as needed in subsequent chapters. What significant accounting policies are discussed in the first note? With regard to revenue recognition, how do the notes define the term available for paying current period obligations?

Q60

You have recently joined as a Trainee Accountant at Accountants in Action in the
Huon Valley, with two other Trainee Accountants who are currently studying
accounting at the University of Tasmania. As a part of the training, your manager has
given your team a task of recording the transactions that occurred in a local
producer’s business Green Hills Produce for January 2020.
Your manager informed your team that this business was opened by Mr Johnno Linn,
on the 1st of January 2020 and he is the sole owner of this proprietorship. Green
Hills Produce sells local fresh produce and condiments to local customers. The
manager has supplied you with the following information and the tasks allotted to
your team are provided below.

 

Q61

You have recently joined as a Trainee Accountant at Accountants in Action in the
Huon Valley, with two other Trainee Accountants who are currently studying
accounting at the University of Tasmania. As a part of the training, your manager has
given your team a task of recording the transactions that occurred in a local
producer’s business Green Hills Produce for January 2020.
Your manager informed your team that this business was opened by Mr Johnno Linn,
on the 1st of January 2020 and he is the sole owner of this proprietorship. Green
Hills Produce sells local fresh produce and condiments to local customers. The
manager has supplied you with the following information and the tasks allotted to
your team are provided below.

Q62

  1. Use the high-low method to estimate the cost behaviour for the complex’s electricity costs,
    assuming that the variable costs vary in proportion to the hours of operation. Express the total
    cost behaviour in formula form (Y = a + bx). What is the variable electricity cost per hour of
    operation? (5 marks)
    b) During July, the complex will open for 570 hours. Predict the complex’s total electricity costs for
    July using the cost estimation method employed in above requirement a). (3marks)
    c) What is the main drawback of the high-low method of cost estimation? (2 marks, maximum 150
    words)

Q63

Required
Prepare a report to the managing director of Paradise Industries to evaluate the processes, risks
and internal controls for Paradise Industries’ expenditure and conversion cycle. In your report, you
need to include the following items:
? System flow chart of expenditure cycle
? System flow chart of conversion cycle
? Analysis of physical internal control weaknesses in the expenditure cycle
? Analysis of the risks exist in the conversion cycle and the changes needed to reduce the risks
Assignment Structure
The report should include the following components:
? Assignment cover page clearly stating your name and student number
? A brief introduction of what the report is about
? Body of the report with appropriate section headings
? Conclusion
? List of references

Q64

Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding of the reporting requirements of auditing
standards relating to auditors’reports.
2. Explain how the audit planning process directs the auditor to obtain adequate evidence to
support auditfindings and addressthe importanceofmateriality in an audit.
3. Explaintheprocessofauditplanningtodetermineriskassessmentsandanoverallauditstrategy.
4. Explain the auditors’ obligations with regards to understanding the client’s business and
internal controls and assessing businessrisks.
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

Q65

Unit Learning Outcomes Assessed:
1. Explain what a computer program written in Python does and translate a given algorithm into
Python code.
2. Identify and fix the various types of coding errors i.e. syntax, logical, and run-time.
3. Apply standard algorithms and libraries and import built-in modules to solve a given problem.
4. Understand and explain the basic programming constructs.
5. Understand the ICT profession and professional expectations of computer programming.
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 for
weeks 1 to 5 inclusive and submit these answers in a single document.

Q66

Assessment Task – Tutorial Questions Assignment 1Unit Code: HA3021Unit Name: Corporations LawAssignment: Tutorial Questions Assignment 1Due: 11:30pm 15thMay 2020Weighting: 25%Total Assignment Marks: 50 MarksPurpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unitUnit Learning Outcomes Assessed:1. Discuss the foundations of Australian Corporations Law and constitutional aspects and administration.2. Apply legal principles to real case situations in the context of different types of business organizations and the legal issues that arise in day to day business.3. Analyse the incorporation process and characteristics of corporate legal personality.4. Demonstrate the legal principles for managing a company in particular the company’srelationship with others.5. Critically analyse the concept of corporate internal rules and management.6. Analyse the role and responsibility of directors and members in the management of thecompany.7. Analyse the interaction between members’ rights, directors’ duties and corporategovernance.8. Analyse the procedures regarding external administration and winding up.9. Identify and analyse legal issues arising from the administration of a company.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.1
The questions to be answered are:Week 1 Question (10 marks)Differentiate between a sole trader, company and a partnership. Support your answer to this byciting the advantages and disadvantages of using each business structure. (10 marks) Week 2 Question (10 marks)Teresa and Alison operate a partnership making and selling jam. A reduced supply of fruit has resulted in a fall in sales. Alison purchased a large supply of glass jars that must be paid for within 30 days. The funds are not available to meet this expense. Teresa was not consulted when Alison bought the jars and insists that Alison pay for them out of her personal savings.What do you think will be the legal consequences here resulting from Teresa’s decision not to consult Alison? (10 marks)Week 3 Question (10 marks)Provide a case summary of the case “Salomon v Salomon & Co Ltd [1897]” using the IRAC method. What was the significance of this case law in relation to the legal concept of separate legal entity? (10 marks)Week 4 Question (10 marks)When can the corporate veil be lifted under the Corporations Act to make directors liable forcorporate debts? (10 marks)Week 5 Question (10 marks)Provide a case summary of the case “Lee v Lee’s Air Farming Ltd [1960] UKPC 33” using the IRAC method. What legal principle came out of this case in relation to why the court lifted the corporate veil in this case? (10 marks)Submission Directions:The assignment has to be submitted via Blackboard. Each student will be permitted one submissionto Blackboard only. Each student needs to ensure that the document submitted is the correct one.2
Academic IntegrityAcademic 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.3

Q68

BAO3306 : AUDITING – “Document to Assist the Audit Manager in Planning an Audit.” – Auditing Assignment – Victoria University

On successful completion of this unit, students should be able to:

– Develop an appreciation of the reasons for the existence of a societal demand for audit and assurance services, and an understanding of the current environment in which auditors operate, including legal, ethical and professional aspects.
– Demonstrate an understanding of the key auditing principles, concepts and practices used by auditors to gather evidence and make judgments in order to form an audit opinion on the fair presentation of financial reports
– Develop an insight into the audit of specific transactions and account balances
– Be aware of the auditor’s responsibility in completing an audit
– Obtain basis understanding of other types of assurance engagement

 

Q69

You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small proprietary company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at $5 million, on the condition that OEL is satisfied with the financial records of Local. As Local is a small proprietary company, it has not prepared statutory financial reports or undergone an audit since its incorporation in 2016. However, Local has agreed to allow your firm, which is the auditor of OEL, to access its books and records. The CEO of OEL, Wendy Champion, has requested that your firm provide assurance on the following three items: • The management accounts for the year ended 30 June 2017 • All transactions occurring from the date negotiations commenced until the settlement date, to ensure that all transactions were within the normal course of operations • The financial report prepared at the acquisition date of 30 June 2018 In order to clarify your responsibilities, you requested that OEL indicate the level of assurance that they require for each item. Wendy replied that the financial report as at acquisition date is very important, as are the transactions since negotiations commenced, but that she is willing to have less work done on the previous year’s management accounts. Required: Indicate the type of engagement that will most likely be undertaken for each of the three tasks and the level of assurance to be provided. Explain your selections.(220 words)

Q70

You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small proprietary
company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at $5 million,
on the condition that OEL is satisfied with the financial records of Local. As Local is a small
proprietary company, it has not prepared statutory financial reports or undergone an audit since its
incorporation in 2016. However, Local has agreed to allow your firm, which is the auditor of OEL, to
access its books and records. The CEO of OEL, Wendy Champion, has requested that your firm
provide assurance on the following three items:
• The management accounts for the year ended 30 June 2017
• All transactions occurring from the date negotiations commenced until the settlement date, to
ensure that all transactions were within the normal course of operations
• The financial report prepared at the acquisition date of 30 June 2018
In order to clarify your responsibilities, you requested that OEL indicate the level of assurance that
they require for each item. Wendy replied that the financial report as at acquisition date is very
important, as are the transactions since negotiations commenced, but that she is willing to have less
work done on the previous year’s management accounts.
Required:
Indicate the type of engagement that will most likely be undertaken for each of the three tasks and
the level of assurance to be provided. Explain your selections. (10 marks)

Q71

You are required to develop a report to the CEO and Board of the company, identifying the internal control procedures required within the organisation.
You will be required to submit the report following organisational formatting procedures and recommendations to address the internal control requirements for the company.
Your answers are required to be grammatically correct and where there is a report to present it should be completed as a business report.

Q72

  1. On August 20,2013, Bella Andres, CPA and partner, was offered and accepted the engagement to audit the annual financial statements of Japee Corporation for the fiscal and calendar years ended December 31, 2018. The audit began on September 15,2018, and ended on March 7, 2019. Japee Corporation is regulated by the SEC. Bella served as controller of Japee Corporation from November 5, 20014 until January 10, 2018, at which time she terminated her employment with Japee. Bella owned a material amount of Japee Corporation’s common stock from November 5, 2004 until August 15, 2018, at which time she sold the stock. Violation of Codes of Ethics? Why? 2. Tan and Canada, a firm of certified public accountants, audited the accounts of Sterling Skins, Inc., a corporation that imports and deals in fine furs. Upon completion of the examination, the auditors supplied Sterling Skins with twenty copies of the certified statement of financial statement. The firm knew in a general way that Sterling wanted that number of copies of the auditor’s report to furnish to banks and other potential lenders. The statement of financial position I question was in error by approximately P800,000. Instead of having a P600,000 net worth, the corporation was insolvent. The management of Sterling Skins had doctored the books to avoid bankruptcy. The assets had been overstated by P500,000 of fictitious and nonexisting accounts receivable and P300,000 of nonexisting skins listed as inventory when in fact Sterling Skins had only empty boxes. The audit failed to detect these fraudulent entries. JC, relying on the certified statement of financial position loaned Sterling Skins P200,000. They seek to recover their loss from Tan and Canada. Required: State whether each of the following is true or false and give your reasons: a. If JC alleges and proves negligence on the part of Tan and Canada he will be able to recover his loss. b. If JC alleges and proves constructive fraud (that is, gross negligence on the part of Tan and Canada) he will be able to recover his loss. c. JC does not have a contract with Tan and Canada. d. Unless actual fraud on the part of Tan and Canada could be shown, JC could not recover. e. JC is a third-party beneficiary of the contract Tan and Canada made with Sterling Skins.

Q73

Unit Learning Outcomes Assessed:
1. Demonstrate a thorough understanding of the reporting requirements of auditing
standards relating to auditors’reports.
2. Explain how the audit planning process directs the auditor to obtain adequate evidence to
support auditfindings and addressthe importanceofmateriality in an audit.
3. Explaintheprocessofauditplanningtodetermineriskassessmentsandanoverallauditstrategy.
4. Explain the auditors’ obligations with regards to understanding the client’s business and
internal controls and assessing businessrisks.
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.

 

Q74

You are the audit manager of Overseas Explorer Ltd (OEL), which acquired the small proprietary company Local Pty Ltd (Local) on 30 June 2018. The price of the acquisition was agreed at $5 million, on the condition that OEL is satisfied with the financial records of Local. As Local is a small proprietary company, it has not prepared statutory financial reports or undergone an audit since its incorporation in 2016. However, Local has agreed to allow your firm, which is the auditor of OEL, to access its books and records. The CEO of OEL, Wendy Champion, has requested that your firm provide assurance on the following three items: • The management accounts for the year ended 30 June 2017 • All transactions occurring from the date negotiations commenced until the settlement date, to ensure that all transactions were within the normal course of operations • The financial report prepared at the acquisition date of 30 June 2018 In order to clarify your responsibilities, you requested that OEL indicate the level of assurance that they require for each item. Wendy replied that the financial report as at acquisition date is very important, as are the transactions since negotiations commenced, but that she is willing to have less work done on the previous year’s management accounts. Required: Indicate the type of engagement that will most likely be undertaken for each of the three tasks and the level of assurance to be provided. Explain your selections.(220 words)

Q75

Using the information provided about Noyers Ltd and appropriate research regarding the
industry and other economic factors:
a. Assess the key business risks of Noyers Ltd from the information available to you (at
least six (6) need to be identified);
b. Explain the implications of each risk identified on the financial statements;
c. Identify the related financial statement accounts at risk.
d. Identify the related management assertion (refer to ASA 315) most at risk for each
financial statement account identified as being at risk.
e. Justify your identification of the management assertion at risk.
Use the spreadsheet template tab Task 1 in order to complete this task.
Task 2
Materiality assessment requires an auditor to make judgements about the size of
misstatements that would be considered ‘material’ to the users of the financial statements.
The auditor will design procedures in order to identify and correct errors or irregularities that
would have a material effect on the financial report and affect the decision making of the
users of the financial report. Materiality is used in determining audit procedures, sample
selections, and evaluating differences from client records to audit results. It is the maximum
amount of misstatement, individually or in aggregate, that can be accepted in the financial
report.
In selecting the base figure to be used to calculate materiality, an auditor should consider the
key drivers of the business. They should ask, ‘What are the end users (i.e. shareholders, banks
etc.) of the accounts going to be looking at?’ For example, will shareholders be interested in
profit figures that can be used to pay dividends and increase share price?
S & A Partners’ audit methodology dictates that one planning materiality (PM) amount is to
be used for the financial report as a whole (that is, rather than separate PMs for the income
statement and the balance sheet). The basis selected is the one determined to be the key
driver of the business.

 

Q76

Learning Objective Understand and perform a purchasing process cycle
Scenario In order to process a complete purchasing process you will take on different roles within the GBI company, e.g. purchasing agent, warehouse worker, accounting clerk. Overall, you will be working in the Materials Management (MM) and the Financial Accounting (FI) departments.

 

Q77

  1. On August 20,2013, Bella Andres, CPA and partner, was offered and accepted the engagement to audit the annual financial statements of Japee Corporation for the fiscal and calendar years ended December 31, 2018. The audit began on September 15,2018, and ended on March 7, 2019. Japee Corporation is regulated by the SEC. Bella served as controller of Japee Corporation from November 5, 20014 until January 10, 2018, at which time she terminated her employment with Japee. Bella owned a material amount of Japee Corporation’s common stock from November 5, 2004 until August 15, 2018, at which time she sold the stock. Violation of Codes of Ethics? Why? 2. Tan and Canada, a firm of certified public accountants, audited the accounts of Sterling Skins, Inc., a corporation that imports and deals in fine furs. Upon completion of the examination, the auditors supplied Sterling Skins with twenty copies of the certified statement of financial statement. The firm knew in a general way that Sterling wanted that number of copies of the auditor’s report to furnish to banks and other potential lenders. The statement of financial position I question was in error by approximately P800,000. Instead of having a P600,000 net worth, the corporation was insolvent. The management of Sterling Skins had doctored the books to avoid bankruptcy. The assets had been overstated by P500,000 of fictitious and nonexisting accounts receivable and P300,000 of nonexisting skins listed as inventory when in fact Sterling Skins had only empty boxes. The audit failed to detect these fraudulent entries. JC, relying on the certified statement of financial position loaned Sterling Skins P200,000. They seek to recover their loss from Tan and Canada. Required: State whether each of the following is true or false and give your reasons: a. If JC alleges and proves negligence on the part of Tan and Canada he will be able to recover his loss. b. If JC alleges and proves constructive fraud (that is, gross negligence on the part of Tan and Canada) he will be able to recover his loss. c. JC does not have a contract with Tan and Canada. d. Unless actual fraud on the part of Tan and Canada could be shown, JC could not recover. e. JC is a third-party beneficiary of the contract Tan and Canada made with Sterling Skins.

 

Q78

You are required to summarise, IN YOUR OWN WORDS, the requirements and the key highlights
of ANY ONE of the following pronouncements published by AUASB:
• Framework for Assurance Engagements
• ASQC 1: Auditing Standard ASQC 1 Quality Control for Firms that Perform Audits and
Reviews of Financial Reports and Other Financial Information, Other Assurance
Engagements and Related Services Engagements
• ASA 220: Quality Control for an Audit of a Financial Report and Other Historical
Financial Information
• ASA 315: Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and Its Environment
The maximum length for the essay is 1,000 words. You should address all the key requirements in
the essay, followed by a Reference List.

One of the most popular questions that I often come across is “Where can I get someone to help me solve my tough Business Case Studies and Report Writing Assignments Online ?” or “Which is the best and affordable website for homework help where tutors give discounts throughout the year?” Well the answer is simple – Homework Nest. I have tried it and can testify without hesitation. Last time I was facing it rough on coming up with my PHD thesis ideas and research and Homework Nest Tutors came in hand. You see, College life is not a walk in the park especially for those who double it with a day job to keep their bills on check. You can find the best ElantSolutions Business Case Studies and Report Writing Assignments Online at Homework Nest. You can also find the best Varsity Tutors for psychology and philosophy college assignments at Homework Nest. I will also add that you can find the best TransTutors for psychology and philosophy college assignments at Homework Nest. All Homework and assignments are handled in minutes. In conclusion, the Best Known Website for Helping with College Homework for students is Homework Nest. If your homework deadline fast approaching and you do not have time? I used Homework Nest (https://www.homeworknest.com/) to Ace My Homework and Got As in my Final Exams. Hey, all the tutors are verified!

 

 

 

 

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