High Quality Assignment Help

Letter-H-Blue-01-1-248x300-removebg-preview-qqpxpbbod849o14uklqbvvoq4183a2y0hwscqyszam

We Have Millions Of Instant Answer From Every Subject To Improve Your Grades

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

HOLMES INSTITUTE  

  

FACULTY OF  

HIGHER EDUCATION 

 

   

 Assessment Details and Submission Guidelines           

Trimester  

T1, 2021 

Unit Code  

HC1010 

Unit Title  

Accounting for Business 

Assessment Type  

Group Assignment 

Assessment Title  

Accounting for Business Decisions 

Purpose of the assessment  (with ULO  

Mapping)  

Students are required to apply knowledge learned in class and perform independent research of the key topics. 

 

Learning Outcomes:    

•     Obtain and contextualise business information for business accounting to explain and apply different concepts of costs to business decisions; 

•     Apply, analyse, synthesise and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses;  

•     Prepare, analyse, and interpret transaction data and financial statements for data driven decision-making; 

•     Evaluate the complex concepts of accounting such as roles and purposes of accounting and preparation of worksheets; and 

•     Communicate accounting information in writing professionally. 

 

Weight  

30% of the total assessments  

Total Marks  

30 marks 

Word limit  

2,500 words  

Due Date  

  Week 10 – Friday-  11:59pm.

Submission

Guidelines  

•     All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.  

•     The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.   

•     Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list using Harvard referencing style. 

 

  

HC1010 Accounting for Business – Group Assignment  

 

 SHAPE  \* MERGEFORMAT 

 

HC1010 Assignment Details and Requirements 

 

Purpose:  

This assignment aims to reinforce and extend students’ knowledge and understanding of key topics in this course (HC1010) including: Overview of Accounting, Organisational Structure & the Reporting Environment, Corporate Governance, Statement of Financial Position, Statement of

Financial Performance, Cash Flow Statement, Financial Statement Analysis, Accounting for Business Transactions, Cost Concepts & Behaviour, Preparation of Budgets, and Cost-VolumeProfit-Analysis through independent research and application of knowledge and skills. 

 

Assignment Details:  

Ronald has approached you to advise him regarding a business that he intends purchasing, Ronald is also interested to advise him on some accounting related matters. An Extract from the financial statements of the business shows total assets and liabilities as listed below:

 

Assets

$ Amount 

Cash

   50,000

Accounts receivable

 250,000

Inventory

 300,000

Building                                          

$600,000 Less:

Accumulated

depreciation                      

$100,000

  500,000

Goodwill

   300,000

Total Assets

1,400,000

Liabilities

 

Accounts payable

     70,000

Income tax payable

     30,000

Bank loan

   800,000

Total liabilities

   900,000

 

 A review of the business operations shows that building was bought 4 years ago and is reported at carrying amount of $500,000, the current market value of the building is $1,000,000. Inspection of inventory reveals that 10% of the inventory is obsolete, for which there is limited demand. Further 12% of the accounts receivable is overdue by more than 120 days. The accounts receivable and inventory are carried at their gross amount and cost value respectively on the financial statements.

A review of Income statement reveals that business has not provided for any bad debt expense and upward prevision of inventory. 

 

As you are an accounting student, you have been asked to advise on the following: 

 

  1. Ronald has a very limited understanding of the term Assets. With reference to the conceptual framework for accounting, explain to Ronald the nature of goodwill and how goodwill is accounted for in the books of account as an asset. 

 

  1. Based on the information provided, Ronald believes the business is worth $550 000. With reference to the different measurement’s methods in accounting, advise Ronald on the appropriateness of his assessment.

 

  1. Explain to Ronald how the accounts receivable and inventory should be valued on the financial statements. If the business was to apply the correct measurement basis, determine the effect on: (1) profit and (2) assets.

Explain to Ronald the difference between cash and accrual basis methods of accounting and how each method would produce different profit or loss for any given period. Explain to Ronald why its preferred to use accrual-based accounting method, especially for mid and large size organisations.

 

  1. Explain to Ronald the difference between cash and accrual basis methods of accounting and how each method would produce different profit or loss for any given period. Explain to Ronald why its preferred to use accrual-based accounting method, especially for mid and large size organisations.

 

  1. Explain to Ronald the differences between financial and management accounting. Give an example of how management accounting reports would be incorporated into financial accounting reports.

 

  1. Describe to Ronald how accounting information helps shareholders and lenders to make decisions concerning the operations and performance of the entity.

 

  1. Explain to Ronald what challenges face business in relation to ethical behaviour? And if such challenges are the same for accountants.     

 

Explain and discuss your responses to the above issues and provide your advice and recommendations to Ronald in a report form. 

 

Resources and Useful Links:  

  1. www.business.gov.au 
  2. www.business.nsw.gov.au   
  3. www.business.vic.gov.au 
  4. www.business.qld.gov.au   
  5. Recommended Textbook: Hancock, P., Robinson, P., and Bazley, M. 2019. Contemporary accounting: a strategic approach for users. Cengage Learning 

Group Formation and Group Assignment: 

 

 

Students are required to work on the assignment in groups of 3-4, produce and submit a group report.

 

Group membership need to use a cover page where they need to write their details, with parts of the assignment that they have completed.  This is to ensure that all students participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. Each group needs to complete the group assignment completion table provided on Blackboard which identifies which student/students are responsible for the various sections of the assignment. 

  

The assessment item must be submitted on Blackboard. The assignment must be in a report format and submitted through the  SafeAssign final submission link.  

 

Assessment Design – Adapted Harvard Referencing

 

Holmes will be implementing as a pilot program a revised Harvard approach to      referencing. The following guidelines apply:

 

  1. Reference sources in assignments are limited to sources which provide full text access to the source’s content for lecturers and markers.
  2. The Reference list should be located on a separate page at the end of the essay and titled: References
  3. It should include the details of all the in-text citations, arranged alphabetically A-Z by author surname In addition, it MUST include a hyperlink to the full text of the cited reference source.  

For example; 

P Hawking, B McCarthy, A Stein (2004), Second Wave ERP Education, Journal of Information

Systems Education, Fall,  http://jise.org/Volume15/n3/JISEv15n3p327.pdf

  1. All assignments will require additional in-text reference details which will consist of the surname of the author/authors or name of the authoring body, year of publication, page number of content, paragraph where the content can be found.

For example; 

“The company decided to implement an enterprise wide data warehouse business intelligence strategies (Hawking et al, 2004, p3(4)).”

Order Now

    Joe
    Accounting Management
    Read More
    It was good. The assignment was delivered on time and also citations were great.
    Joe
    Accounting Management
    Read More
    It was good. The assignment was delivered on time and also citations were great.

      Please login to send your request!

        Open chat
        1
        💬 Get Help Now
        High Quality Assignment Help
        Hello 👋 Looking for an assignment help?