Financial Accounting Processes And Policies Questions Homework Help
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1.“The users of financial statements must understand that accounting is a process. There are books of prime entries followed by posting to the General Ledger all of which are based on sound accounting convention. When balances are extracted there is a test of the entries so that various errors can be identified and corrected. Adjustments are then made and these are based on accounting principles so that the financial statements would better represent economic reality with information relevant to the needs of the users of such statements.”
Explain with reasons and the use of examples whether the above statement is a correct description of the accounting process. (Word limit-1,200 words)
2.ABC Ltd has incurred expenditure, the treatment of which is not prescribed by any existing accounting standard. The board of directors has requested the financial accountant to record the expenditure as an asset so as not to impact the current year’s profit. The accountant is concerned with the request and requires your assistance in determining an accounting policy for this expenditure.
Provide the accountant with two accounting policies or treatments that the company could adopt to account for this expenditure. Also what assistance does AASB provide to help the accountant choose between the policies provided in the above case.
3.Black Boats builds ocean-going yachts which generally take up to 3 years to construct and are worth $50 million each. The company normally takes out a loan to finance the initial construction phase for each yacht. Interest on these loans has been treated as an expense with $750 000 written off over the last 5 years. In the current year ended 30 June 2012, the company changed its accounting policy with respect to interest and now capitalises the interest against the cost of each yacht as allowed by AASB 123 Borrowing Costs. Amounts of $40,000 and $22,000 were capitalised against two yachts on which construction started this year but no adjustments have been made for yachts under construction at the beginning of the year. The new accounting policy and its impact have been disclosed in the notes to the financial statements for the year ended 30 June 2012.
Critically evaluate the company’s adoption of the new accounting policy with respect to the requirements of AASB 108.
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4.You are working as an accountant in a regional accounting firm. You have been approached by the owner of “Sweet Treats”, a start-up wholesaler. They have chosen Saasu as their accounting system and have employed you to set up their company in Saasu and enter the first month’s transactions. You will use Saasu to enter a range of transactions and print some reports to assist with the business start-up. All information has been supplied by the business owner for you to input. The set up and transactional data will be provided in Interact, in the Assessment folder in Resources.
Print and submit the following reports for November 2015 (either print to screen or print and scan as
an electronic file).
The marks assigned include correctness of information.
1) Profit & Loss – Summary
2) Balance Sheet
3) Profit & Loss – Detailed
4) Accounts Payable
5) Accounts Receivable
6) Inventory Item History
5.Using the information compiled in question1 above compile a short report (500 words) that covers the
1) What advice can you provide the owner of Sweet Treats on how their business has performed for the month of November, with particular focus on the profitability of the business? Include relevant ratios in your analysis
2) Provide Sweet Treats with 5 recommendations, including specific actions, to improve the profitability and efficiency of the business.
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