Practical & Written Assignment
ACCT20077: Practical and written assignment
Objectives
This assessment item
relates to the course learning outcomes 1, 2, 3, and 4.
Details
The assignment must be
completed as a group assignment. Your
Lecturer at your campus will allocate you into groups of 2-3 members and
allocate your group a group number. There is no specific writing style required
such as a report or an essay for answering the questions.
Retain a copy of your assignment
for your records.
Assignment questions
1.Explain why accounting information is generally considered to be
useful, and why you need to know the basics of accounting.
(250 words)
2. Sonumatics in New South Wales, Australia, is a computer firm run
by Max Brenner and his family. Max
intends to sell the shares of this firm to investors on the Australian
Securities Exchange (ASX). This would
mean that the firm would ‘go public’ which will result in investors having a
say in the management of the firm. Max
is worried about losing control of the business, which his family has owned for
generations. He did not have to provide
a lot of accounting information to outsiders and doesn’t like the prospect of
interference with a business that he believes he knows better than anyone else.
As
a close friend of Max, you have been asked to advise him on the implications of
being listed on the ASX for the management of his firm. Refer to the ASX’s principles of good
corporate governance on their website at
in providing your answer to
Max’s question. How do you think these
principles might help firms to be run ethically?
(250 words)
3.Consider the following
statement of financial position of a manufacturing business:
Turner manufacturing Co.
Statement of financial
position as at 30 April 2016
$
|
$
|
|
Current assets
|
||
Cash at bank
|
12,000
|
|
Accounts receivable
|
44,000
|
|
Inventory
|
48,000
|
|
104,000
|
||
Non-current assets
|
||
Fixtures and fittings
|
14,000
|
|
Motor vehicles
|
13,000
|
|
Plant and machinery
|
46,000
|
|
Freehold premises
|
88,000
|
161,000
|
Total assets
|
265,000
|
|
Current liabilities
|
||
Accounts payable
|
24,000
|
|
Bank overdraft
|
18,000
|
|
42,000
|
||
Non-current liabilities
|
||
Loan
|
160,000
|
|
Total liabilities
|
202,000
|
|
Owners’ equity
|
||
Opening balance
|
42,000
|
|
Add profit
|
32,000
|
|
74,000
|
||
Less drawings
|
11,000
|
|
63,000
|
||
Total liabilities and
owners’ equity
|
265,000
|
What does this statement
tell you about the financial position of the business?
(250 words)
4.
However a business is
organised, it must meet the needs or demands of various stakeholders.
•
What are the different types of business structure?
•
What is meant by the term ‘stakeholder’?
•
Who are the stakeholders for each type of business?
•
What are their needs or demands, and why should they be met?
• Will stakeholder demands affect the choice of business structure?
(400 words)
Allocation of marks
Please use the marking
criteria sheet as a guideline for how marks will be allocated. You will note that ten marks are allocated
for referencing as it is expected that you do research in this assignment.
Please ensure that you use the correct referencing style (APA style) as stated
in the Course Profile.
Formatting
Please keep in mind that
marking is done in soft copy, hence allocating marks for the formatting. To
obtain these marks, ensure you comply with the following:
•
Font: Time New Roman, 12
point, 1.5 line spacing
• Document submitted onto
Moodle must be in Word format, allowing the marker to use track-changes to
provide comments and indicate where you received marks. Please do not submit a
pdf document or copy from another source such
as for example include screen shots of calculations done in excel.
The track changes function cannot be used to do the marking in these and hence
only information created in Word will be marked.
•
Page: portrait orientation
Please note: five marks are
allocated for complying with formatting and submission requirements.
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