Answer to Question #17972 in Abstract Algebra for Tahmina ameen

Question #17972
Question 1 Total 6 marks You are an investor seeking an investment opportunity. You have obtained the financial statements of two separate, independent companies, each from a different country. You notice that there are some accounting differences between the two sets of financial statements, and are having some trouble comparing between the two. Required (approximately 400 words): In light of the above, list and briefly discuss four benefits of international standardisation of accounting standards. Question 2 Total 8 marks You are presented with the following information for two independent situations. (a) Spring Brangus Stud Pty Ltd is a private company operated solely by Phil Spring. Phil is also a shareholder of the company, along with his cousin, Robert Tyler. Phil and Robert started the company three years ago. Robert is not involved in the day to day running of the business, but handles the monthly book work. The company is very successful and currently only has one liability, a loan of $3 million to the ANZ Bank for a 10 year business loan. The gross sales revenue for the financial year ending 30 June 2012 was $1 million. The gross value of assets at 30 June 2012 was $8 million. (b) Grams Health Services Ltd provides medical services to the general public, with a particular focus on indigenous clients. The company is limited by guarantee and has no shareholders. It has been operating for over 30 years and currently has 43 full-time employees. The gross sales revenue for the financial year ending 30 June 2012 was $17 million. The carrying value of assets at 30 June 2012 was $10 million and the accumulated depreciation was $3 million. The company does not currently have any liabilities apart from employee leave entitlements. Required (approximately 800 words – 400 each scenario): For each of the independent situations identified above, consider and conclude whether the entity is a reporting entity and whether it is required by the Corporations Act 2001 to prepare general purpose financial statements. Question 3 Total 5 marks You are a graduate accountant employed by Murray Certified Practising Accountants. One of your clients, Sandy Herold, has enquired as to why you have not included the employees of her company as assets in the financial statements for the year ended 30 June 2012. Required (approximately 400 words): Use the AASB Framework’s definition and recognition criteria of assets to explain to Sandy why you have excluded employees from the financial statements. Question 4 Total 6 marks You have just been employed as an accounting lecturer. In your first class, your students ask you the following questions. (a) Who has to comply with accounting standards? How is this determined? (2 marks) (b) Where can I find accounting standards? (1 mark) (c) What is the primary objective of General Purpose Financial Reports? (1 mark) (d) What are the qualities that make financial statements ‘useful’? (2 marks) Required (approximately 400 words): Answer each of the questions identified above, ensuring that you refer to the Conceptual Framework of Accounting in your answers. Presentation & Referencing Total 5 marks Overall presentation and layout of assignment 1 mark Spelling & Grammar 2 marks Referencing (in text and end list) 2 marks Important points Use the question numbers to indicate which question you are answering. You should refer to the relevant sections in the Guide for Students for information on researching a topic. You may also wish to seek assistance from the Academic Learning Centre (ALC) for additional assistance on how to research and write an assignment. The assignment should be prepared using a Word Processing Package. Use the following formatting style: Times New Roman font, 12 point font size and 1.5 line spacing. Use italics only when you quote from another source. Please note that you will only receive maximum marks for the assignment if your assignment meets the following criteria: use of clear and concise language, well written, logical arguments and coherent discussion, free of grammatical and spelling mistakes, and correct formatting and reference styles. It would be advantageous if you referred to peer-reviewed journal articles in your answers. Submission requirements There is no electronic submission of the assignment for this course. Submit hard copies of your assignment, which should include the following three documents: • your answer to the assignment question • the marking criteria sheet (provided on page 4 of this document) • a signed assessment cover sheet that is available on the university website. Instructions for generating your cover sheet are at: Ensure your name and student ID number appear at the top of each page you submit and on the marking criteria sheet. ON-CAMPUS students Submit a hard copy of your assignment including the three documents as stated above in the provided assignment boxes located on your particular campus. If no boxes are provided, then submit your assignment to the administration office. OFF-CAMPUS students You have to post a hard copy of your assignment including the three documents as stated above by the deadline 4.00 pm [AEST] Tuesday 11 December 2012 to the Student Contact Centre, Building 5, CQUniversity, Rockhampton, QLD 4702. We highly recommend that you include evidence with your assignment that you have met this deadline. For example, include a copy of the post office mail document that shows the date it was posted. Assessment criteria The marking criteria sheet at the end of the assignment indicates the allocation of marks for the assignment. Please attach a copy of this marking criteria sheet including your name and student ID to your assignment. Note: there is a 5% penalty per day for late submissions. Marking Criteria Sheet Student name Student ID number Assessment criteria Requirements Marks available Marks awarded Comments Question 1 6 marks (a) Listing of 4 benefits of international standardisation of accounting standards 2 (b) Discussion of 4 benefits of international standardisation of accounting standards 4 Question 2 8 marks (a) Discussion regarding whether Spring Brangus Stud Pty Ltd is a reporting entity 3 (b) Conclusion of whether Spring Brangus Stud Pty Ltd is a reporting entity 1 (c) Discussion regarding whether Grams Health Services Ltd is a reporting entity 3 (d) Conclusion of whether Grams Health Services Ltd is a reporting entity 1 Question 3 5 marks Using AASB Framework to justify the exclusion of employees as assets 5 Question 4 6 marks (a) Answering students’ Q 1 2 (b) Answering students’ Q 2 1 (c) Answering students’ Q 3 1 (d) Answering students’ Q 4 2 Overall presentation, and layout of assignment 5 marks Format & Layout 1 Spelling & Grammar 2 Referencing 2 Assignment Total 30 marks 30%
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