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ACC1AMD Individual Assignment

by | May 24

Page 1 of 5ACC1AMDIndividual Assignment15 marks totalThis assignment will assess your Ethical Behaviour andCreative Problem-Solving Graduate CapabilitiesGeneral information and requirementsThis is an individual assignment due in on Sunday 24th May 2020, by 11.59pm.Assignment LengthEach question provides a guide as to the approximate word length of each answer. It is recommendedyou are close to these limits, but you do not need to achieve them exactly.Please ensure your overall assignment is +/- 10% of the total word limit. Assignments that varysignificantly from these guidelines will be marked down.SubmissionAll submissions must be typed in a minimum 11 font, with 1.5 line spacing using WORD saved as a .pdffile and submitted via the Turnitin link on LMS. You are only able to submit 1 file.ReferencingAll submissions will be reviewed by a program called “Turnitin” and this will identify instances ofplagiarism (copying). This is a very serious offence and can result in you receiving no marks for theassessment task.Please ensure if you have copied information you use quotation marks and appropriate referencing.If you reword someone else’s work, you still need to refer to the author’s in your sentence. Forexample, Hines (1991) discusses how……. – whilst this is not a quote you need to reference the idea.Refer to the “Assignment Presentation Guide” available under the “Assignment” tab for guidance.This assignment requires you to analyse data. If you copy financial reports from the internet it will beobvious and no marks will be awarded, even if correctly referenced. The purpose of the assignment isto develop your analytical skills which are not those of an investment advisor. A small amount ofreferenced information will be acceptable.Late Assignment Penalty“The standard penalty for late submission of assessment tasks is 5% of the marks for that task foreach delay in submission of a day or partial day up to a maximum of five (5) working days after thedue date.”Please note: after 5 days your assignment will not be marked.Page 2 of 5PresentationAssignments must be presented in accordance with the “Assignment Presentation Guide” availableunder the “Assignment” tab. (1 mark)Question 1 (2 marks)Australia Food Ltd is a company with several branches across Victoria and NSW. The Companyproduces various food products including meats and milks. You work as a management accountant inthis company.Your manager has asked one of your colleagues in the management accounting department toprepare a comparative profit or loss report for the current and previous month. The manager wantsthe report to cover only meat production in Victoria’s branches. Your colleague suggests that sincethe company has different branches and products, financial statements should cover all of thecompany’s activities. He also suggested that the report should be prepared for a financial year inaccordance with accounting standards.Using your knowledge of financial and managerial accounting, general and specific purpose financialreports and various users of accounting information, advise your colleague as to the approach theyshould adopt to meet the manager’s requirements and ensure the information correctly reflects thedepartment’s operations.Your answer needs to be in your own words and correctly referenced to receive full marks.(200 words)Page 3 of 5Question 2 (6 marks)You have been provided with the unadjusted and adjusted trial balance for Cleaning Services Ltd as of30 June 2019.No Account Name Dr ($) Cr ($) Dr ($) Cr ($)100 Cash 12,450 12,450110 Accounts Receivable 54,200 62,541130 Office Supplies 82,730 54,236140 Prepaid Insurance 13,000 9,789150 Cleaning Equipment 259,200 259,200151 Less Accumulated Depreciation –Cleaning Equipment 103,680 129,600200 Accounts Payable 12,300 12,300220 Interest Payable 620230 Revenue Received in Advance 52,730 40,430240 Salaries Payable 2,541250 Bank Loan (10 years term) 19,580 19,580300 Share Capital 33,412 33,412310 Retained Earnings 25,231 25,231311 Dividends 15,000 15,000400 Service Revenue 256,587 277,228500 Salaries Expense 53,240 55,781505 Insurance Expense 3,211510 Interest Expense 1,200 1,820520 Depreciation Expense 25,920530 Supplies Expense 28,494540 Rent Expense 12,500 12,500503,520 503,520 540,942 540,942Cleaning Services LtdTrial balanceas at 30 June 2019Unadjusted AdjustedPage 4 of 5Required:a) Record the unadjusted opening balance of each account in the correct T–account beforerecording adjusting entries.b) Record the adjusting entries in the General Journal using the below format:

Cleaning Services LtdGeneral Journal

Date
Account (Narration)
Post ref
Debit $
Credit $

xxx
XXX

xxx (hold your CTRL and TAB key to indent)
XXX

(Don’t forget your narration).

c) Record the adjusting entries in the correct T-accounts.d) Balance the T-accounts. (Only use one set of T-accounts for parts a, c and d – if there is only oneentry in the T-account you may balance using double underlines directly under the individualfigures. Once the account has more than 1 figure please use the full balancing process).e) Prepare an Income Statement, Statement of Changes in Owners’ Equity and a classifiedStatement of Financial Position (Balance Sheet) as at 30 June 2019.NOTE: to maximise your mark you must include correct titles, narrations, dates etc. This is anassignment, not under exam conditions, therefore attention to detail is expected.Page 5 of 5Question 3 (6 marks)You need to follow the “Assignment Presentation Guide – Company Analysis Guide” available underthe “Assignment” tab.Select a company that is not a Bank/Financial institution from the Library database and download therequired financial information.Please note: do not select a Bank or Financial institution as these companies have minimum liquidityratios under law and are not as suitable for this activity.a) Using the downloaded data, complete a Horizontal Analysis of the Profit and Loss, Balance Sheet,Cash Flow and Ratios for 2018 and 2019. Set the $ movement to “no decimal places” and the %movement to “2 decimal places” for the statements. When analysing the ratios please use 2decimal places for both the $ and % movements.b) Write a brief report, using the horizontal analysis data, individually analysing the Profit and Loss,Balance Sheet and Cash Flow Statement. This is to be in your own words and not a report copiedfrom a financial advisor on the internet. Marks will be significantly deducted if it is not in yourown words and work. It is not acceptable to simply state one number is bigger than the other andtherefore it is better. You need to explain the importance of the number and why it isbetter/worse. (200 words)c) Select a minimum of eight ratios, ensuring you include a range of liquidity, profitability andsolvency ratios and analyse the company. Where possible use the ratios we have covered in class.As in part b above it is not acceptable to simply state one number is bigger than the other andtherefore it is better. You need to explain the importance of the number and why it isbetter/worse.(200 words)Please note only refer to those ratios that are provided on the “ratios” tab, do not attempt tocalculate them yourself.d) Ensure you include a screen copy of each of the four tabs with your horizontal analysis withinyour report. Where you include them is up to you based on your report presentation (could be inan appendix).Remember: You need to upload 1 document with all the assignment answers structured in aBusiness Report format. Please follow the presentation guide and save your completedassignment as a .pdf document to ensure your layout is retained.
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