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As the chief financial officer of Toys For U Pty Ltd, you discover a significant misstatement that has overstated assets and understated expenses in this year’s financial statements. The misleading financial statements are contained in the company’s annual report, which is about to be issued to shareholders, banks, creditors and other users. After much consideration you decide to advise the director Jack Lack about the misstatement. Jack advises ‘what they don’t know won’t hurt them; we’ll just fix it up in next year’s statements, which will work well as we are expecting a large profit in that year’.  

 

Required:

In no more than 200 words answer the following:

 

(a)   Who are the stakeholders in this situation?

 

(b)   What are the ethical issues?

 

(c)   What would you do as the chief financial officer?

 

Question 2 [8 marks]

 

Forms of Business Entities

 

Presented below are four independent situations.

 

a)     Michael, Alex and Miranda have all graduated with business degrees. Each has specialised in a different area, Accounting, Marketing and IT. They wish to combine their skills and create a new business focusing on business mentoring.

 

b)    William has been in business as a sole trader for many years and has built up a substantial client base. William’s profits have increased to over $300,000 over the last financial year. He would like to expand the business but will need to borrow a large sum from the bank.

 

c)     Wendy has graduated from university and would like to start up her own events management business. Wendy has a small amount of savings and has been offered a few positions from established business’s but would like to try it on her own as she would prefer to maintain control over the business.

 

d)    Jill and Joan are both stay at home mothers who have been making jewellery and selling it at the local market. The jewellery has become quite popular and the ladies have been approached by a local jewellery chain to stock some of their pieces. Both women would like to expand the business and feel they could also handle a website to sell their jewellery online.

 

Required:

In each case explain what form of entity the business is likely to take- sole ownership, partnership or company. Give reasons to support your choice.  

 

 

Question 3 [8 marks]

 

The use of financial statements

 

Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently.

 

(a) The accountant of a company is trying to determine whether the company is generating enough cash to increase the amount of dividends paid to investors and still have enough money for a much needed office refurbishment.

 

(b) An investor is planning on purchasing shares in Myer. The investor plans to hold the investment for at least 5 years.

 

(c) Big Bank is considering extending a loan to a small local company. The company would be required to make interest payments at the end of each year for 10 years and to repay the loan at the end of the 10th year.

 

(d) West Wing Ltd is considering extending credit to a new customer. The terms of the credit would require the customer to pay within 60 days of receipt of goods.

 

Required:

For each situation, state whether the decision maker would be most likely to place the main emphasis on information provided by the income statement, statement of financial position or statement of cash flows. Include a brief justification for each choice.

 

Note: Although the decision makers should refer to all financial statements, you should choose only one financial statement in each case.

Question 4. [44 Marks]

Financial statements and Analysing business transactions 

Bob runs a pest spraying business called Bob’s Pest Spraying. His Statement of financial position as at 31st March 2014 is as follows:

 

 

Shareholders, Banks, Creditors

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