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1102AFE Accounting For Decision Making

Question

Answered

Question:

Question 1 – Five-step guide to decisions (6 marks)

Green Landscaping is a firm that provides commercial landscaping and grounds maintenance services. John Green, the owner, is trying to find new ways to increase revenues. Mr Green performs the following actions, not in the order listed.

Required: Classify each of the actions (a-f) according to its step in the five-step guide to decisions (Identify the problem, obtain relevant information, generate feasible options/alternatives, make a decision, implement and evaluate).

Actions

Classification

a.     Mr Green researches the price of power tillers online.

 

b.    Mr Green decides to buy power tilling equipment rather than hire additional landscape workers.

 

c.     Mr Green discusses with his employees the possibility of using power equipment instead of manual processes to increase productivity and thus profits.

 

d.    Mr Green learns of a large potential job that is about to go out for bids.

 

e.     Mr Green estimates that using power equipment will reduce tilling time by 20%.

 

f.     Mr Green compares the expected cost of buying power equipment to the expected cost of hiring more workers and estimates profits from both alternatives.

 

Question 2 – Business Structures (8 marks)

From the four scenarios described below, indicate the business form each one is likely to take (sole trader, partnership, proprietary company or public company) and identify the main reason for this choice.

Scenario

Choice

Reason

a.     Lucy wants to set up a summer business at a nearby resort to sell T-shirts, souvenirs and novelties to tourists. While she has no assets of her own, Lucy’s uncle has agreed to lend her the capital to acquire merchandise and so on.

 

 

b.     Three friends meet at a coffee shop to discuss what they have to do to start a home maintenance business combining the skills they have. Tom is a plumber, Bill an electrician and Sandra a carpenter.

 

 

c.     Two married brothers (Will and Sam), who are both trained and practising plumbers, wish to combine their business into one so they can share resources and take more holidays.

 

 

d.    Connor and Ella wish to start an internet business marketing cosmetic. They are concerned about the legal issues (their personal liabilities) for this business once they start trading.

 

 

Question 3 – Value added (4 marks)

Pam is a high school student who delivers papers to earn some money. During September, she received $450 from customers in payment for their subcriptions for the month. She paid $300 for the papers she delivered. In addition, she paid $45 to a friend who drives her to deliver the papers, and she paid $30 for petrol. How much is the value added to the papers delivered? What is valuable for the customers to pay this value added?

Resources created:            

Resources consumed: (300 + 45 + 30)

Value added:

Valuable for customers:

Question 4 – Starting a business (2 marks)

You want to start a consulting business with a friend as a partnership. You are not considering to hire anybody at this stage. What business records should you keep for the next five years once you started the business? Identify 2 records.

You can find the information on the Queensland government Business and Industry portal at business.qld.gov.au. Click on “Starting a Business” and then “Legal obligations”, then “Meeting legal obligations”. Click on “Taxation”. Click on “record keeping for tax purposes”.

1102AFE Accounting For Decision Making

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