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ACC100 Introduction To Accounting

tag 0 Download 3 Pages / 733 Words tag 24-09-2021
  • Course Code: ACC100
  • University: Kings Own Institute
    icon is not sponsored or endorsed by this college or university

  • Country: Australia


Question 1 
The accountant for George St Hairdressing has compiled the following information about the company and its accounts for the year ended 31 December 2016:
Cash Revenues
Accounts Payable Wages Payable Accounts receivable
$30,000 99,000 9,000 1,000 1,000
Prepaid Rent    $2,000 Expenses    54,000 Equipment    40,000 Loan Payable                           4,000
(a) What is the total amount of assets belonging to the business? 
(b) What is the total amount that business owes for liabilities?  
(c) Using the accounting equation, what is the amount of Owners’ Equity reported on the business balance sheet?  
(d) How much net profit or loss did the business earn in the year?  
Question 2 
An accountant provided data for a small manufacturing business, trading under the name Regional Farm Equipment Pty Ltd. The following list of financial data relates to the business as at 31 December 2016.
Motor Vehicles (net) Cash
Prepaid insurance Fuel supplies Accounts receivable
$125,000 75,000 35,000 1,500 9,000 10,000
Plant & equipment (net) Accounts payable Salaries payable
Loan Payable Contributed capital Retained profits
$200, 000 25,000
2,500 160,000 155, 000
Additional information
20% of the figure for loan payable is payable within 12 months of 30 June.

Prepare a fully classified balance sheet for the business as at 31 December 2016. 
Question 3
Review the CPA and ICANZ websites (links below) and write a short essay quoting three recent examples (2016 and 2017 only) to demonstrate how breaches of ethical standards were seriously treated by the professional organisation.

1. Explain why the penalties were imposed
2. Referring to APES 110 standards (available on Moodle), which sections should have applied to your three mentioned examples?
3. Were the penalties imposed by the accounting bodies sufficient?
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