Accounting Sample : Page - 8

Step 1: Understanding the curriculum contextCompleting this audit will take approximately 2-3hours. As you are using this tool to evaluate your current historical skills, knowledge and conceptual understanding, you should complete this without conducting any ‘research’ (internet or textbook searches!). There are several steps in completing this ‘audit tool’. Please note this is an indicative tool ONLY – it does ...

The Role of IIRC in Integrated ReportingIn today’s business world, Integrated Reporting is considered as a crucial factor. An integrated report can be regarded as a concise communication report that provides overview about the strategy, governance, performance and prospects of the business organization for the purpose of value creation (de Villiers, Rinaldi and Unerman 2014). In this context, it needs to be mentioned that the main aim be...

Answer: Acquisition analysis for Tuna Ltd. as on 1 July, 2015 Particulars Calculation basis  Amount Share Capital   $66,000 Retained Earnings   $6,000 Fair valuation of Plant ((123000-120000)*(1-30%)) $2,100 Fair valuation of Patent ((105000-90000)*(1-30%)) $10,500 Fair valuation of Inventory ((22500-18000)*(1-30%)) ...

Question 1: Use Classical Political Economy Theory to explain JB Hi-Fi’s decision to release its profit downgrade in the way it did. Make sure you explain what Institutional Theory is, and support your observations with evidence from the case study. Classical Political Economy Theory can be effectively used to explain the decision of JB Hi-Fi to release its profit downgrade through expounding on crucial attributes prese...

Menu Specifications and Supplier DetailsThe banquet has been settled. It is important when such a banquet occurs that everything runs smoothly. For this reason, a banqueting chef has been selected. The banqueting even in being held at Perth and it is there that the entire thing has to be done. The chef must make decision regarding the menu, the order and the different other aspects of the banquet and that is what is about to be settled in this...

GDP Dynamics of Australia in Last 5 YearsAustralia has over the decades, developed significantly in all the sectors, thereby emerging as not only one of the most developed countries across the globe but also one of the most influencing economies in the global framework. The economy of the concerned country has gradually developed and prospered significantly with time, much of which can be attributed to both the developments intrinsic to the co...

Addressing the Financial ConstraintAll the mining companies and the other companies, in general, face many constraints which tend to limit their production. For the companies to achieve their desired results, they must come up with some ways which will help them to address these constraints. The major constraint which limits the production of companies is the capital or the financial constraint since for any company to operate at its maximum c...

Background1: Your answer is written here. According to the classical political economy theory adequate relevant measures needs to be conducted by individuals and organisations for minimising the implementation of regulations by governments. The classical political economy theory directly explains the relevant measures that needs to be taken by organisations in the current era for nullifying the responses from appropriate authority such as ASX....

AASB 16 and its Impact on Financial ReportingRequirement 1 AASB 16 brings with itself single lessee accounting model and requires a lessee to recognize all the assets and liabilities of the leases which have a time period of more than 12 months. If the underlying asset is of low value, then there is no need to recognize it. This new standard brings many changes in lease accounting used by many companies. Specifically, the lessee accounting ch...

Identification of Key Audit Matters for Each BankIn the report a few companies from various industry segments have been analyzed. On this basis of the analysis the key audit matters have been found. The identification of the key audit matter i.e. which topic required most audit analysis focus for each company has been made. It has been investigated that every company basis its nature of business and working style has a separate key audit matte...

Motives behind directors not revaluing property, plant and equipmentThis particular requirement seeks to address benefits that are enjoyed by reporting entities by the adoption of international financial reporting standard which have the consequence of improving financial reporting quality. It is indicative of the fact that the establishment of accounting standards intends to ease the process of preparation of financial report and thereby faci...

Comparison of Audit FirmsThe study intends to compare Deloitte a company founded by William Welch Deloitte in 1845 in the UK. The company is considered to be leading among the “Big 4” audit companies in the world as the reports presented by Statista in 2017. Additionally, Deloitte provides huge service network of professionals in the world (Statista, 2017a). On the other hand, Lodha & Co a “non-Big 4” was establis...

Business operations 1. Nature of Afterpay touch group limited and industry  This company is working in the field of software and services. It is a technology driven payments company, it is provides financial services in the country with specialty in finance. ATG serves with innovative digital payments to the organisations operating in telecommunication, health and convenience retail sector in Australia and overseas (ATG, 2018). a.&nb...

Role of the International Integrated Reporting CommitteeIn this assignment, proper emphasis had been given on explaining the role of International Integrated Reporting Committee and this was done by referring to the International Integrated Reporting Committee website and use of applicable accounting literature. The current study explain about the possible roles of integrated reporting with respect to different attributes and these are stakeho...

Activity-based CostingBeach Energy Limited is an Australian company which deals in the oils and gas exploration and production of many types of energies. The company said to the company said to work mainly on the Cooper basin which is said to have energy sources and also an average of land having no less than 69000 square kilometres of area. It was in 1961 that the organization was founded and in the year 1962 the Australian securities exchang...

Importance of the new standardIn the Auditor’s Report, the Auditing Standard ASA 701 Communicating Key Audit Matters describes major topics that the auditor is obliged to state in his audit report. Many transactions are there, that have an influence on the organisation and it is useful all that has an impact on the company based on substance should be well mentioned in the audit report. The stated standard provides the auditor with the...

Summary of Ethical Violations and Standards Breached1.Based on the provided case studies, it could be found that Mary and Johnny have breached specific ethical principles and standards, which are enumerated as follows: In accordance with the professional scenario, it could be cited that there are two missing documents in the ABC Company’s work paper, which include the worksheet of a major item and final version of the signed letter of e...

Efficient Portfolio and Capital Allocation Line1.Mentioning about five asset classes and depicting about its nature based on Arithmetic Mean (AM), Geometric Mean (GM) and Standard Deviation of each: Year Australian Shares Australian Bonds (RBA cash rate) S&P500 (USD) US Fed Funds Rate (USD) Brent Oil (USD) 1996 9.90% 6.00% 22.96% 5.30% 31.80% 1997 8....

Literature Review 1). Literature Review Stock selection and evaluation is commonly carried using various methods of fundamental and technical analysis. This consists of analysis of past financial position of a company and studying movements of price fluctuations of its stock. On the other hand, efficient market hypothesis and behavioural finance add another dimension to stock selection and their performance evaluation According to Efficien...

Answer: A relatively new company, Wine To End Whining, Inc., has determined they need to engage in a budgeting process as part of their new strategic plan. The Company has asked you to provide the following items for the months of January, February, and March of 2017: A) a Purchases Budget; B) a Cash Budget; C) a Budgeted Income Statement; and D) a Budgeted Balance Sheet. They have provided you with the planning document below and also, ...

TaskThe art of observation and inserting the observation fear into the observed individuals could be termed as panopticism. Jeremy Bentham has established this theory and the following diagram would help in explaining the concept:   As per the above diagram, the construction of the above place is simple because an observation tower is present in the centre and the cells are used for lodging the prisoners. This has helped the in-charge o...

Assessment task part A (Activity based costing)Activity based costing (ABC) is the accounting system that recognizes activities of a firm and then allocates the indirect costs to the products. The ABC system identifies the relationship among the products, cost and activities and through the relationship allocates the indirect cost to the products. However, few costs are not easy to allocate through ABC method. For instance, indirect cost lik...

Understanding the investment processA diversified portfolio can assist in protecting wealth from ups and downs of the market. There are usually four major types of investment also known as asset classes, having own risks and benefits which are; Cash, fixed rate, shares and property. An investor can directly invest in these assets or might prefer a managed fund that can provide various investments. Defensive investments: These investments are ...

Adelaide Brighton CementIn this particular report, Time-Driven Activity-Based Costing System (TDABC) is discussed from the viewpoint of a consultant recently employed in a firm. Therefore, it is assumed that one of the major clients of the firm is Adelaide Brighton Cement, which is one of the top manufacturing organisations of Australia. The first segment of the report would focus on the business operations of Adelaide Brighton Cement. Th...

Task 1: Provide critical analysis of Fahrer (2015)The AdaniMine project is one of the most complex and major projects ever done in Australia. There is need therefore to apply an appropriate technique that can be used to assess the benefits against the costs of the project. The best technique that can be used to analyze the analyses the viability of the project is the Cost-Benefit Analysis (CBA) technique (Abelson, 2015). Cost-Benefit Analys...