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BA204 Financial Accounting And Guidelines

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Question:

  1. Interpret and explain accounting concepts and principles
  2. Record financial accounting transactions using the accrual method of accounting
  3. Prepare general purpose financial statements
    1. Unearned service revenue earned during March, $500.
    2. Prepare Johnsons Delivery Service’s income statement and statement of changes in equity for the month ended 31 March 2018, and the classified balance sheet as at that date. On the income statement, list expenses in decreasing order by amount—that is, the largest expense first, the smallest expense last.
    3. Journalise and post the adjusting entries, beginning with a.
    4. Prepare a post-closing trial balance as at 31 March 2018.
    5. Assessment Task Description

      This assignment is comprised of three parts (Part A, Part B and Part C), worth a total of 100 marks. Part A is worth 55 marks, Part B is worth 30 marks, and Part C is worth 15 marks. The first two parts must be completed and the last part addressed throughout the submission. The submission into the campus specific assignment drop box is to made by ONLY one group member.  

       Part A. Recording Transactions and Preparing Financial Statements


    Cathy Zhong successfully completed her first accounting course. She is now working as a graduate for First National Bank. One of her friends, Zane Jones, is taking the same accounting course and has been having difficulty understanding the material. On the second exam, for example, Zane became confused about inventory valuation methods. He completely missed all the points on a problem involving withted average and First In First Out (FIFO) methods for determining the cost of inventory. Zane’s instructor recently indicated that the third exam will probably have a number of essay questions dealing with accounting concepts and prinicples issuses. Zane is quite concerned about the third exam for two reasons. First, he has never taken an accounting exam in which essay answers were required. Second, Zane feels he must do well on this exam to get an acceptable grade in the course. Zane has asked Cathy to help him prepare for the next exam. She agrees, and suggests that Zane develop a set of possible questions on the accounting principles material that they might discuss.

    Required

     Answer the following questions that were developed by Zane.

    • What is the Conceptual Framework?
    • Why is there a need for the Conceptual Framework?
    • What is the objective of financial reporting?
    • If you had to explain generally accepted accounting principles to a non-accountant, what essential characteristics would you include in your explanation?
    • What are the qualitative characteristics of financial reporting? Explain each one.

    Identify the basic assumptions used in accounting.

    Enter the trial balance in the worksheet for the month ended 31 March 2018. Complete the worksheet using the adjustment data given at 31 March:Accrued salary expense, $700.Depreciation expense, $60.Prepaid insurance expired, $250.Supplies on hand, $200.
 
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