怎样撰写关于会计准则的作业

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12-13, 2012

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All assignments must be submitted electronically via Gradebook on the Learnonline Website (refer to

http://resource.unisa.edu.au/mod/book/view.php?id=8988 for information regarding how to upload

your assignment).

Please note:

 All assignments must use the Assignment cover sheet (available from the course homepage).

 This assignment must be in the form of either a PDF or Word document.

 You cannot submit Excel files. If you use Excel to prepare your assignment you will need to cut

and paste and either convert to, or include in, a Word document or a PDF document.

 Only one copy of the assignment is to be submitted if the assignment is undertaken in a

group. Please ensure that the names of all group members are included on the cover

sheet. Penalties apply if more than one group member submits the assignment.

All marked assignments will be returned to students approximately three weeks from the date of

submission.

Feedback on this assignment will be provided on the Feedback form, a copy of which is included at

the back of this booklet (Please do not attach this feedback form to your assignment file).

Plagiarism and referencing

Plagiarism is regarded as a serious issue within the university system with severe consequences for

students who have been found to have plagiarised, often the minimum penalty being zero for the

assignment. You should be aware that in previous offerings of this course a number of students were

referred to the Academic Integrity Officer. All students should ensure that they are familiar with the

plagiarism policy and referencing requirements before commencing the assignment in this course.

Remember

 If information contained in the assignment is not your own words or ideas you must acknowledge

the source within the text of the paper as well as in the reference list.

 If you use another person‟s words (i.e. you quote) you must indicate that this is a direct quote

(usually by quotation marks) and reference the source (including the page number) within the text

of the paper. Including the source in the reference list or bibliography is not sufficient. Changing,#p#分页标题#e#

deleting, adding only a few words, or rearranging the sentence/paragraph does not negate that

fact that you are quoting.

 If paraphrasing, you still need to include an in-text reference (which includes the page number).

And take care that the paraphrasing is not „too close‟ to the original; i.e. that it is in fact a quote.

 The fact that the source of the material is from an Internet site, and/or the specific author cannot

be identified does not negate the need to acknowledge the source of the ideas or words, or to

reference correctly.

If you need help with referencing, please refer to the following resources available from the Learning

Connections website at: http://www.unisa.edu.au/ltu/students/study/referencing/default.asp

 Introduction to referencing

 Styles of referencing

 Referencing using the Harvard system

 Frequently asked questions

You should be aware that academic misconduct includes the following:

9.2.2 (c ) submitting another student‟s work in whole or in part, where such assistance is not

expressly permitted in the course information booklet;

9.2.1 (d) inclusion of material in individual work that has involved significant assistance from

another person, where such assistance is not expressly permitted in the course information

booklet

(e) providing assistance to a student in the presentation of individual work, where such assistance

is not expressly permitted in the course information booklet.

Whilst I understand that pressures from fellow students are sometimes difficult to resist and it is

acceptable (and indeed generous) to assist other students by discussing issues relating to

assignments, it is not acceptable to provide access to, or copies of, your own assignment (or part of

your assignment) to other students. Nor is it acceptable to use another students work as the basis for

submission of your own (or part of) assignment, whether quoting, paraphrasing or simply using their

ideas.

Note that it is intended that assignments in this course will be checked, using text comparison

software, for instances of plagiarism or collusion.

Case Study for Annual Report Assignment

Study Period 4 – Open Universities Australia, 2011

The following details are taken from the accounting records of the company as at 30

June 2012:

Debit Credit

$’s $’s

Sales revenue 38,740,900

Services revenue 1,850,000

Other revenues/income 830,300

Cost of sales 14,630,000

Other expenses 20,981,250

Cash at bank 1,760,800

Equipment (at cost net of 6,290,300

depreciation)

Land (at cost) 8,650,000

Buildings (at cost net of depreciation) 3,730,000

Vehicles (at cost net of depreciation) 373,000

Brand (at cost – net of impairment) 855,000

Accounts receivable 6,540,700#p#分页标题#e#

Allowance for doubtful debts 638,000

Inventory (at lower of cost & net 8,260,000

realisable value)

Provisions 1,574,000

Unearned revenue 768,000

Accounts payable 9,650,000

Loan (SuperBank) 5,000,000

Dividends declared and paid 77,000

General reserve 1,730,700

Share capital 10,335,000

Retained earnings (1 July 2011) 1,031,150

72,148,050 72,148,050

Additional information: Note: Unless otherwise indicated the events and transactions

outlined below have already been accounted for in the balances above if required.

(a) The company commenced operations in July 2006 with a share issue of

2,000,000 ordinary shares at $3.00 each, fully paid, incurring $50,000 in share

issue costs. In December 2008 the company made a further share issue of

500,000 ordinary shares at $2.00 each, fully paid, incurring $25,000 in share#p#分页标题#e#

issue costs. In December 2010 the company made another share issue,

incurring $30,000 in share issue costs. The conditions of this issue were

300,000 ordinary shares at $4.00 each with $1.50 due on application, $1.50

due on allotment (allotment monies were received by 10 March 2011), and

$1.00 on call (a call was made on 10 July 2011 and at 1 September 2011 all

call monies had been received).

2011年12月1日，公司提出了发行红股的制度。奖金

股份缴足到4.00美元，共发行百分之二十的红股的比率

。发行红股主要来自一般

储备。

On 1 December 2011 the company made a bonus share issue. The bonus

shares where fully paid to $4.00 and were issued at a rate of 1 bonus share to

every 5 shares held. The bonus share issue was sourced from the general

reserve.

(b) Included in the amount of „Other Expenses‟ in the trial balance above are:

 Staff related expenses of:

 $8,555,000 for wages.

 $1,670,000 for salaries

 $920,250 for superannuation

 $750,000 annual leave expense (the opening [1 July 2011] annual

leave provision was $1,240,000).

 $254,000 long service leave expense

 $280,000 staff training expense. The company‟s customers suffered

several cases of food poisoning relating to out dated plant and

equipment and out dated work practices. Staff received training to

improve their work practices in relation to safe food handling.

 $2,220,000 for general operational costs (i.e. electricity and gas)

 $750,000 paid for public liability insurance. (This is paid for one year in#p#分页标题#e#

advance on 1 November every year). The company decided, given the legal

problems that had occurred, to take out this additional insurance on

1 November 2011 in case similar instances occurred in the future.

 $90,000 payment to auditors for audit of the financial statements. $17,500

was also paid to auditors for various consultancy services.

 Interest paid on 1 January and 1 May 2012. The $5,000,000 loan from

SuperBank is an interest only loan. It was taken out on 1 September 2011

and matures on 30 August 2015. Interest at 6% per annum (2% every four

months) is payable http://www.ukthesis.org/dissertation_writing/Finance every four months in arrears (on 1 January, 1 May, and

1 September).

 $2,000 for social club expenses

 Vehicle expenses – $245,000 for fuel and maintenance, $105,000 for

depreciation expense, and $77,000 for carrying amount of vehicle sold (the

vehicle was sold on 1 July 2011 so none of the depreciation expense relates

to the vehicle that was sold).

 Building expenses - $123,500 for maintenance and repairs, $850,000 for

depreciation expense, and $700,000 for carrying amount of buildings sold

(the building was sold on 1 July 2011 so none of the depreciation expense

relates to the building that was sold). Note – a review in May 2012 reduced

the expected useful life of the buildings significantly and as a result the

depreciation expense for buildings was significantly higher this period

(increased 5 times compared to previous periods).

 Equipment expenses - $375,000 for depreciation expense.#p#分页标题#e#

 $545,000 for doubtful debts expense

 $500,000 extraordinary expense relating to public relations expenses. Due

to the negative impact on the company‟s reputation from ongoing problems

with food poisoning caused by the company‟s food products, the company

employed a public relations consultant in early 2012 to attempt to reduce the

impact on the company‟s reputation.

 $100,000 for stationery and office supplies

(Note: This does not detail all expenses included in the total of ‘Other expenses’ in

the trial balance above –You should classify the remaining expenses as ‘other’ or

‘miscellaneous’)

 $35,300 for interest earned

 $70,000 proceeds from sale of vehicle

 $725,000 proceeds from sale of buildings

(d) The 30 June 2012 balance for long service leave provision is $384,000. No

employee is entitled to take long service leave until September 2014. The

balance of provisions in the trial balance relates to long service leave and

annual leave.

(e) The unearned revenue amount is for payments in advance for some of the

company‟s food products.

(f) A dividend of $102,500 was declared (this was not subject to further approval)

on 10 June 2011 and was paid on 17 October 2011 from retained earnings. A

$77,000 interim dividend was declared and paid on 13 January 2012 from

retained earnings.

Unless otherwise indicated the following events/transactions are not reflected in the

trial balance above. You will need to make appropriate adjustments if required.

(g) On 4 July 2012 the company accountant was reviewing accruals and#p#分页标题#e#

discovered that no balance date adjustments for interest relating to the loan

and for prepaid insurance (see (b) above) have yet been made (assume these

are material).

(h) On 15 June 2012 a final dividend was declared (this is not subject to further

approval) at a rate of 4 cents per share from retained earnings. The final

dividend will be paid in the 2012/2013 financial year.

On 30 June 2012 the director‟s transferred $200,000 from retained earnings

(i)

to the general reserve for future bonus share issues.

(j) On 10 June 2011 a customer suffered food poisoning as a result of

consuming some of the company‟s food products. The customer took legal

action against the company in September 2011. The advice from the

company‟s lawyers was that the company would be held liable, though they

could not estimate for how much. As a reliable estimate could not be made no

provision was recognised. On 20 July 2012 the company was found liable for

the food poisoning and the court ordered that they pay $250,000 in damages.

This was paid on 1 August 2012.

(k) In addition to (j) on 1 September 2011 a relative of the customer who suffered

food poisoning brought action against the company for the psychological

suffering and distress they suffered as a result of their favourite second cousin

(the customer) suffering food poisoning. They are claiming $50,000 in

damages, but lawyers have advised that this action is frivolous and it is

considered no chance at all that the company will be liable for these

damages.

(l) In addition to (j) and (k) 10 other customers are bringing separate actions for

suffering food poisoning. These separate actions were brought during June

2012 and they are seeking $75,000 (each) in damages. The court case has

yet to be decided as the court is waiting on the results of scientific tests to

properly determine if it was indeed the company‟s food products that caused

the food poisoning. The company is reasonably confident, but not completely#p#分页标题#e#

certain, that the results of the tests for 6 customers will show that the

company is not to blame. Legal advice has suggested only a 20% probability

that the company will be liable in relation to these 6 customers. For the other

4 customers the company expects the test results to find the company is to

blame and will be required to pay the damages sought. The tests are

expected to be completed by September 2012 and the cases decided by

November 2012.

(m) The food poisoning scandals mentioned above arose from poor food

processing techniques in the company‟s main food processing plant. On 10

July 2012 the company resolved to shut down its main food processing plant

within 9 months. This is expected to reduce earnings by 25% in the

2012/2013 financial year and 15% in the 2013/2014 financial year. Prior to

this announcement the company signed a contract on 1 May 2012 to

construct a new food processing plant on land it already owned. Construction

cannot begin until October 2012 as the builders need to wait on specialised

food processing equipment to arrive from Europe. The company is not liable

for any payments until construction begins in October 2012. The new plant will

cost $7,500,000 to complete. This amount is payable in three equal payments

with the first due at the start of construction in October 2012, the second

halfway through construction in July 2013 and the final payment on

completion in April 2014.

(n) On 5 July 2012 the company was advised that its major customer had gone

bankrupt as it was unable to sell the food products it had purchased from the

company due to bad publicity relating to the food poisoning problems. The

food products had spoiled/perished. As such, with very few saleable assets

left, the liquidators have advised the company not to expect recovery of any of

the funds from the failed customer. The amount outstanding from this

customer at 30 June 2012 was $4,400,500. The company estimates doubtful#p#分页标题#e#

debts by an analysis of an aging of accounts receivables. Using this method,

the doubtful debts expense (in b above) included $78,000 for this customer.

(o) The company tax rate is 30%. Ignore tax-effect accounting. Tax expense

should be based on 30% of the accounting profit before tax. No tax expense

has yet been recorded

You should assume that the company that is a reporting entity and that you began

preparing this report at 20th August 2012 and that the date the annual report

(including the financial report) is authorised for issue is the 10th September 2012

PLEASE DO NOT ATTACH TO YOUR ASSIGNMENT FILE

FEEDBACK FORM

Financial Accounting 2

ACG 27

Annual Report Assignment -

SP4 - 2011

Name……………………………………….ID…………………………

Name……………………………………… ID…………………………

Graduate Qualities developed by this activity

 operate effectively with and upon a body of knowledge

 are effective problem solvers, capable of applying logical, critical, and creative thinking to a

range of problems

 are prepared for lifelong learning and professional practice#p#分页标题#e#

 can work both autonomously and collaboratively

 communicate effectively

Summary comment

Final mark

/100

Marker’s initial

Out

U S VG

U= unsatisfactory S = satisfactory VG= very good

Statement of Comprehensive Income

  

The adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions   

 Application of all “relevant” accounting standards   #p#分页标题#e#

 Correctness of calculations/amounts

  

 Inclusion of all required information

  

 Exclusion of non-required information /10

Statement of Financial Position

  

The adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions   

 Application of all “relevant” accounting standards   

 Correctness of calculations/amounts

  

 Inclusion of all required information

   /10#p#分页标题#e#

 Exclusion of non-required information

Statement of changes in equity

  

The adequacy of the prepared financial statement, including:

 Preparation in accordance with instructions   

 Application of all “relevant” accounting standards   

 Correctness of calculations/amounts

  

 Inclusion of all required information

   /10

 Exclusion of non-required information

Notes to accounts

The adequacy and effectiveness of the notes provided and includes consideration of

 Correctness and Completeness of disclosures   

 Application of all “relevant” accounting standards   

 Only required disclosures being made

  #p#分页标题#e#

 Appropriate inclusion of notes where judgment required to be exercised

  

 Appropriate identification & referencing of standards (paras) applied

  

 Ability to “make up” info if not provided, or indicate information that needs to be

   /40

included where this information is not available

 Logical sequence and links to statements to assist users   

Other required reports

(Directors declaration, Annual directors report, Annual auditors report)

 Completeness of these in terms of minimum requirements   

 Correctness and adequacy of disclosures   

 Ability to “make up” info if not provided, or indicate information that needs to be

  

included where this information is not available

  #p#分页标题#e#

 Format that facilitates usefulness for purpose /20

Presentation

 Presentability- contents page, links, structure   

 Appropriate layout as defined in the relevant standards   

 Spelling, Grammar and Expression

  

 Referencing /10

  

 Creativity

  

TOTAL OUT OF 100

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