+91-9519066910
Sydney NSW 2074, Australia

Assignment

Computing Skills Assignment Help

Matlab Assignment Help

B124:Fundamentals of Accounting

Rating:
B124:Fundamentals of Accounting

Instructions:

·       This examination consists of three compulsory questions.

      ·       Read each question carefully and make sure that you understand it before you begin answering.

      ·       In questions that require calculations, credit will be given for showing your detailed workings.

·       It’s imperative that you write your answer using your own words. Plagiarism will be penalized depending on its severity and according to AOU plagiarism policy

Answer to Question 1:

A- Classify the following list of items as: revenue/expense/current asset/non-current asset/current liability/non-current liability/capital

1. Non-Current Asset.

2. Expense

3. Revenue

4. Non-Current Liability

5. Non-Current Asset

6. Current Liability

7. Non-Current Asset

8. Capital

C- Analyze the transactions of a business organized as a proprietorship described below and indicate their effect on the basic accounting equation. Use a plus sign (+) to indicate an increase and a minus sign (–) to indicate a decrease.

Question 2 (52 marks):

A- The two main sets of accounting standards followed by businesses are GAAP and IFRS. Briefly explain how the balance sheet is formatted under each set. (You should search the internet to answer this question)                                                                                                                                                                          (6 marks)

Solution:

GAAP:

Under GAAP the items of a balance sheet are listed in order of their liquidity (descending order) i.e. most liquid to least liquid. The asset side begins with Current Assets. It is also called Un-Classified Balance Sheet. The balance sheet generally represents total assets equaling total liabilities and shareholders’ equity. GAAP format is globally accepted.

 

IFRS:

Under IFRS the items are listed in the reverse order then that of GAAP i.e. least liquid to most liquid. The asset side begins with Non-Current Assets. It is also called Classified Balance Sheet, showing the classification of current assets & non-current assets and current liabilities & non-current liabilities.

B- Farah Consulting completed the following transactions during December 2016:

 

Dec. 2    Farah invested $20,000 cash into the business

2          Paid monthly office rent, $2,000.

3          Paid cash for a computer, $3,600.

4          Purchased office furniture on account, $3,000.

5          Purchased office supplies on account, $800.

9   Performed consulting service for a client on account, $2,500.

12  Paid utilities expenses, $ 150.

18  Performed service for a client and received cash of $2,100.

21  Borrowed $2,400 cash, signing a note payable to be paid May 31, 2018.

21  Hired an administrative assistant to be paid $2,055 on the 20th day of each month.  

    The secretary begins work immediately.

26  Paid $200 on account.

28  Collected $400 on account.

         29 Farah withdrew $1,000 cash from the business for personal use.

Requirements:-

1.   Journalize the transactions, Explanations are not required.

2.   Post the journal entries to the T-accounts, and calculate account balances.

3.   Prepare a trial balance as of December 31, 2016.

4.   Prepare the income statement of Farah Consulting for the month ended December 31, 2016.

5.   Prepare a classified balance sheet as of December 31, 2016.

6.   Is Farah’s ability to pay its short term debts strong or weak? Support your answer by calculating the suitable ratio(s). (You should search the internet to answer this question)                                                   (46 marks)

B124:Fundamentals of Accounting, assignment for financial accounting,hnd financial accounting assignment,financial accounting study guide,financial accounting deep study guide,assessment in financial accounting

 



 DOWNLOAD SAMPLE ANSWER

Details

  • Number of views:
    16
  • PRICE :
    AU$ 154.00
Security Code  
Urgent Assignment Help

Our Top Experts


Karen Betty

Holding a PhD degree in Finance, Dr. John Adams is experienced in assisting students who are in dire need...

55 - Completed Orders


Daphne Lip

Canada, Toronto I have acquired my degree from Campion College at the University of Regina Occuption/Desi...

52 - Completed Orders


Mr Roberto Tuzii

Even since I was a student in Italy I had a passion for languages, in fact I love teaching Italian, and I...

102 - Completed Orders


Harsh Gupta

To work with an organization where I can optimally utilize my knowledge and skills for meeting challenges...

109 - Completed Orders


ARNAB BANERJEE

JOB OBJECTIVE Seeking entry level assignments in Marketing & Business Development with an organization...

202 - Completed Orders


KARAN BHANDARI

Current work profile Project manager- The Researchers Hub (2nd Jan 2016 to presently working) Researc...

20 - Completed Orders


Tan Kumar Ali

Sales Assistant, Mito Marina Assigned to the Stationery dept – assisted in merchandising, stock taking...

100 - Completed Orders


Wesenu Irko

Personal Profile Dedicated and highly experienced private chauffeur. High energy, hardworking, punctua...

200 - Completed Orders


Lizzy Darley

I'm Lizzy, full time education specialist in English, Essay Writing, Economics and Maths. Having Assi...

109 - Completed Orders


CRYSTAL

HSC PREPARATION I specialise in English coaching programs for HSC students. My personalised and results-...

202 - Completed Orders