+91-9519066910
USA: +1(715)227-4880, UK: +44-7896988486, AU:+61-452503850

Assignment

Computing Skills Assignment Help

Matlab Assignment Help

HI6025 Accounting Theory and Current Issues

Rating:
HI6025 Accounting Theory and Current Issues

HI6025 Accounting Theory and Current Issues

Purpose:

This assignment is designed to assess your level of knowledge of the key topics covered in this unit.

Unit Learning Outcomes Assessed:

Description:

Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to 5 inclusive and submit these answers in a single document. 

The questions to be answered are:

Week 1

The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’.

Required:

a) Provide one example where information is relevant but not faithfully represented. (3 marks, maximum 100 words)

b) Provide one example where information is not relevant but is faithfully represented. (3 marks, maximum 100 words)

c) Provide one example where information is relevant and faithfully represented. (4 marks, maximum 150 words)

Week 2

a) What is a social contract and how does it relate to organisational legitimacy? (6 marks, maximum 300 words)

b) Explain two ways organisations can use corporate disclosure policy to maintain or regain organisational legitimacy? (4 marks, maximum 200 words)

Week 3

Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440,000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of $40,000. On 1 July 2017, the equipment is deemed to have a fair value of $424,000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356,000 on 1 July 2019.

 

Week 4

Snowy Ltd acquires Pax Ltd on 1 July 2018 for $5,000,000 being the fair value of the consideration transferred. At that date, Pax Ltd’s net identifiable assets have a fair value of $4,400,000. Goodwill of $600,000 is therefore the difference between the aggregate of the consideration transferred and the net identifiable assets acquired.

The fair value of the net identifiable assets of Pax Limited are determined as follows:

($000) Patent rights 200 Machinery 1,000 Buildings 1,500 Land 2,300 5,000 Less: Bank loan 600 Net assets 4,400 At the end of the reporting period of 30 June 2019, the management of Snowy Ltd determines that the recoverable amount of the cash-generating unit, which is considered to be Pax Ltd, totals $4,500,000. The carrying amount of the net identifiable assets of Pax Ltd, excluding goodwill, is unchanged and remains at $4,400,000.

Required:

a) Prepare the journal entry to account for any impairment of goodwill. (6 marks)

b) Assume instead that at the end of the reporting period the management of Snowy Ltd determines that the recoverable amount of the cash-generating unit, which is considered to be Pax Ltd, totals $4,200,000. Determine the impairment of goodwill amount. (No journal entries required) (4 marks) Week 5 On 1 July 2019, Fisher Ltd decides to lease a cargo ship from XFinance Ltd. The term of the lease is 20 years. The implicit interest rate in the lease is 10 per cent. The fair value of the cargo ship at the commencement of the lease is $2,215,560. The lease is non-cancellable, and requires a lease payment of $300,000 on inception of the lease (on 1 July 2019) and lease payments of $250,000 on 30 June each year (starting 30 June 2020). Included within the $250,000 lease payments is an amount of $25,000 representing payment to the lessor for the insurance and maintenance of the cargo ship. There is no residual payment required. Annuity factor, n=20; r = 10% is 8.5136.

Required:

a) Prove that the interest rate implicit in the lease is 10 per cent. (2 marks)

b) Provide the entries for the lease in the books of Fisher Ltd as at 1 July 2019, and 30 June 2020. (4 marks)

c) Provide the entries for the lease in the books of XFinance Ltd as at 1 July 2019, and 30 June 2020. (4 marks)

Week 5

On 1 July 2019, Fisher Ltd decides to lease a cargo ship from XFinance Ltd. The term of the lease is 20 years. The implicit interest rate in the lease is 10 per cent. The fair value of the cargo ship at the commencement of the lease is $2,215,560. The lease is non-cancellable, and requires a lease payment of $300,000 on inception of the lease (on 1 July 2019) and lease payments of $250,000 on 30 June each year (starting 30 June 2020). Included within the $250,000 lease payments is an amount of $25,000 representing payment to the lessor for the insurance and maintenance of the cargo ship. There is no residual payment required. Annuity factor, n=20; r = 10% is 8.5136. 

Required:

a) Prove that the interest rate implicit in the lease is 10 per cent. (2 marks)

b) Provide the entries for the lease in the books of Fisher Ltd as at 1 July 2019, and 30 June 2020. (4 marks)

c) Provide the entries for the lease in the books of XFinance Ltd as at 1 July 2019, and 30 June 2020. (4 marks)

HI6025 Accounting Theory and Current Issues ,Accounting for Income Tax, accounting assignmentaccounting theory

assignment,accounting for income tax guide



 DOWNLOAD SAMPLE ANSWER

Details

  • Number of views:
    26
  • PRICE :
    AU$ 86.00
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