怎樣撰寫關(guān)于會(huì)計(jì)準(zhǔn)則的作業(yè)
12-13, 2012
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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
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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
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of the paper. Including the source in the reference list or bibliography is not sufficient. Changing,#p#分頁(yè)標(biāo)題#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
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? 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
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(e) providing assistance to a student in the presentation of individual work, where such assistance
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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.
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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#分頁(yè)標(biāo)題#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
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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#分頁(yè)標(biāo)題#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，公司提出了發(fā)行紅股的制度。獎(jiǎng)金
股份繳足到4.00美元，共發(fā)行百分之二十的紅股的比率
。發(fā)行紅股主要來(lái)自一般
儲(chǔ)備。
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#分頁(yè)標(biāo)題#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
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months) is payable http://www.400190.com/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#分頁(yè)標(biāo)題#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’)
(c) Other revenues/income is comprised of:
? $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.
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(g) On 4 July 2012 the company accountant was reviewing accruals and#p#分頁(yè)標(biāo)題#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#分頁(yè)標(biāo)題#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
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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#分頁(yè)標(biāo)題#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
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PLEASE DO NOT ATTACH TO YOUR ASSIGNMENT FILE
FEEDBACK FORM
Financial Accounting 2
ACG 27
Annual Report Assignment -
SP4 - 2011
Name……………………………………….ID…………………………
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#分頁(yè)標(biāo)題#e#
? can work both autonomously and collaboratively
? communicate effectively
Summary comment
Final mark
/100
Marker’s initial
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Out
U S VG
U= unsatisfactory S = satisfactory VG= very good
of
Statement of Comprehensive Income
? ? ?
The adequacy of the prepared financial statement, including:
? Preparation in accordance with instructions ? ? ?
? Application of all “relevant” accounting standards ? ? ?#p#分頁(yè)標(biāo)題#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#分頁(yè)標(biāo)題#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#分頁(yè)標(biāo)題#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#分頁(yè)標(biāo)題#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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