Subject Code : ACBUS103A
Assignment Task:

Subject overview:

In this subject, students are introduced to accounting and the environment in which it operates. Students will develop the skills to apply principles and practices relating to accounting activities in a variety of business entities including the ability to analyse the Australian reporting environment and explain how it affects the preparation of basic financial statements. Students will prepare, analyse and interpret the financial statements to derive meaningful conclusions about the performance of a business entity for decision-making purposes. 
 
To support this analysis, students will prepare and analyse other business activities such as measuring variances between budget and actual performance and analyse working capital. Students will develop analytical skills to interpret the application of this complex information. The subject will equip students with the skills and knowledge to use and analyse financial statements to assist in decision making for financial or management purposes.

Subject learning outcomes 
Students completing this subject will be able to: 
 
1. Communicate knowledge of key principles of accounting and their application to simple business situations. 
 
2. Explain the purpose of financial statements and describe sustainable, ethical and professional work practices. 
 
3. Analyse a business’ requirement and suggest an appropriate equity/ownership structure 
 
4. Analyse and record basic business transactions and their impact on financial statements, including assets, liabilities, equity, income and expenses of different types of businesses 
 
5. Prepare financial statements at an introductory level. 
 
6. Analyse and interpret an income statement, cash flow statement, statement of financial position including associated notes and reports to accounts and communicate the results 
 
7. Reflect on the work of others in a team environment 
 
8. Apply the principles of internal control to current assets.
 
Topic: Recording business transactions 
This topic covers the basic procedures used to record the effects of transactions on a business’ financial position; the chart of accounts, and; applying the rules of debit and credit in double-entry accounting; recording entries in the general journal; the transfer of information to the general ledger, and; preparation of the trial balance.

Topic: Adjusting the accounts 
This topic covers the measurement of profit and cash versus accrual accounting; end-of-period adjusting entries, and; the adjusted trial balance, income statements and balance sheets.
 
Topic: Completing the Accounting Cycle 
This topic covers the need for the closing process and the recording of closing entries.

Part A – Background & Review of Annual Report  
 
a. Provide a short background of the selected business entity, its operations, its competitors, and the ethical and regulatory environment it operates in. (You will need to use other resources in addition to the Annual Report to complete this.) 
 
b. Review the Director’s Report and comment on its authenticity and include any ethical issues. 
 
c. Review the statement by the Auditors and advise if the company has met the general requirements for the annual report under the Act, IAS 1/AASB 101 and explain why. 
 
d. Review the Corporate Governance Statement and comment on its strengths and weaknesses

Part B – Review financial statements and differences
 
a. Review and explain the figures and structure of the current year’s financial statements: Income Statement, Financial Position, Statement of Changes in Equity and Statement of Cash flows (including all required notes). 
 
b. Identify and explain major differences between the performance and position of the current year, and the previous year. 
 
c. Explain why you would/would not recommend investing in this company and support your findings with results from similar companies and current market conditions.

Part C – Conclusion and Recommendation
 
a. Construct concluding comments, which highlight the findings of this organisation, and annual reports in general (comment on sustainable, ethical and professional work practices and corporate governance).  
 
b. Compare the Annual Report with another company’s Annual Report and make recommendations on what improvements can be made in its structure and additional items. 
 
c. Recommend any improvements in reporting and ethical issues, any additions in Corporate Governance statement. 


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  • Posted on : March 01st, 2019

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