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Knowledge and procedural practices (KPP) 代寫

Knowledge and procedural practices (KPP) 代寫

BUSINESS FACULTY 12 ACCOUNTING
Student Name  
Teacher Ms J Jones
Instrument No 8 – Semester 3, 2012-13
Topic ES8  –   Accrual Accounting (R&D)
ES10  –  Managerial Decision Making (R&D) - spreadsheeting
Assessment Type Practical Assessment (unsupervised)
Validation Task (supervised)
Formative/Summative Summative
Time Allowed 3 weeks
Dimensions assessed Knowledge and procedural practices (KPP)
Applied practical processes (APP)
Date Issued Monday 13 May 2013
Progress Check Week beginning 20 May 2013 (Week 6)
Date for Submission Monday 3 June 2013
Submission Type Assignment Box.
  It is strongly recommended that you email a copy of your completed responses to your class teacher ie jessiej@tas.qld.edu.au
Conditions 1.     No teacher input will be provided for this task.  You are required to complete all sections of the assignment, without assistance from personal tutors or unauthorised collaboration with other students.
2.     On the day of submission, you will be required to complete a short validation task to authenticate your work.
Common Curriculum Elements Translating from one form to another
Compiling results in a tabular form
Calculating with or without a calculator
Setting out, presenting, arranging, displaying
Applying a progression of steps to achieve the required answer
Synthesising
Searching and locating items/information
Manipulating/operating/using equipment
Copyright - Trinity Anglican School
Trinity Anglican School remains the copyright owner of this publication.  All rights reserved.  No part of this publication may be reproduced, store in a retrieval system or transmitted in any form or by any means, electronic, electrostatic, magnetic media, mechanical, photocopying, recording or otherwise, without permission in writing from the school.


 
SCENARIO
 
You are employed in the capacity of junior Accountant by TAS Smart (Tax and Accounting Specialists).  A new client – STARLights Industries – has just signed up with your firm.  This business is a small lighting retailer which supplies lights, fans and electrical fittings on a wholesale basis to local electrical contractors.  It also supplies small appliances such as desk and table lamps, pedestal fans and ceiling fans on a retail basis to consumers.    It operates as a STARLights franchise in order to gain access to a successful business model which allows it to compete more readily with larger organisations in the same industry. 
 
You have been provided with the following documents, together with extracts from journals and other information.  It is essential that you carefully read all of the information provided in order to complete all tasks requested by the client.
 
DOCUMENT 1:  Email from the Senior Partner of TAS Smart
To: accountant@TASSmart.com.au
From: jjones@TASSmart.com.au
Subject: Job No 6240A - STARLights
 
1.55 pm                 Monday 13 May 2013
 
Dear
 
During your time with this firm, you have demonstrated an enthusiasm for all that you have been asked to do.  Your current supervisors speak highly of you and therefore, it has been decided that it is time to present you with a challenge which will allow you to demonstrate your skills at a higher level than your current work requirements.
 
As you are aware, we have just signed a new client ie STARLights Industries.  At the end of the current accounting period we will be preparing the relevant financial reports for this firm for taxation purposes.  You have been supplied with a range of information which must be used in compiling such reports.  The figures you have been provided with are ‘dummy’ figures as we are looking to ascertain your skills and understanding in this area in order to determine whether to assign this client to you at the end of the financial year.  This firm is a small one and as such is ideal for you at this stage of your career.
 
In order to gauge your ability to take on the responsibility for this client, you are asked to prepare:
 
1.     A columnar worksheet to facilitate the process of preparing Trial Balances and final reports.
2.     General Journal entries necessary to account for the adjustments as outlined in the additional information with which you have been provided.
3.     Entries in the General Journal necessary to close the relevant accounts and post these entries to the Owner’s Equity accounts.
4.     The reversing entries which are necessary at the start of the subsequent accounting periods.
5.     Fully classified Income Statement and Balance Sheet as they would appear at 30 June 2013, according to the ‘practice’ information provided to you.
 
The due date for completion of this project is Monday 3 June 2013.  However, as part of the process, I require you to meet with me in the week beginning 20 May to discuss your progress.  Please ensure that you bring your work to this meeting and make sure that you include all calculations, workings and assumptions with your work – both for this meeting and as an appendix to your final submission for the project. Please advise the best time to meet so I can note this in my diary.
 
I look forward to seeing how you respond to this exciting opportunity.
 
J Jones
 
 

 
DOCUMENT 2:  Practice list of accounts at 30 June 2013
 
 
Account Title Amount
Accounts Payable Control 74 350
Accounts Receivable Control 89 400
Accumulated Depreciation on Building 74 000
Accumulated Depreciation on Delivery Vehicle 5 300
Advertising 4 310
Annual Subscription to Light Industry Association 250
Bad and Doubtful Debts 790
Building 120 000
Capital – M Kennedy 61 329
Cash at Bank 2 590
Cost of Goods Sold 148 600
Bank Charges 180
Delivery Vehicle 25 000
Travel Expenses 1 150
Commission Revenue 3 490
Drawings – M Kennedy 5 100
Delivery Vehicle Expenses 1 600
Electricity 1 200
Franchise (STARLights) 13 450
Gain on Disposal of Furniture 400
Government Bonds (8% pa) 14 500
GST Clearing 2 800
Insurance 2 100
Interest on Government Bonds 870
Interest on Mortgage 1 250
Inventories Control 17 100
Law Suit Damages Revenue 8 890
Mortgage on Premises (6.75% pa) 50 000
Office Expenses 2 760
Office Salaries 15 700
Rent Revenue 7 950
Provision for Doubtful Debts 300
Sales 200 601
Sales Returns and Allowances 3 100
Sales Salaries 18 750
Sponsorship of Reef Festival 1 400
 
   
   
   
   
DOCUMENT 3:  These extracts from the records of STARLights Industries have been forwarded through for your consideration.
 
 
 
Extracts from the cash journals:
 
Cash Payments Journal of STARLights Industries (extract)
Date Particulars Other Payments GST Clearing Bank
2012        
Sept 1 Insurance 2100 210 2310
 
 
 
Cash Receipts Journal of STARLights Industries (extract)
Date Particulars Other Receipts GST Clearing Bank
2013        
June 23 Rent Received 600 60 660
 
 
 
 
 
 
 
 
 
 
 
Extract from the Property, Plant & Equipment Register:
 
PROPERTY, PLANT & EQUIPMENT REGISTER
Type Delivery Vehicle Location  Progress Road White Rock
Manufacturer Toyota Estimated Life 6 years
Make/Model Coaster Estimated Residual Value $7000
Supplier Cairns Toyota Dealers Depreciation Method Diminishing Balance
    Depreciation Rate 15%
 

 
DOCUMENT 4:  Email from the book-keeper employed by STARLights Industries (forwarded by J Jones)
 
To: accountant@TASSmart.com.au
From: jjones@TASSmart.com.au
Subject: Fwd.URGENT
 
2.10 pm                 Monday 13 May 2013
 
Dear
 
I am forwarding through further information received from our client.  You need to read this information to assess how to include it into the tasks you have to complete.
 
1.     Inventories on hand after counting by a physical stocktake reveals $16 900 worth of stock is on hand.
2.     Interest on Government Bonds is calculated on a quarterly basis and is due to be received on 3 July 2013.
3.     Provision for Doubtful Debts is to be 2% of the current Accounts Receivable figure.
4.     Interest on the mortgage is calculated on the amount which is outstanding on the loan on a monthly basis, according to normal banking practices.
5.     STARLights Industries rents out part of the floor space in its building to a small business operator.  According to the terms of the lease the tenant is required to pay rent two weeks in advance.
6.     The building is depreciated at the rate of 10% straight line.
7.     The business negotiated a new franchise agreement with the franchise owner ie the STARLights parent company, at the end of 2012.  The terms of the franchise state that the agreement will last for 10 years.  The new agreement came into effect on 1 January 2013.
 
Regards
 
L Massey
 
Junior Bookkeeper

 
.DOCUMENT 5:  Email sent to the senior partner of TASSmart from M Kennedy the owner of STARLights Industries.
 
To: jjones@TASSmart.com.au
From: mkennedy@starlights.com.au
Subject: PROPOSED ART UNION
 
8.30 amMonday 13 May 2013
 
Dear Ms Chant
 
I am very happy with my dealings with your firm to this point, so I have decided to ask your advice with regard to a personal interest of mine.  As you might be aware, I am the patron of BRIGHTSPARKS Youth Club.  This is a community organisation where young people can gather to engage in a variety of sporting and creative activities on a social (but still competitive) basis.  In addition, the club supports young people who are at risk of disengaging with society by providing programmes which aim to develop their life and employability skills.
 
As you can imagine, it costs quite a bit to provide the necessary equipment and materials, pay rent on the premises, and other overheads.  BRIGHTSPARKS is a small organisation which relies heavily on the work of volunteers to provide the programmes and also to raise the funds necessary to continue its operations. 
 
In the past, we sourced funds from donations from the public and weekly meat raffles at the local tavern.  However, it is becoming increasingly difficult for the club to raise sufficient funds for its operations.  With this in mind, the committee of BRIGHTSPARKS is considering running an Art Union with a substantial prize (or prizes) with a view to raising greater funds from the broader public.
 
To this point we have discussed the following:
 
1.     We hope to run the art union over a period of three months to maximise ticket sales.
2.     We are prepared to employ ten ticket sellers to sell tickets in the community at a flat rate of $100 per person per week, with each ticket seller to be paid a commission at the rate of 10% of the ticket price. We are hoping to station ticket sellers at local shopping centres, but some of our young people have indicated that they would be prepared to sell tickets in their local neighbourhood.
3.     A local printing business offered to print and provide 60 000 tickets at a reduced price of $10 000
4.     The committee of the youth club is prepared to outlay $15 000 for prizes.  The target profit we hope to achieve is $50 000 but we are uncertain whether to charge $2, $5 or $10 for the tickets.  We are not really interested in bundling the tickets.
 
Unfortunately, none of us on the committee has any real expertise in accounting procedures and would like you to advise us on whether you think this is a viable option for us and also what would be our best option with regard to ticket prices and prizes – given the current economic climate.
 
If you are able to assist us, it would be most appreciated if you could attend our next committee meeting to be held on the evening of Tuesday 4 June to advise us on the best course of action.  Our meetings are held at the clubhouse which located in the Multi-purpose Hall at the Trinity Anglican School White Rock Campus.  We start our meetings at 6.30 pm.
 
Please advise if you are able to help us out in this matter. 
 
 
Regards
 
M Kennedy
 
Patron – BRIGHTSPARKS Youth Club

.DOCUMENT 5:  Email from the senior partner of TASSmart
 
To: accountant@TASSmart.com.au
From: jjones@TASSmart.com.au
Subject: FURTHER REQUEST FROM STARLIGHTS
 
1.50 PM                 Monday 13 May 2013
 
Dear
 
Just received this additional request from STARLights.  I cannot attend to this as I will be out of town from now until the day before the committee meeting.  I need you to read carefully the information provided by Ms Kennedy with regard to the fund-raising proposal put forward by the Youth Club.  It would be highly appropriate for us to contribute our support to this worthwhile community endeavour. 
 
You will need to go over the proposal as it stands at the moment; however, the information is very scant.  You will need to research the requirements associated with conducting an Art Union – both accounting and financial – in order to provide the best possible advice to the committee.  In addition, you will need to undertake a Cost-Volume-Profit Analysis to be presented at the committee meeting. 
 
Given that the members of the committee have little expertise in this area, the format of presentation needs to be adapted to ensure that they will have a clear understanding of the options available to them in terms of the function of cost-volume-profit and how it is calculated, suggestions for prize options, as well as the regulations which govern the conduct of Art Unions in Queensland.  Please include all information which you feel will assist the committee to make an informed decision about whether or not this proposed Art Union is the best option for them to achieve their target profit. Make use of visual material ie business graphics to make the concepts simple to comprehend.
 
Please ensure that you present all the materials ie PowerPoint with supporting notes which can be used at the committee meeting by 8.35 am on Monday 3 June so that I can review them prior to my attending the committee meeting on the Tuesday evening.
 
 
Regards
 
J Jones
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

CRITERIA SHEET
NAME Instrument 8:  Practical assessment (unsupervised) – ES8 and ES10
Dimension Standard A Standard B Standard C Standard D Standard E OVERALL
Knowledge and procedural practices The student work has the following characteristics:
·       effective descriptionandthorough explanation of concepts and procedures  in relation to managerial decision making
·       thorough and effective processing of accounting data to undertake cost-volume-profit analysis
·       comprehensive selection and efficient organisation of relevant data to effectively prepare PowerPoint presentation
The student work has the following characteristics:
·       clear and accurate description and explanationof concepts and procedures in relation to managerial decision making
·       well-organised and reliable processing of accounting data to undertake cost-volume profit analysis
·       considered selection and logical organisation of relevant data to prepare PowerPoint presentation
The student work has the following characteristics:
·       identification, description and explanation of concepts and procedures in relation to managerial decision making
·       processing of accounting data to complete a cost-volume-profit analysis
·       selection and organisation of data to prepare PowerPoint presentation
The student work has the following characteristics:
·       identification or description of procedures in relation to managerial decision making
·       inconsistent processing of accounting in relation to cost-volume-profit analysis
·       selection of data to prepare PowerPointpresentation
The student work has the following characteristics:
·       identification of basic accounting terminology and statements of facts
·       recording of simple data in relation to cost-volume-profit analysis
·       use of data to present accounting information
 
Applied practical processes The student work has the following characteristics:
·       thorough synthesis of situations to effectivelysolve problems related to balance day adjustments,using complex reasoning
·       consistent and efficient application of complex concepts and related reasoning and skills to accurately organise, process and report at the end of the accounting period
The student work has the following characteristics:
·       systematic synthesis of situations to logicallysolve problems related to balance day adjustments, using complex reasoning
·       effective application of complex concepts and related reasoning and skills to accurately organise, process and report most accounting information related to end of period reporting
The student work has the following characteristics:
·       synthesis of situations to solve problems related to balance day adjustments, using complex reasoning
·       application of complex concepts and related reasoning and skills to organise, process and report accounting information related to end of period reporting, with varying degrees of accuracy.
The student work has the following characteristics:
·       identification of features relevant to accrual accounting
·       application of concepts and related skills to present accounting information related to end of period reporting, with minimal accuracy.
The student work has the following characteristics:
·       identification of some features related to the accrual accounting
·       minimal application of concepts related to end of period reporting
 
               

 
Comments
 
 
 
 
 
 
 
 
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