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Assessment 3 Information Subject Code: ACC203 Subject Name: Financial Accounting 2 Assessment Title: Case study Assessment Type: Individual Written Report – Case Study Weighting: 30% Total Marks: 30 marks Submission: Individual Written Report submitted via Turnitin on MyKBS Word limit: 1500 words (max.) Due Date: Monday of Week 13 at 3:55 pm AEST Your Task You are required to prepare a business letter to answer key accounting issues regarding income taxes, property, plant & equipment revaluation and revenue. Assessment Description Assume that you are a graduate accountant working for Highend Accountants, a public accounting firm located at 203 York Street Sydney, NSW 2000. The manager of your firm, Mr. John Little asked you to draft a letter in response to an email received from Ms. Michelle Smith, the managing director of Lowsales Ltd in response to various key accounting issues. See the copy of the email on the next page. You should address all the technical issues/discussion in the letter, followed by a Reference List. The breakdown of your assessment marking is as follows: Technical component 25 marks – These marks cover the technical content of your advice and the explanation on each of the issues, the calculations and the sources used. Communication Skills/Writing 5 marks – These marks cover the generic skills of report writing, layout, clear meaning, structure and appropriate tone and grammar and spelling and punctuation. Learning Objectives: After completing this Individual Assignment, you will be able to: • apply accounting principles and standards when accounting for non-current assets • apply accounting principles and standards when accounting for liabilities, revenue and income tax • develop information gathering and communication strategies to enable the provision of professional advice to a client Case Study Assume that you are a graduate accountant working for Highend Accountants, a public accounting firm located at 203 York Street Sydney, NSW 2000. The manager of your firm, Mr. John Little asked you to draft a letter in response to an email received from Ms. Michelle Smith, the managing director of Lowsales Ltd in response to various key accounting issues. Make sure you include any references from AASBs, Corporations Act and relevant websites. The following email was sent from Ms. Michelle Smith to John Little. Re: Accounting Issues: Year Ending 30 June 2021 From: Michelle Smith (msmith@lowsales.com.au) Sent: 5 May 2021 To: John Little (john123@highendaccounting.com.au) Dear John, Thank you for your phone call this morning. As discussed, we have recently hired a new chief accountant for our group who is concerned about three matters. Firstly, the chief accountant expressed his concerns to the Board that there were no deferred tax accounts. The chairperson said that we should not be wasting our time on future tax consequences because there are far more important issues for us to focus on. The company pay taxes every quarter, is this not sufficient? Could you please explain this issue? As I said, we are all nonaccountants, and therefore an example would be great. The chief accountant raised a second matter about the recording of revenue. For example, Lowsales Ltd executes a contract to sell and install machinery for our customer, Gregory Ltd to support their dam construction project. The sales price charged for the machine, installation and ongoing support is $6,000,000. The terms state that Gregory Ltd will pay for the machine immediately (fair value of the machinery is $5,000,000). The installation will take approximately 3 months to complete (fair value of installation is $1,000,000). In addition, Lowsales Ltd have agreed to provide Gregory Ltd with 24 months of ongoing technical support (fair value of technical support is $100,000). In the accounts of Lowsales Ltd revenue of $6,000,000 (on the date the contract was exchanged) was recorded. However, the chief accountant requests that Lowsales Ltd should apply the five-step model per the accounting standard to record the revenue. Can you explain the five-step using the above example? The accountant raised a third point. He recommended that Lowsales Ltd adopt the “revaluation method” for property, plant and equipment instead of our current “cost method”. Can you explain what is the difference between the cost method and the revaluation method? I am also not sure how this affects our financial statements. Could you please explain how this may impact our financial statements? Our board thinks that the revaluation method is better as we can increase company asset values anytime and therefore it will attract more new investors. Is this correct? Please respond by letter (not email) as I would like to present your views to our board. I look forward to hearing from you shortly. Regards Michelle Smith Managing director, Lowsales Ltd Level 11, 203 York Street, Sydney NSW 2000
Important Study Information Academic Integrity Policy KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy. What is academic integrity and misconduct? What are the penalties for academic misconduct? What are the late penalties? How can I appeal my grade? Click here for answers to these questions: http://www.kbs.edu.au/current-students/student-policies/. Word Limits for Written Assessments Word limit is 650 words (max.) Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded. Study Assistance Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information. ACC203 Assignment Rubric: 30% Individual Assignment Components High Distinction 85 – 100% (Marks 25.5 to 30) Distinction 75 – 84% (Marks 22.5 to 25.4) Credit 65 – 74% (Marks 19.5 to 22.4) Pass 50 – 64% (Marks 15 to 19.4) Fail 0 – 49% (Marks 0 to 14.9) Mark Awarded (Out of 30) Technical component Journal entries, Calculations, Explanations 25 marks It clearly identifies and addresses all the technical issues raised & provides clear, correct & decisive answers displaying an outstanding understanding of each of the technical issues.
It is very clear and concise making it easy for the client to understand.
Where applicable the appropriate reference has been correctly made to the AASBs, GAAPs and other legislation It clearly identifies and addresses most of the technical issues raised by the client and provides clear, correct, and decisive advice displaying a good understanding of most of the technical issues.
It is easy for the client to understand.
Where applicable the appropriate, reference has been made to the AASBs, GAAPs and other legislation It clearly identifies & addresses some of the technical issues raised by the client and provides reasonably clear, correct, and decisive advice displaying a reasonably good understanding of some of the technical issues.
It most cases it is easy for the client to understand.
Reference has been made to most of the AASBs, GAAPs and other legislation where applicable It identifies and addresses some of the technical issues raised by the client and provides fairly clear, but not always correct and/or decisive advice. It displays a reasonable understanding of some of the technical issues raised.
In some cases, it is easy for the client to understand. *Reference has been made to some of the AASBs, GAAPs and other legislation where applicable. It does not identify or address the technical issues raised by the client It displays a lack of understanding of some or all of the technical issues raised. *It is difficult for the client to understand.
Little or no reference is made to the AASBs, GAAPs and other legislation where applicable. ACC203 Financial Accounting 2 page 5 Assignment 3 Case Study Communication Skills/Writing Written Business Letter with letterhead Overall Presentation, Language and Grammar 5 marks The Letter includes the letterhead with a logo and business name. Recipient name and address clearly identified. Date and subject line included. Presentation, formatting and structure are of a high professional standard. Exceptional and eloquent use of the English language presented clearly, sequentially and without errors in grammar and referencing. The Letter includes the letterhead with a logo and business name. Recipient name and address clearly identified. Date and subject line included. Only minor improvements are needed in presentation, formatting and structure for high professional standards to be met. An excellent use of the English language though minor improvements needed in clarity, sequence, grammar and referencing. The Letter includes the letterhead with a logo and business name. Recipient name and address clearly identified. Date and subject line included. An inconsistent application of professional standards of presentation, formatting and structure. A solid use of the English language though inconsistencies exists in terms of clarity, sequence, grammar and referencing. The Letter includes the letterhead with a logo and business name. Recipient name and address clearly identified. Date and subject line included. Major improvements are needed in terms of presentation, formatting and structure. An acceptable level of English but major improvements are required in terms of clarity, sequence, grammar and referencing. The Letter does not include a letterhead and there is no logo or business name. Recipient name and address is not clearly identified. Date and subject line included. Unprofessional presentation and formatting with a structure that does not flow. The application of the English language is difficult to follow, and the standard of clarity, sequence, grammar and referencing is below what would be acceptable by a professional body. TOTAL MARKS (out of 30 marks) ACC203 Financial Accounting 2 page 6 Assignment 3 Case Study
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Respond to the following questions, and upload your well-written responses by the due date.
1) How do you personally define ethics in accounting? What does it mean to be an ethical accountant?
2) What codes and/or laws have you learned about that help govern the behavior of professional accountants? How would you summarize the ideas behind these Acts/Codes?
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Respond to the following questions, and upload your well-written responses by the due date.
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2) What codes and/or laws have you learned about that help govern the behavior of professional accountants? How would you summarize the ideas behind these Acts/Codes?
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Each reply must incorporate at least 1 scholarly citation in the current APA format. Any sources cited must have been published within the last five years. Acceptable sources include the textbook, the Bible, etc
The Sarbanes-Oxley Act of 2002 is arguably the most influential piece of accounting legislation that has been put into action. Every finance, accounting, and business class at least mentions this important piece of legislation. I found an article that considers the impact of the Sarbanes-Oxley Act of 2002, 15 years later. The Sarbanes-Oxley Act, otherwise known as SOX, had a major impact on the economy immediately. The article that I found is broken down into 6 parts being 1st, the objectives of SOX, then the impact of SOX, its implications of accounting ethics, the conclusion, a notes section, and finally references.
The first section of the article addresses the objectives of the Sarbanes-Oxley Act of 2002 and says that “SOX had the primary objective of curbing fraud and encouraging ethical behavior in private enterprises by company employees, and most notably by executives and auditors of the corporation.” (Gunz, 2018). This means that the main goal of this act was to protect the finances of all through increasing ethical standards and financial practices. This act was conceived after a time of financial scandals and mishaps with major companies like Enron, Worldcom, and Tyco (Gelinas et al., 2017). The SOX act is covered in chapter 7 of our textbook where it is explained in detail about what the act is and why it was derived. SOX created an oversight board to monitor the accounting practices of companies, called the PCAOB (Gelinas et al., 2017). The Public Company Accounting Oversight Board, or PCAOB, implemented “strengthened auditor independence rules, increased accountability of company officers and directors, mandated upper management to take responsibility for the company’s internal control structure, enhanced the quality of financial reporting, and put teeth into white-collar crime penalties.” (Gelinas et al., 2017). This is very important to modern accounting for companies and how they handle their investors finances and their own finances. Especially with the birth of cryptocurrencies, it would be easier than ever to launder money and act unethically because of increased technology and automation.
The main article then highlights the broad effects of SOX in the US and how it leaked into other countries. The article says “Approximately 44 other countries quickly followed the lead of the US and passed similar legislation…” (Gunz, 2018). This act was so impactful to the US economy that other countries decided to take pieces of it or follow the lead of the US and make sure that their economies were protected from the dangers of unethical practices in finance. The EU recently created a few pieces of legislation similar to our Sarbanes-Oxley Act of 2002. There are multiple parts to their acts though. The first part is the “Directive 2014/56/EU, which established the framework for audits, public oversight of auditors, and cooperation between EU authorities.” (Grajek, 2020). The second piece is the “ Regulation (EU) No 537/2014 and specifies audit requirements for public interest entities.” (Grajek, 2020). The third piece of the EU SOX lookalike legislature is ‘the establishment of the Committee of European Auditing Oversight Bodies to further improve oversight of audits across the EU.” (Grajek, 2020). The point of all this is that directive legislation on accounting and audit ethics was so impactful that other countries followed in the footsteps of the US to protect themselves as well.
The third section of the article covers whether SOX actually had an impact on influencing more ethical behaviors in accounting of corporations and auditors. The article then goes to show three separate papers that show their opinions with support for if SOX facilitated ethical behavior. Accounting Today says that “A recent survey by Deloitte found that more than half (52.4 percent) of C-suite and other executives said global corporate ethical behavior has improved since the enactment of SOX.” (Cohn, 2017). A 50% increase of ethical behavior is pretty good if you ask me. The survey reported that just over half of US corporations felt the impact of the Sarbanes-Oxley Act of 2002. There would never be a one hundred percent increase in ethical behaviors in corporations. That expectation would be too overzealous. The Accounting Today article also said that some corporations still are having trouble with compliance to ethical policies (Cohn, 2017). That result is normal when there are employees because a corporation will never be able to get all of their employees to follow and comply with all policies put in place. The last paragraph of the third section mentions that the SOX act increased “whistleblower policies” (Gunz, 2018). That means that the act created more avenues for employees and others who are part of corporations and audit teams to tattle on those who they have knowledge of being involved in corrupt actions or acting unethically and fraudulent. On the note of ethics, if companies were to structure their policies in a Christian way it may be more lucrative and rewarding for employees who are Christians trying to act ethically. The book of Colossians says a verse that reads, “And whatever you do, whether in word or deed, do it all in the name of the Lord Jesus, giving thanks to God the Father through him.” (NIV, Colossians 3:17). The Lord specifically instructs all who follow him to act in an ethical way and in good faith for God the Father and Christians should always strive to follow this word.
The conclusion of the main article from Springer Link discusses in brevity what was covered in the entire article. It sums up the main themes and conclusions made throughout the evidence shown throughout the article. The conclusion states that “The three studies suggest that the goals of increasing transparency and trust in financial reporting appear to have been met, as trust on the part of investors has increased, and ethical climate in organizations has improved.” (Gunz, 2018). This means that the overall goal of Sarbanes-Oxley Act was met and helped with corporate fraud and mistrust overall. The Sarbanes-Oxley Act of 2002 is nearing its 20 year anniversary and corporations can still say that they are feeling the impact and positive trends that this act created. The overall environment of corporations and auditors has been much more trustworthy and reliable since this act was implemented. The scandals that occurred just before this act were heinous and unacceptable and that is the reason that SOX was conceived, to make the investing and corporate environment friendly and not hostile.
The final sections of references and notes are just to acknowledge the resources used in creating the article and to give credit to those who are deserving of it
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700 words with at least 5 references discussing only about accounting and environmental issues of Common wealth bank of Australia. Refer assessment 3 for further information
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Assessment Assessment 2 (Part A: Business Report, Part B: Discussion of partnership processes and preparation of Accounting entries) Individual/Group Individual Assignment Length Part A—1500 words Part B— 300 words for requirement 3. Learning Outcomes b) Apply Accounting principles and standards when accounting for non-current assets, revenue and liabilities. c) Prepare statements of cash flows. d) Prepare Accounting entries and processes for partnerships. Submission Week 10 (Detailed information is provided below) Weighting 30% Total Marks 100 marks (Part A: 75 marks and Part B: 25 marks) Individual Assignment Specifications Assessment Task Description The assignment is to be completed individually. Listed below is the overview, instructions, marking criteria and rubric for Part A and Part B outlining the specific questions to be addressed in your report. 1. Overview The total marks available for this assessment task are 30. The assignment has an allocation of 100 marks, final mark on the assignment will be a weightage of 30% of the marks awarded out of 100. The assignment requires you to: (i) directly address Part A & Part B worth a total of 100 marks, and (ii) “to do so with academic and discipline conventions and sources of evidence”, worth 15 marks (see Instructions, Item 4) 2. Instructions 1. Select a company from Table 1 listed under pt.5. 2. Obtain the recent annual report preferably financial year ending 30 June 2020. 3. Students are not allowed to select the same company; therefore, your lecturer must approve the choice of your company. 4. In terms of ‘Academic Quality’ worth 10 marks for Part A and 5 marks for Part B, a combined total of 15 marks out of 100 marks. 5. Selected list of ASX companies is provided below, that need to be selected for your choice of Part A Table 1: Selected list of ASX listed companies ASX Code Company name 1 CSL CSL Ltd 2 STO Santos Ltd 3 RIO RIO Tinto Ltd 4 TCL Transurban Group 5 LLC Lendlease Group 6 ALX Atlas Arteria 7 ORI Orica Ltd 8 OZL OZ Minerals Ltd 9 OSH Oil Search Ltd 10 MIN Mineral Resources Ltd 6. The requirements for Part A of this assignment must be written/structured in the form of a ‘business report’. That is, it must have a/an: (i) Word limit: 1,500 words (ii) A proper report format is expected (title page, executive summary, table of contents, introduction, body of the report with headings and subheadings, conclusion & recommendations, appendices, list of references) (iv) Students are strongly advised to avoid plagiarism or collusion in doing the assessment. General rule: If the similarity, detected and reported by Turnitin report, comes from the original assignment questions, table of contents, table of numbers and data, diagrams and charts, calculations, reference list, appendix…, then it is not an indication of plagiarism. However, if the similarity comes from the discussion or analysis or interpretation or recommendation parts of the assignment then it is an indication that the student has “copied and pasted” from the original source. This is not the student’s own work and therefore it will negatively affect the quality of the student’s answers in the submitted report. (v) A minimum of 3 different academic reference sources are required. Remember that Wikipedia, Investopedia and other similar websites are not academic sources and must not be used as a reference source. (vi) The marking rubrics for the business report is provided under Assignment marking criteria and Rubric. Part A: Discuss and interpret various Accounting Standards covering non-current assets, revenue recognition, liabilities, and cash flow statement. (75 Marks) For your selected/approved Company, comment on the following: 1. Knowledge and understanding of the accounting principles and standards for non-current assets, revenue, and liabilities. a. Discuss why the selected company has prepared the general purpose financial statements. Your discussion should include the reference to the objective of conceptual framework (6 marks) b. State the basis of preparation of these statements. (3 marks) c. Refer to the following items from statement of financial position/ Balance sheet of the selected company: ? Property, Plant& Equipment (PPE) ? Intangible assets ? Right of use of asset ? Deferred tax assets ? Deferred tax liabilities ? Provisions Review the information provided in notes to financial statements about each of the above items. In your written report identify the following for each of the above item: ? accounting standards used for reporting. (6 marks) ? measurement basis used. (6 marks) ? key judgements and estimates applied. (6 marks) d. Identify selected company’s sources of revenue and the accounting standard applied for reporting revenue. (3 marks) e. Explain the revenue recognition criteria applied to each of the revenue source identified in (d) and further assess whether it satisfies the recognition criteria as stated in the Conceptual Framework. (6 marks) 2. Preparation, presentation, and analysis of cash flow statement. a. Outline the two different methods of preparing the statement of cash flows. Examine the selected company’s statement of cash flows and report on its method used. (6 marks) b. Assess how each section in the statement of cash flow of your selected company relates to the statement of financial position. (6 marks) c. Examine the selected company’s statement of cash flows and compare the cash from operating activities with operating profit after tax. Are they similar? If not, suggest why. (6 marks) d. What financing activities were undertaken by the selected company? Compare the borrowings from the previous year and suggest reasons for any major changes. Were there any payments made to shareholders? (3 marks) e. Generate an opinion about the selected company’s cash position and its usefulness to shareholders, lenders, and creditors. (3 marks) 3. Developed recommendations in line with the evidence available in the annual report. Analyse the measurement basis, key judgements and estimates identified in Part A 1 (c), discuss whether this provides relevant, reliable, and faithful representation to stakeholders. For this analysis you may look at qualitative characteristics mentioned in the conceptual framework and look at an annual report of another company in the similar sector and compare the approach adopted with your selected company. (5 marks) 4. Use of academic and discipline conventions and sources of evidence. Report Layout and Content (i.e., title page, executive summary, table of contents, introduction, body of the report (this is where you will address the above 3 questions) with headings and subheadings, conclusion & recommendations, appendices, list of references (10 marks) Part B: Partnership processes and accuracy of accounting entries (25 Marks) On 1 July 2019 Patrick and Patricia decided to join forces and form a partnership (P&P Partners). Their contributions to the partnership were: Patrick – Cash: $160,000, Accounts Receivable: $75,000, Equipment: $85,000 Patricia – Cash: $240,000, Inventory: $200,000, Accounts payable: $75,000 Their agreement has the following conditions: • Patricia’s inventory has a market value of $180,000 • Patrick’s equipment has been valued at $80,000 • The partners receive 5% interest on their capital balances • Salaries Patrick – $90,000 and Patricia – $75,000 • The remaining profit is split equally. • Any drawings attract an 10% interest rate for the financial year. Required: 1. Prepare journal entries for the formation of the partnership. (4 marks) 2. During their first year they made a profit of $204,000. Both partners have drawings Patrick $25,000 and Patricia $30,000. Prepare a schedule for the distribution of profit for the year. (6 marks) 3. As the business is growing, partners are curious to know if company structure would be beneficial for the business. Provide a brief advise to the partners stating whether they should consider registering the business as a company. In your advice comment on the aspects of company structure, such as regulatory compliance, taxation, continuity and if these aspects provide any advantage over partnership structure. (10 marks, 300 words) 4. Use of academic and discipline conventions and sources of evidence. (5 marks) Assignment Marking Criteria and Rubric The following summarizes the key marking criteria that will be used to assess how you have addressed the assignment requirements of Part A and Part B, academic and discipline conventions, and sources of evidence. Marking Criteria Marking Criteria Marks Allocated Marks Awarded Part A: Discuss and interpret various Accounting standards covering non-current assets, revenue recognition, liabilities, and cash flow statement 1. a. b. c. d. e. Knowledge and understanding of the accounting principles and standards for non-current assets, revenue, and liabilities. Discuss why the selected company has prepared the general purpose financial statements. Your discussion should include the reference to the objective of conceptual framework (6 marks) State the basis of preparation of these statements. (3 marks) Refer to the following items from statement of financial position/ Balance sheet of the selected company: ? Property, Plant& Equipment (PPE) ? Intangible assets ? Right of use of asset ? Deferred tax assets ? Deferred tax liabilities ? Provisions Review the information provided in notes to financial statements about each of the above items. In your written report identify the following for each of the above item: ? accounting standards used for reporting. (6 marks) ? measurement basis used. (6 marks) ? key judgements and estimates applied. (6 marks) Identify selected company’s sources of revenue and the accounting standard applied for reporting revenue. (3 marks) Explain the revenue recognition criteria applied to each of the revenue source identified in (d) and further assess whether it satisfies the recognition criteria as stated in the Conceptual Framework. (6 marks) 36 2. Preparation, presentation, and analysis of cash flow statement. a. Outline the two different methods of preparing the statement of cash flows. Examine the selected company’s statement of cash flows and report on its method used. (6 marks) 24 b. Assess how each section in the statement of cash flow of your selected company relates to the statement of Financial position. (6 marks) c. Examine the selected company’s statement of cash flows and compare the cash from operating activities with operating profit after tax. Are they similar? If not, suggest why. (6 marks) d. What financing activities were undertaken by the selected company? Compare the borrowings from the previous year and suggest reasons for any major changes. Were there any payments made to shareholders? (3 marks) e. Generate an opinion about the selected company’s cash position. (3 marks) 3. Developed recommendations in line with the evidence available in the annual report. Analyse the measurement basis, key judgements and estimates identified in Part A 1 (c), discuss whether this provides relevant, reliable, and faithful representation to stakeholders. For this analysis you may look at qualitative characteristics mentioned in the conceptual framework and look at an annual report of another company in the similar sector and compare the approach adopted with your selected company. (5 marks) 5 4. Use of academic and discipline conventions and sources of evidence. 10 Part B: Partnership processes and accuracy of accounting entries 1. Prepare journal entries for the formation of the partnership. (4 marks) 2. During their first year they made a profit of $204,000. Both partners have drawings Patrick $25,000 and Patricia $30,000 drawings. Prepare a schedule for the distribution of profit for the year. (6 marks) 3. As the business is growing, partners are curious to know if company structure would be beneficial for the business. Provide a brief advise to the partners stating whether they should consider registering the business as a company. In your advice comment on the aspects of company structure, such as regulatory compliance, taxation, continuity and if these aspects provide any advantage over partnership structure. (10 marks, 300 words) 20 4. Use of academic and discipline conventions and sources of evidence. (5 marks) 5 TOTAL Marks 100 TOTAL Weight 30% Final Mark Marking Rubric (Business report: 75 marks (Part A) and Partnership processes and Accounting entries: 25 marks (Part B)). Assessment Attributes for Part A and Part B have been clearly labeled in the table below. Please note that the last Attribute of Academic and discipline conventions apply to both parts, where Part A has been allocated 10 marks and Part B allocation is 5 marks. Assessment Attributes Fail (0-49%) Pass (50-64%) Credit (65-74%) Distinctions (75-84%) High Distinction (85-100%) Knowledge and understanding of the Accounting principles and standards for non-current assets, revenue, and liabilities. (36 marks) Part A • • • • Shows very little to no understanding of the Accounting principles and standards required to be discussed from the annual report of selected company. Key components of the assignment are not addressed. Demonstrates little to no capacity to explain and apply relevant Accounting principles and standards. Has answered most parts incorrectly. • • Shows limited understanding of the Accounting principles and standards required to be discussed from the annual report of selected company. Has answered some parts incorrectly. • Thorough knowledge or understanding of the Accounting principles and standards required to be discussed from the annual report of selected company. • Highly developed understanding of the Accounting principles and standards required to be discussed from the annual report of selected company. • A sophisticated understanding of the Accounting principles and standards required to be discussed from the annual report of selected company. Preparation, presentation, and analysis of cash flow statement. (24 marks) Part A • • Shows no understanding of direct and indirect methods of presenting cash flows from operating activities. Demonstrates little to no capacity to explain the importance of cash flow from operating activities. • • Shows limited understanding of direct and indirect methods of presenting cash flows from operating activities. Demonstrates limited capacity to • • Shows good understanding of direct and indirect methods of presenting cash flows from operating activities. Demonstrates a good • • Shows highly developed understanding of direct and indirect methods of presenting cash flows from operating activities. Demonstrates a highly developed • • Shows sophisticated understanding of direct and indirect methods of presenting cash flows from operating activities. Demonstrates a • Has answered most parts incorrectly. • explain the importance of cash flow from operating activities. Has answered some parts incorrectly. understanding in explaining the importance of cash flow from operating activities. understanding in explaining the importance of cash flow from operating activities. sophisticated understanding in explaining the importance of cash flow from operating activities. Developed recommendations in line with the evidence available in the annual report. (5 marks) Part A • No recommendations developed. • Recommendations developed but not broadly consistent with the evidence presented and generated in the case. • Supports personal opinion and information substantiated by evidence from the research/course materials. • Discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. • Systematically and critically discriminates between assertion of personal opinion and information substantiated by robust evidence from the research/course materials and extended reading. Knowledge and understanding of partnership processes and accuracy of Accounting entries (20 marks) Part B • • • Shows very little to no understanding of the partnership processes Demonstrates little to no accuracy in recording Accounting entries. Has answered most parts incorrectly. • • • Shows very limited understanding of the partnership processes Demonstrates limited accuracy in recording Accounting entries. Has answered some parts incorrectly. • • Thorough knowledge or understanding of the partnership processes Demonstrates good accuracy in recording Accounting entries • • Highly developed understanding of the partnership processes Demonstrates high accuracy in recording accounting entries • • A sophisticated understanding of the partnership processes. Demonstrates perfect accuracy in recording Accounting entries Use of academic and discipline conventions and sources of evidence. (15 marks) 10 marks for Part A and 5 marks for Part B • • • Poorly written with errors in spelling, grammar. Demonstrates inconsistent use of good quality, credible and relevant research sources to support and develop ideas. There are mistakes in using the APA style. • • • Is written according to academic genre (e.g. with introduction, conclusion or summary) and has accurate spelling, grammar, sentence and paragraph construction. Demonstrates consistent use of credible and relevant research sources to support and develop ideas, but these are not always explicit or well developed. There are no mistakes in using the APA style. • • • Is well-written and adheres to the academic genre (e.g. with introduction, conclusion or summary). Demonstrates consistent use of high quality, credible and relevant research sources to support and develop ideas. There are no mistakes in using the APA style. • • • Is very well-written and adheres to the academic genre. Consistently demonstrates expert use of good quality, credible and relevant research sources to support and develop appropriate arguments and statements. Shows evidence of reading beyond the key reading. There are no mistakes in using the APA style. • • • Expertly written and adheres to the academic genre. Demonstrates expert use of high-quality, credible and relevant research sources to support and develop arguments and position statements. Shows extensive evidence of reading beyond the key reading. There are no mistakes in using the APA style. ACCT 2000 Financial Accounting |Page 9 of 9
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1.What are the main differences between accounting for a defined contribution plan and accounting for a defined benefits plan (you can address one of the main differences)? What kind of plan would you prefer and why?
2.Why do financial accountants (vs. tax accountants) need to consider the financial reporting requirements pertaining to taxes (you can address one of the considerations)?
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ASSESSMENT BRIEF Subject Code and Name ACCT6001 Accounting Information Systems Assessment Assessment 2 – Business Process Analysis Individual/Group Group of 3-4 students Learning Outcomes (a) Analyse and articulate business processes and recognise the role of accounting information systems in enhancing business process design. (e) Communicate with IT professionals, stakeholders and user groups of information systems Submission By 11:55pm AEST/AEDT Sunday end of week 5/Module 3.1 For Intensive class: By 11:55pm AEST/AEDT Sunday end of Week 3/Module 3.2 Weighting 25% Total Marks 100 marks Context: This assessment is designed to develop student’s understanding of business processes; analyse existing organisation’s processes; and suggest ways to improve the organisation’s current business process inefficiencies. Submission Instructions: • Students will organise themselves into groups of 3 to 4. Students will work in their groups to prepare a response to ALL of the case questions listed at the end of the case study. • Students that have not formed groups by Week 02, will be placed into groups by the learning facilitator • Students need to submit a report, presented in proper report format (including a reference list). The report needs to be submitted though the submission link available on the Blackboard. One copy of this report needs to be submitted in Word format by a representative of each group on the Blackboard Case Study Eljay is a large online education provider (school) consisting of administration, teaching and corporate services teams. Students of often email the school with questions about learning and teaching materials, assessments, and IT-related problems that require the school to process and solve the problem. These student queries are managed based on their type (teaching, assessment, IT), priority and status. The three levels of priority identified by the school include: “important”, “normal” and “less important”. The status of a student query (e.g. job) includes: “Open”, “In Process”, “Re Process”, “Solved”, “Closed”. Queries are logged in a job management system (excel spreadsheet saved on a SharePoint site), which enables the school to manage the details of the life cycle of the query from start to finish. In addition to recording student details, this system records the job code, description, type, priority, and status of the job as it progresses through each team. The current business process begins when a student emails the school with a query. Employees within the administration team, who have less content-related knowledge, manually load each student query into the job management system. When this job is created, it is assigned an “Open” status by the administration team. Every query that employees from this team enter into the job management system is given a job code which is used to uniquely identify the student query. Once this code has been created in the system, an email is sent to the student with the job code (e.g. the reference number for the query). The student must mention this job code every time an inquiry about the status of the query is made. Any queries that are easily resolved (e.g. those that involve common problems) are assigned to employees within the administration team who work directly with the student to resolve the query. If an employee from this team is unable to resolve a student’s query, the job status is changed to “In Process” and the query is forwarded to the teaching team who have extensive content-related knowledge. When a manager from the teaching team has the time to review the queries assigned to the team, they update the priority level of the job. The manager will then assign each job to an employee depending on the priority and existing workload of employees in the team. Once a teacher has been assigned to a job, the query is investigated, and a solution is developed and emailed to the administration team. An employee from the administration team changes the status of the job to “Solved” and emails the solution to the student. A request to verify that the query has been correctly resolved is included in the email. If the student’s reply to this request informs the administration team that the query has been successfully resolved, the job status is changed to “Closed” and the job is complete. If the student emails to notify the administration team that the query has not been resolved, the status of the job is changed to “Re Process” and the query is emailed back to the teaching team. The teaching team then goes through the process all over again. If employees from either the administration or teaching team are unable to provide the student with a solution (e.g. for an IT-related query), the corporate services team is called upon to finish the job. The corporate services team work directly with the student to resolve the query. When the student’s query is resolved, the corporate services team notify the teaching team, who update the status of the job to “Solved”. An employee from the administration team, emails the student to inform them that a solution has been reached and the job is set to “Closed”. The school would like to reduce costs by removing inefficient and ineffective processes while at the same time improving student response times. Required a. Draw a business process map outlining existing processes for managing student queries Identify (include swimlanes in your diagram). b. Identify strengths and weaknesses in the existing system for managing student queries. c. Research and report on ways to improve the business processes. As you address the weakness, consider how IT can transform the processes of the organization (include references to support your suggestions). d. Draw a new business process model that outlines your suggested improvements. e. Include in the Appendix of your report, minutes of meetings held between group members (Include a list of actionable tasks, team members responsible for those tasks, deadlines, and progress towards completing tasks) Learning Rubric: Assessment 1 Assessment Criteria Fail (Unacceptable) 0-49% Pass (Functional) 50-64% Credit (Proficient) 65-74% Distinction (Advanced) 75 -84% High Distinction (Exceptional) 85-100% Understanding of the business processes in the organisation 30% The description of the steps to achieve the goal of the organisation has not been identified correctly. Business process diagram incorrect. Activities, stakeholders and notations are incorrect. Swimlanes not shown. Business processes (step by step description) has been identified but some (around 30%) steps are missing. Business process diagram is consistent with the current business processes. Activities and stakeholders are identified but incomplete. Some notations are incorrect. Swimlanes are shown but some stakeholders are missing. Business processes (step by step description) has been identified but some (around 20%) steps are missing. Business process model is consistent with the current business processes. Activities and stakeholders are mostly identified (around 2-3 items missing). Most notations are correct (2-3 incorrect notations). Swimlanes are used for multiple stakeholders, 2- 3 stakeholders are missing. Business processes (step by step description) are detailed and complete. Business process model is consistent with the current business processes. Activities and stakeholders are identified. Notations are correct. Minor errors (1-2 errors). Swimlanes are used for multiple stakeholders, complete and correct. Business processes (step by step description) are detailed and complete. Exceptions and variations in the process are also shown. Business process model is consistent with the current business processes. Activities and stakeholders are identified. Notations are correct. Exceptions and variations are shown in the model. Swimlanes are used for multiple stakeholders, complete and correct Problem Analysis Critical business issues (processes to be improved) were not identified (or incorrectly identified). Processes to be improved were correctly identified but incomplete. Processes were correctly identified but missing 1 or 2 issues. Processes which have greatest impact were All processes were correctly identified. Processes which have greatest impact were all All processes were correctly identified Processes which have greatest impact were all identified and have justified and explained ACCT6001_Assessment Brief 2_Business Process Analysis_Due at week 3 30% Objective (s) of the requirements of the process was (were) not identified (or identified incorrectly) Inefficiency and ineffectiveness of the processes were not identified (or incorrectly identified) Processes which have greatest impact were not identified. Some objectives of the requirements of the process were identified but incomplete. Some inefficiencies and ineffectiveness of the current processes were identified. One of the following were incomplete: organisational level, process level and the job/performer level inefficiencies and ineffectiveness identified but incomplete. All objectives of the requirements were identified but lack details. Some inefficiencies and ineffectiveness of the current processes were identified. The following were discussed: organisational level, process level and the job/performer level inefficiencies and ineffectiveness but some discussions are incomplete. identified and have detailed explanation and justification. All objectives of the requirements were identified and discussed in detail. All inefficiencies and ineffectiveness of the current processes were identified with detailed explanation and justification. The following were discussed: organisational level, process level and the job/performer level inefficiencies and ineffectiveness were all identified and explained in detail. the reasons in detail and convincingly. Excellent and convincing explanation and justification of the following: • Objectives of the requirements • Inefficiencies and ineffectiveness of the current processes • Organisation level, process level and job/performer level inefficiencies and ineffectiveness Process Improvement and use of IT 30% Recommended changes are very general, lacks detail, does not answer the problem. Business process diagram is incorrect or does not Recommended changes answers the problems and provides alternative solutions but lack detailed explanation and justification. Business process diagram reflects the recommended changes with some Recommended changes answers the problems and provides alternative solutions and detailed explanation and justification. Some explanations are not convincing. Business process diagram reflects the Recommended changes answers the problems and provides alternative solutions and detailed explanation and justification. Explanations are convincing. Main problems were prioritised. Excellent explanation and justifications of the recommended changes. Main problems were categorised and prioritised. Alternative solutions were evaluated. Business process diagram reflects all the recommended changes with no errors. ACCT6001_Assessment Brief 2_Business Process Analysis incorrect notations and missing elements. 10-12 recommended changes with few incorrect notations and elements. Business process diagram reflects the recommended changes with no errors. Team Work 10% Does not participate effectively in a team environment. Places individual goals ahead of the group responsibility. Hinders the group process and upsets the schedule. Participates effectively in teams. Identifies team and individual goals, tasks, responsibilities and schedules. Contributes to group processes. Supports the team. Contributes to small group discussions to reach agreement on issues. Works together with others towards shared goals. Renegotiates responsibilities to meet needed change. Understands group dynamics and team roles. Facilitates team development. Renegotiates responsibilities, tasks and schedules to meet needed change. Builds team’s identity and commitment. Leads teams. Evaluates teams’ outcomes. Implements strategies for enhancing team effectiveness. ACCT6001_Assessment Brief 2_Business Process Analysis
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Accounting Information Systems Assessment Assessment – Business Process Analysis Learning Outcomes (a) Analyse and articulate business processes and recognise the role of accounting information systems in enhancing business process design. (e) Communicate with IT professionals, stakeholders and user groups of information systems Submission By 11:55pm AEST/AEDT Sunday end of week 5/Module 3.1 For Intensive class: By 11:55pm AEST/AEDT Sunday end of Week 3/Module 3.2 Weighting 25% Total Marks 100 marks Context: This assessment is designed to develop student’s understanding of business processes; analyse existing organisation’s processes; and suggest ways to improve the organisation’s current business process inefficiencies. Submission Instructions: • Students will organise themselves into groups of 3 to 4. Students will work in their groups to prepare a response to ALL of the case questions listed at the end of the case study. • Students that have not formed groups by Week 02, will be placed into groups by the learning facilitator • Students need to submit a report, presented in proper report format (including a reference list). The report needs to be submitted though the submission link available on the Blackboard. One copy of this report needs to be submitted in Word format by a representative of each group on the Blackboard Case Study Eljay is a large online education provider (school) consisting of administration, teaching and corporate services teams. Students of often email the school with questions about learning and teaching materials, assessments, and IT-related problems that require the school to process and solve the problem. These student queries are managed based on their type (teaching, assessment, IT), priority and status. The three levels of priority identified by the school include: “important”, “normal” and “less important”. The status of a student query (e.g. job) includes: “Open”, “In Process”, “Re Process”, “Solved”, “Closed”. Queries are logged in a job management system (excel spreadsheet saved on a SharePoint site), which enables the school to manage the details of the life cycle of the query from start to finish. In addition to recording student details, this system records the job code, description, type, priority, and status of the job as it progresses through each team. The current business process begins when a student emails the school with a query. Employees within the administration team, who have less content-related knowledge, manually load each student query into the job management system. When this job is created, it is assigned an “Open” status by the administration team. Every query that employees from this team enter into the job management system is given a job code which is used to uniquely identify the student query. Once this code has been created in the system, an email is sent to the student with the job code (e.g. the reference number for the query). The student must mention this job code every time an inquiry about the status of the query is made. Any queries that are easily resolved (e.g. those that involve common problems) are assigned to employees within the administration team who work directly with the student to resolve the query. If an employee from this team is unable to resolve a student’s query, the job status is changed to “In Process” and the query is forwarded to the teaching team who have extensive content-related knowledge. When a manager from the teaching team has the time to review the queries assigned to the team, they update the priority level of the job. The manager will then assign each job to an employee depending on the priority and existing workload of employees in the team. Once a teacher has been assigned to a job, the query is investigated, and a solution is developed and emailed to the administration team. An employee from the administration team changes the status of the job to “Solved” and emails the solution to the student. A request to verify that the query has been correctly resolved is included in the email. If the student’s reply to this request informs the administration team that the query has been successfully resolved, the job status is changed to “Closed” and the job is complete. If the student emails to notify the administration team that the query has not been resolved, the status of the job is changed to “Re Process” and the query is emailed back to the teaching team. The teaching team then goes through the process all over again. If employees from either the administration or teaching team are unable to provide the student with a solution (e.g. for an IT-related query), the corporate services team is called upon to finish the job. The corporate services team work directly with the student to resolve the query. When the student’s query is resolved, the corporate services team notify the teaching team, who update the status of the job to “Solved”. An employee from the administration team, emails the student to inform them that a solution has been reached and the job is set to “Closed”. The school would like to reduce costs by removing inefficient and ineffective processes while at the same time improving student response times. Required a. Draw a business process map outlining existing processes for managing student queries Identify (include swimlanes in your diagram). b. Identify strengths and weaknesses in the existing system for managing student queries. c. Research and report on ways to improve the business processes. As you address the weakness, consider how IT can transform the processes of the organization (include references to support your suggestions). d. Draw a new business process model that outlines your suggested improvements. e. Include in the Appendix of your report, minutes of meetings held between group members (Include a list of actionable tasks, team members responsible for those tasks, deadlines, and progress towards completing tasks) Learning Rubric: Assessment 1 Assessment Criteria Fail (Unacceptable) 0-49% Pass (Functional) 50-64% Credit (Proficient) 65-74% Distinction (Advanced) 75 -84% High Distinction (Exceptional) 85-100% Understanding of the business processes in the organisation 30% The description of the steps to achieve the goal of the organisation has not been identified correctly. Business process diagram incorrect. Activities, stakeholders and notations are incorrect. Swimlanes not shown. Business processes (step by step description) has been identified but some (around 30%) steps are missing. Business process diagram is consistent with the current business processes. Activities and stakeholders are identified but incomplete. Some notations are incorrect. Swimlanes are shown but some stakeholders are missing. Business processes (step by step description) has been identified but some (around 20%) steps are missing. Business process model is consistent with the current business processes. Activities and stakeholders are mostly identified (around 2-3 items missing). Most notations are correct (2-3 incorrect notations). Swimlanes are used for multiple stakeholders, 2- 3 stakeholders are missing. Business processes (step by step description) are detailed and complete. Business process model is consistent with the current business processes. Activities and stakeholders are identified. Notations are correct. Minor errors (1-2 errors). Swimlanes are used for multiple stakeholders, complete and correct. Business processes (step by step description) are detailed and complete. Exceptions and variations in the process are also shown. Business process model is consistent with the current business processes. Activities and stakeholders are identified. Notations are correct. Exceptions and variations are shown in the model. Swimlanes are used for multiple stakeholders, complete and correct Problem Analysis Critical business issues (processes to be improved) were not identified (or incorrectly identified). Processes to be improved were correctly identified but incomplete. Processes were correctly identified but missing 1 or 2 issues. Processes which have greatest impact were All processes were correctly identified. Processes which have greatest impact were all All processes were correctly identified Processes which have greatest impact were all identified and have justified and explained ACCT6001_Assessment Brief 2_Business Process Analysis_Due at week 3 30% Objective (s) of the requirements of the process was (were) not identified (or identified incorrectly) Inefficiency and ineffectiveness of the processes were not identified (or incorrectly identified) Processes which have greatest impact were not identified. Some objectives of the requirements of the process were identified but incomplete. Some inefficiencies and ineffectiveness of the current processes were identified. One of the following were incomplete: organisational level, process level and the job/performer level inefficiencies and ineffectiveness identified but incomplete. All objectives of the requirements were identified but lack details. Some inefficiencies and ineffectiveness of the current processes were identified. The following were discussed: organisational level, process level and the job/performer level inefficiencies and ineffectiveness but some discussions are incomplete. identified and have detailed explanation and justification. All objectives of the requirements were identified and discussed in detail. All inefficiencies and ineffectiveness of the current processes were identified with detailed explanation and justification. The following were discussed: organisational level, process level and the job/performer level inefficiencies and ineffectiveness were all identified and explained in detail. the reasons in detail and convincingly. Excellent and convincing explanation and justification of the following: • Objectives of the requirements • Inefficiencies and ineffectiveness of the current processes • Organisation level, process level and job/performer level inefficiencies and ineffectiveness Process Improvement and use of IT 30% Recommended changes are very general, lacks detail, does not answer the problem. Business process diagram is incorrect or does not Recommended changes answers the problems and provides alternative solutions but lack detailed explanation and justification. Business process diagram reflects the recommended changes with some Recommended changes answers the problems and provides alternative solutions and detailed explanation and justification. Some explanations are not convincing. Business process diagram reflects the Recommended changes answers the problems and provides alternative solutions and detailed explanation and justification. Explanations are convincing. Main problems were prioritised. Excellent explanation and justifications of the recommended changes. Main problems were categorised and prioritised. Alternative solutions were evaluated. Business process diagram reflects all the recommended changes with no errors. ACCT6001_Assessment Brief 2_Business Process Analysis incorrect notations and missing elements. 10-12 recommended changes with few incorrect notations and elements. Business process diagram reflects the recommended changes with no errors. Team Work 10% Does not participate effectively in a team environment. Places individual goals ahead of the group responsibility. Hinders the group process and upsets the schedule. Participates effectively in teams. Identifies team and individual goals, tasks, responsibilities and schedules. Contributes to group processes. Supports the team. Contributes to small group discussions to reach agreement on issues. Works together with others towards shared goals. Renegotiates responsibilities to meet needed change. Understands group dynamics and team roles. Facilitates team development. Renegotiates responsibilities, tasks and schedules to meet needed change. Builds team’s identity and commitment. Leads teams. Evaluates teams’ outcomes. Implements strategies for enhancing team effectiveness. ACCT6001_Assessment Brief 2_Business Process Analysis
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