HA3011 Advanced Financial Accounting Assignment
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HA3011 Advanced Financial Accounting Assignment
HA3011, Advanced, Financial, Accounting, Assignment
Assessment Task – Tutorial Questions Assignment 1
Unit Code: HA3011 Unit Name: Advanced Financial Accounting Assignment: Tutorial Questions Assignment 1 Due: 11:30pm 15th May 2020 Weighting: 25% Total Assignment Marks: 50 Marks Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit Unit Learning Outcomes Assessed:
- Understand the various theoretical models of accounting
- To apply knowledge and understanding to specific financial reporting issues unit to AASB
Accounting standards
- Discuss the theoretical constructs of contemporary financial accounting
- Evaluate and explain the need for the development of a conceptual framework for
Accounting, and discuss the influence of such a framework on accounting practice.
- Understand the Australian accounting regulatory framework and the conceptual framework
- Be able to understand how to account for assets, non-current assets and liabilities
- Be able to calculate for revaluations and impairments of non-current assets, and then
journalise
- Account for leases for both lessees and lessors.
- Account for company income taxes
- Accounting for the extractive industries
Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard.
The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 1 to 5 inclusive and submit these answers in a single document.
The questions to be answered are; Week 1 Question (10 marks)
It is argued by some researchers that even in the absence of regulation, organisations will have an incentive to provide credible information about their operations and performance to certain parties outside the organisation; otherwise, the costs of the organisation’s operations will rise. What is the basis of this belief? Week 2 Question (10 marks)
What force of law does the conceptual framework have? Week 3 Question (10 marks)
Under Positive Accounting Theory, what are agency costs of equity and agency costs of debt? Is it possible to put in place mechanisms to reduce all opportunistic action? If not, why not? Week 4 Question (10 marks)
TXA Ltd acquired a machine from Blue Ltd for the following consideration:
- Cash $70, 000
- Land in the books of TXA Ltd the land is recorded at its cost of $650,000. It has a fair value of $450,000.
TXA Ltd also agrees to assume the liability of the Blue Ltd bank loan of $89,000 as part of the machine acquisition. Required:
(a) Calculate the acquisition cost of the machine. (2 marks) (b) Provide the journal entries that would appear in TXA Ltd.’s books to account for the
acquisition of the Machine. (8 marks)
HA3011 Advanced Financial Accounting Assignment
Week 5 Question (10 marks) Max Ltd acquires an item of machinery on 1 July 2016 for a total acquisition cost of $61,000. The life of the asset is assessed as being six (6) years, after which time Max Ltd expects to be able to dispose of the asset for $6,000.
It is expected that the benefits will be generated in a pattern that is best reflected by the sum of digits depreciation approach. On 1 July 2019, owing to unforeseen circumstances, the machinery is exchanged for a motor vehicle. Note the motor vehicle is two years old, originally cost $17,000 and has a fair value of $11,000.
HA3011 Advanced Financial Accounting Assignment
Required: Provide the necessary journal entries for the disposal of the machinery and the acquisition of the motor vehicle on 1 July 2019.
Submission Directions: The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one. Academic Integrity Academic honesty is highly valued at Holmes Institute.
Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used.
Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number. In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy.
The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and the student’s history of academic misconduct issues.
All assessments will be automatically submitted to Safe-Assign to assess their originality. Further Information: For further information and additional learning resources, students should refer to their Discussion Board for the unit.
HA3011 Advanced Financial Accounting Assignment
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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HA3011 Advanced Financial Accounting Assignment