Reference no: EM132312410 , Length: word count:2000
Corporate Accounting Assignment - Business Report
Unit Learning Outcomes -
1- Demonstrate an understanding of the concepts and theoretical frameworks of Company Accounting with Accounting standards.
2- Explain the purpose, content, format and practical applications of the requirements pertaining to a range of key areas of corporate accounting practices..
3- Analyse and interpret issues relating to accounting for companies.
4- Develop and critically analyse the contextual and theoretical aspects of accounting for groups.
5- Implement the accounting standards of Corporate accounting for Share capital, Leases and company tax.
6- Apply the accounting standards for group of entities, Business combination and consolidation.
7- Apply the Principle of Fair value cash flow statement and Impairment Loss.
Assessment Task: Business reports are practical learning tasks where students apply the theories they have been studying to real world situations. The students are required to select a topic or work on a topic provided by the lecturer, collect information (Primary and/or secondary) or work on the information provided by the lecturer, and prepare a report describing a business problem or incident.
ASSESSMENT DESCRIPTION: This assessment is designed to assess the students' ability to research and analyse accounting standards, and interpret how to apply relate corporate accounting concepts to various scenarios. It evaluates students' problem solving and researching skills and enables them to communicate the financial affairs of a company. The assignment is consist of 2 sections; the theory section which assesses the researching skills and case study section with complex calculations which allows the students to apply relevant accounting standards to the real life case.
Part A: A short essay about the following: Describe the shareholder's equity of a sole proprietor, partnership and company.
Part B: Provide all calculations and related journal entries for the following case: Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:
|
Account
|
Carrying Amount
|
|
Factory
|
$188,700
|
|
Patent
|
$43,000
|
|
Building
|
$27,000
|
|
Inventory
|
$12,000
|
|
Goodwill
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$10,000
|
|
Total CA
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$280,700
|
|
Gali Ltd calculated the value in use of the division to be:
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$250,700
|
|
If the fair value less costs of disposal of the Factory is:
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$181,406
|
Required - Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.
Attachment:- Assignment Files.rar