ACCT 2105 Introductory Accounting

ACCT 2105 Introductory Accounting

Assignment – Semester 1, 2016

 This assignment is designed to get you to locate the Annual Report for a company and become familiar with its contents, particularly the financial statements and the notes to the financial statements. While we have looked at very basic formats of the financial statements, the financial statements for a company contain more detail and information on some items you may not have been introduced to as yet.  Pay particular attention to the information provided in the notes to the financial statements as you will find a lot of useful information in them that may help with some of the questions.

 REQUIRED:

You are required to select a Australian company that is listed on the Australian Securities Exchange (ASX). Please select a manufacturing company or a retail company. You are required to obtain the 2015 Annual Report for your group’s chosen company. Answer the following questions in Part A using the 2015 Annual Report of your company. For questions 4 and 7 you may search for the information from other sources.

PART A – THE COMPANY (10 marks)

 Question 1 (1 mark)

Describe the principal activities of the company?

Question 2 (1.5 mark)

Define the revenue recognition criteria of the company and identify the note (number) that deals with it.

Question 3 (1.5 mark)

Describe how the company values all classes of property, plant and equipment? Identify the note (number) this is stated?

 Question 4 (1.5 marks)

Name the Audit partnership responsible for performing the audit of the financial statements of the company. Explain why the auditor must declare their independence, and also explain why the financial statements must be audited by an external party.

 Question 5 (1.5 marks)

Identify the regulations for which the financial statements should comply with as outlined in the Director’s declaration? Give at least 2.

Explain the rationale for regulating public companies.

 Question 6 (3 marks)

Provide any evidence of the company’s initiative or commitment to business sustainability practices. Why are businesses concerned about sustainability?

 (200 words maximum per question)

 PART B – Analysis of financial information (20 marks)

 Question 1     (4.5 + 4.5 + 3 = 12 marks)

Your instructor will assign you one of the companies provided (SER, AVD, XNA). These companies operate in the same industry: they are all department stores. Using the company information provided, compare the performance of your given company from 2011 through 2015 and analyse the following (you should analyse at least 2 ratios and 1 additional piece of information):

• Analyse the efficiency of the company by identifying and explaining significant ratios and other financial information showing their efficiency. Be able to provide a clear explanation of your choices of ratios and other financial information. (4.5 marks)

• Analyse the capital structure of the company by identifying and explaining significant ratios and other financial information showing the company’s financing decision. Be able to provide a clear explanation of your choices of ratios and other financial information. (4.5 marks)

• Comment on the market performance of the company by identifying and explaining significant ratios and other financial information. Be able to provide a clear explanation of your choices of ratios and other financial information. (3 marks)

(Word limit: 400 words maximum for each part)

Question 2     (4 x 2 = 8 marks)

Using the three companies provided to you (SER, AVD, XNA). compare the performance of the three companies. In your analysis, you should explain which company you would prefer doing business with from the perspective of the following:

• An investor
• A supplier

 (Word limit: 500 words maximum)

 OTHER IMPORTANT INFORMATION

 Instructions on the Assignment:

1. The assignment should be submitted via Turnitin on or before Monday, April 25^th (5pm).
2. Copying of assignments will be considered as ‘Plagiarism’ and will be dealt with according to RMIT Vietnam Plagiarism policy.

Format and Presentation:

 The assignment needs to be presented in the following format and adhere to the following guidelines:

• Font – 11pt Times New Roman
• Line spacing – 1.5
• A4 paper
• Pages should be numbered consecutively
• Keep a copy of the assignment that you submit.
• FOLLOW the WORD LIMIT.

You need to ensure that the numeric answers you provide are accurate. For example, some figures are shown in thousands while others are not; showing an answer as $102 instead of $102,000 will result in a mark of zero for such a question as there is obviously quite a difference between these two figures. Also ensure that you read each question carefully as some questions will ask for a figure for a particular year and for either the Group (Consolidated) Financial Reports or the Parent Entity (Company).

Referencing:

As you will be using a company’s Annual Report as the basis for answering many of the questions asked in this assignment, you need to ensure that you acknowledge this in your assignment. In fact, any sources that you use need to be acknowledged in order to avoid plagiarism. Information on referencing can be found in the Guidelines for Referencing and Presentation at the RMIT website using the following address: (http://www.rmit.edu.au/bus/students). You can also refer to the Intranet for referencing guidelines (Documents/Users Guide/RMIT Referencing Guide).

 In-Text Referencing and the Reference List:

Sources of information must be cited both in the body of the text (in-text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing.

Penalties Regarding Referencing:

No in-text referencing – deduct 1.5 marks

Some in-text referencing only – deduct 1 mark

No reference list – deduct 1.5 marks

Incomplete reference list – deduct 1 mark
Policy on Late Submissions:

Late submissions will automatically be penalised at a rate of 5% per day for each of the first 2 calendar days it is late, and 10% per calendar day for any subsequent days. Submissions will NOT be accepted if more than 5 calendar days late, unless formal, prior approval has been given. Extensions are normally only granted in cases of exceptional and genuine hardship (this does not include inconvenience, poor planning, pressure from work or work commitments).

Students seeking an extension of seven calendar days or less (from the original due date) must complete an Application for Extension of Time for Submission of Assessable Work form and lodge it at least 48 hours BEFORE the due date for submission. Applications for extensions of 7 or more calendar days are made using the Special Consideration Process. Details on the process can be found at the following web address: http://www.rmit.edu.vn/288_ENG_HTML.htm

ASSIGNMENT TOTAL – 30 Marks

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