Prepare general purpose financial statements

Assignment Help Financial Accounting

Reference no: EM132761510

BA204 Financial Accounting - Melbourne Institute of Technology

Assessment - Capturing Transactions, Interpreting & explaining accounting concepts and principles.

Learning Outcome 1: Interpret and explain accounting concepts and principles
Learning Outcome 2: Record financial accounting transactions using the accrual method of accounting
Learning Outcome 3: Prepare general purpose financial statements.

Assessment Task Description

This assignment is made up of Part A and Part B. Part A contains fourparts: a, b, c, & d.a is worth 30 marks, b is worth 30 marks,c is worth 10 marks& d is worth 10 marks. The assignment is to be prepared using business report format. The submission into the campus specific assignment drop box is to be made by ONLY one group member.

Part A. Background
Fresh Organic Inc. (Fresh) has grown to be a listed business in ASX after 12 years' operation. 12 years' ago, the company only has 10 employees, whereas now, after 12 years, it has become a global business with offices in New York, London, Beijing and Sydney. Fresh's business operation is to produce healthy organic snacks, organic perfumes, organic health products. You are the CFO of Fresh.

Required
In order to highlight the importance of ethics, the CEO ask you to prepare a business report explaining below four questions:

a. The competitor of Fresh overstated purchases to with the aim to increase cost of goods sold to achievea lower amount of net income. The real reason was to pay less tax to the government. Explain three reasons why this is not ethical.

b. Why graduate should behave ethically during studies and work in the accounting industry? Explain three reasons.

c. Below are income statement of Fresh Organic Inc for the year ended 30 June 2019. Relates to the concept of accrual accounting, explain to management examples of 4 accrued revenue and expenses.


Income statement of Fresh Organic Inc
for the year ended 30 June 2019
Revenues:		$mil
Sales revenue		$900,000
Less: Sales returns		25,000
Net sales revenue		875,000

Expenses:
Cost of sales	412,500
Selling expenses	96,000
General expenses	60,000
Interest expense	_8,000
Total expenses		576,500
Profit		298,500

d. Give management recommendations how tighter internal controls could improve business performance?

Report Structure

Report should incorporate the following sections:
1. Cover page
2. Table of contents
3. Executive summary
4. Introduction
5. Body (specifically addressing the five assignment requirements)
6. Conclusion
7. Reference list (minimum 4 must be cited)
8. Appendix (if applicable)

Part B. Quality, Convention and Neatness
Your assignment will be assessed for quality, convention and neatness, use of English grammar, sentence structure, etc. Please refer to Criterion 1, 3 and 4 as listed in the marking criteria.

Attachment:- Financial Accounting.rar

Reference no: EM132761510

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