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HI5020 Corporate Accounting
Question:
Unit Learning Outcomes Assessed:
- Apply Australian Accounting Standards and Corporate Legislation to the financial reporting processes for companies and corporate groups;
- Demonstrate the ability to prepare financial statements and financial reports for companies and consolidated financial statements for corporate groups;
- Evaluate financial reporting contexts and select appropriate accounting practices and standards congruent with the situation of individual companies and corporate groups;
- Demonstrate an ability to critically analyse and interpret the financial statements and other disclosures produced by Australian companies and corporate groups;
- Effectively communicate the financial results and reports of companies or corporate groups to a diverse range of stakeholders.
Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. The 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 for weeks 1 to 11 inclusive and submit these answers in a single document.
Question 1 (7 Marks)
In accounting for the acquisition of assets, the assets acquired are to be recorded at the ‘cost of acquisition’. How would you determine the ‘costs of acquisition’ of an asset?
Question 2 (7 Marks)
How are changes in accounting policies accounted for and disclosed?
Question 3 (11 Marks)
(a) Zealandia ltd is the parent company holding 90 percent interest in the Oceania ltd. For each of the following independent cases, provide adjusting entries necessary to eliminate the effect of intragroup transaction at 30 June 2020:
(i) During the period Oceania Ltd sold inventory to Zealandia Ltd at a price of $240000. The cost of the inventory to Oceania ltd was $168000. Ninety percent (90%) of the inventory has been sold by Zealandia Ltd to outside third parties by the end of the period. (2 marks)
(ii) During the period, Oceania borrowed $1500000 from Zealandia Ltd which is still unpaid by the end of the period. During the period Oceania Ltd has paid $30000 interest to Zealandia Ltd for the borrowing. (2 marks)
(iii) At the end of the year, Oceania Ltd declared and paid a dividend amounting to $180000. Zealandia Ltd has declared and paid a dividend of $150000. (2 marks)
(iv) One year ago, at 1 July 2019, Oceania Ltd sold equipment to Zealandia Ltd for a price of $810000. At the time of the sale, the carrying value of the equipment in the Oceania Ltd.’s account was $450000 and the accumulated depreciation was $450000. Zealandia is depreciating the equipment over a further 5 years period. The expected salvage value is zero. Assume a corporate tax rate of 30 percent. (2 marks)
(v) During the period Zealandia has paid a consultancy fee to Oceania Ltd of $75000. Zealandia has provided a management service to Oceania Ltd for $80000 which ahs not been paid as yet by Oceania Ltd. (2 marks)
HI5020 Corporate Accounting
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