HI6025
\nACCOUNTING THEORY AND CURRENT ISSUES
\nFINAL ASSESSMENT
\nTRIMESTER 2, 2022
\nTIME ALLOWED: 24 hours
\nAssessment Weight: 50 total marks
\nInstructions:
\n\u2022 All questions must be answered by using the answer boxes provided in this paper.
\n\u2022 Completed answers must be submitted to Blackboard by the published due date and time.
\n\u2022 No referencing is required.
\n\u2022 Do not go beyond 250 word counts for answering theoretical question.
\nPlease ensure you follow the submission instructions at the end of this paper.
\nPurpose:
\nThis assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topic (sample nursing essay examples by the best nursing assignment writing service)s covered in this unit.<\/p>\n
Question 1 (11 marks)
\nABC Ltd has the following land and buildings in its financial statements as of 30 June 2022:
\nResidential land, at cost 2,294,013
\nFactory land, at valuation 2020 2,064,612
\nBuildings, at valuation 2020 1,835,210
\nAccumulated depreciation -229,401
\nOn 30 June 2022, the balance of the rAssessment surplus is $917 6305, of which $688 204 relates to the factory land and $229 401 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values on 30 June 2022 are:
\nResidential land, previously recorded at cost 2,523,414
\nFactory land, previously revalued in 2020 1,605,809
\nBuildings, previously revalued in 2020 2,064,612
\nRequired:
\nProvide the journal entries to account for the rAssessment on 30 June 2022. ABC Ltd classifies residential land and factory land as different classes of assets.
\nANSWER: ** Answer box will enlarge as you type
\nQuestion 2 (11 marks)
\nXYZ Ltd acquires 100 per cent of Red-X Ltd on 1 July 2021. XYZ Ltd pays the shareholders of Red-X Ltd the following consideration:
\nCash 85 033
\nPlant and equipment fair value $303 688;
\ncarrying amount in the books of XYZ Ltd $206 400
\nLand fair value $364 425;
\ncarrying amount in the books of XYZ Ltd $242 950
\nThere are also legal fees of $230 803 involved in acquiring Red-X Ltd.
\nOn 1 July 2021, Red-X Ltd\u2019s statement of financial position shows total assets of $364 425 and liabilities of $364 425. The fair value of the assets is $971 800.
\nRequired:
\nHas any goodwill been acquired, and if so, how much? And discuss the potential for including associated legal fees into the cost of acquiring Red-X using appropriate accounting standards.
\nANSWER:
\nQuestion 3 (7 marks)
\nDiscuss the differences between bad debt and doubtful debt. In your explanation, use your insight and discuss if the recognition\/disclosure recommended in the standard is sufficient.
\nANSWER:
\nQuestion 4 (7 marks)
\nExplain when should both basic and diluted EPS be disclosed. In your response, discuss the potential impact (if any) on the stockholders. Distinguish between bad debt and questionable debt. Use your insight to explain whether the standard’s recommended recognition\/disclosure is sufficient.
\nANSWER: 4TH QUESTION (7 marks)
\nExplain when basic and diluted EPS should be declared. Discuss the probable impact (if any) on investors in your response.
\nANSWER:
\nQuestion 5 (7 marks)
\nReferring to the recommendation in standards on the treatment for rAssessment increment or decrements, use your insight and discuss if the differences between the treatment of these events are conceptually correct.
\nANSWER:
\nQuestion 6 (7 marks)
\nExplain if the organisation has any responsibility toward future generations and how this may impact accounting.
\nANSWER:
\nEND OF FINAL ASSESSMENT
\nSubmission instructions:
\nBefore you submit your assessment, please check all of the following:
\n\u2022 You have named your file with your Student Number and Unit Code e.g. ABCD1234 HI6025
\nIt is critical you follow this file name instruction to ensure the file belongs to you.
\n\u2022 You have saved your file in MICROSOFT WORD format only. No other format is accepted.
\n\u2022 You have checked you are submitting the correct document as special consideration is not granted if you make a mistake.
\nOnce you have checked the above:
\nUpload your file to the appropriate link on Blackboard.
\nYou have two attempts to submit your assessment with only the final submission being marked.
\n** Note: All submissions are automatically passed through SafeAssign to assess academic integrity.<\/p>\n","protected":false},"excerpt":{"rendered":"
HI6025 ACCOUNTING THEORY AND CURRENT ISSUES FINAL ASSESSMENT TRIMESTER 2, 2022 TIME ALLOWED: 24 hours Assessment Weight: 50 total marks Instructions: \u2022 All questions must\u2026<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8867,8870,8866,8868,8869],"tags":[8882,8871,7566,8873,7569,8879,8881,8876,8880,8875,8877,8878,8874,145,8872],"class_list":["post-95119","post","type-post","status-publish","format-standard","hentry","category-criminal-justice-paper-writing-service","category-custom-dissertation-writing-service","category-law-essay-writing-service-with-the-most-experienced","category-nursing-essay-writing-service-for-efficient-studying","category-top-rated-essay-writing-service","tag-custom-written-college-papers","tag-essay-custom-writer-service-writing-paper","tag-essay-writer-free-generator","tag-essay-writing-service-online-free","tag-free-essay-typer","tag-how-to-create-a-assignment","tag-how-to-make-assignmenti-need-help-with-my-essay","tag-how-to-make-college-assignments","tag-how-to-prepare-an-assignment","tag-how-to-write-assignment-format","tag-how-to-write-assignment-introduction","tag-how-to-write-assignment-university","tag-introduction-of-an-assignment-sample","tag-top-rated-essay-writing-service","tag-write-my-english-essay-for-me"],"_links":{"self":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/95119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/comments?post=95119"}],"version-history":[{"count":0,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/posts\/95119\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/media?parent=95119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/categories?post=95119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.studyproessays.com\/help\/wp-json\/wp\/v2\/tags?post=95119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}