Evaluate this quote: “every international business, large or small, should have an annual audit…

Evaluate this quote: “every international business, large or small, should have an annual audit…

Evaluate this quote: “every international business, large or small, should have an annual audit by an independent auditor.” Why should an auditor review the financial statements of a company each year?

Evaluate this quote: “every international business, large or small, should have an annual audit…

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AT December 31 cash per the bank statement was $15981 cash per the company’ records was $…

AT December 31 cash per the bank statement was $15981 cash per the company’ records was $…

AT December 31 cash per the bank statement was $15981 cash per the company’ records was $ 17445
Prepare a bank reconciliation at December 31

AT December 31 cash per the bank statement was $15981 cash per the company’ records was $…

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Shown below is the information needed to prepare a bank reconciliation for Mite company at…

Shown below is the information needed to prepare a bank reconciliation for Mite company at…

Shown below is the information needed to prepare a bank reconciliation for Mite company at December 31 . At December 31 cash per the bank statement was $ 15981 cash per the company’s records was $ 17445.
Prepare a bank reconciliation at December 31

Shown below is the information needed to prepare a bank reconciliation for Mite company at…

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Jan Martinelli, a junior in college, has been seeking ways to earn extra spending money. As an…

Jan Martinelli, a junior in college, has been seeking ways to earn extra spending money. As an…

Jan Martinelli, a junior in college, has been seeking ways to earn extra spending money. As an active sports enthusiast. Jan plays tennis regularly at the Naples Tennis Club, where her family has a membership. The president of the club recently approached Jan with the proposal that she manage the club’s four indoor and 10 outdoor courts, including court reservations.
In return for her services, the club would pay Jan $300 per week, plus Jan could keep whatever she earned from lessons and the fees from the use of the ball machine. The club and Jan agreed to a one-month trial, after which both would consider an arrangement for the remaining two years of Jan’s college career. On this basis, Jan organized Topspin. During remaining two years of Jan’s college career. On the basis, Jan organized Topspin During April 2012, Jan managed the tennis courts and entered into the following transactions;
a. Opened a business account by depositing $1,000.
b. paid $300 for tennis supplies (practice tennis balls, etc).
c. Paid $200 for the rental of video equipment to be used in offering lessons during April.
d. Arranged for the rental of two ball machines during April for $250. Paid $100 in advance, with the remaining $150 due May 1.
e. Received $1,600 for lessons given during April.
f. Received $500 in fees from the use of the ball machines during April.
g. Paid $800 for salaries of part-time employees who answered the telephone and took reservations while Jan was giving lessons.
h. Paid $225 for miscellaneous expenses.
i. Received $1,200 from the club for managing the tennis courts during April.
j. Determined that the cost of supplies on hand at the end of the month totaled $180; therefore, the cost of supplies used was $120.
k. Withdraw $250 for personal use on April 30.
As a friend and accounting student, you have been asked by Jan to aid her in assessing the venture.
l. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:
2. Prepare an income statement for April.
3. Prepare a statement of owner’s equity for April. The statement of owner’s equity for a proprietorship is similar to the retained earnings statement for a corporation. The balance of the owner’s capital as of the beginning of the period is listed first. Any investments made by the owner during the period are then listed and the net income (net loss) is added (subtracted) to determine a subtotal. From this subtotal, the owner’s withdrawals are subtracted to determine the increase (decrease) in owner’s equity for the period. This increase (decrease) is then added to (subtracted from) the beginning owner’s equity to determine the owner’s equity as of the end of the period.
4. Prepare a balance sheet as of April 30.
5. a. Assume that Jan Martinelli could earn $9 per hour Working 30 hours week as a waitress. Evaluate which of the two alternatives, working as a waitress or operating Topsin, would provide Jan with the most income per month.
b. Discuss any other factors that you believe Jan should consider before discussing a long-term arrangement with the Naples TennisClub.

Jan Martinelli, a junior in college, has been seeking ways to earn extra spending money. As an…

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37. For April, sales revenue is $700,000; sales commissions are 5% of sales; the sales…

37. For April, sales revenue is $700,000; sales commissions are 5% of sales; the sales…

37. For April, sales revenue is $700,000; sales commissions are 5% of sales; the sales manager’s salary is $98,000; advertising expenses are $90,000; shipping expenses total 2% of sales; and miscellaneous selling expenses are $2,100 plus 1/2 of 1% of sales. Total selling expenses for the month of April are a.$159,100 b.$182,100 c.$186,000 d.$242,600 41. A report analyzing how many products need to be sold to cover operating costs is not typically a managerial accounting report. True False 43. The account Unrealized Gain (Loss) on Available-for-Sale Investments should be included on the a. statement of retained earnings b. income statement as other revenue (expense) c. balance sheet as an adjustment to the asset account d. balance sheet as an adjustment to stockholders’ equity 48. Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method? a decrease in inventory b preferred dividends declared and paid c decrease in accounts receivable d decrease in accounts payable 69. Investment in certificates of deposit and other securities that do not change in value are reported on the balance sheet as a. available-for-sale securities b. held-to-maturity securities c. equity investments d. cash and cash equivalents

37. For April, sales revenue is $700,000; sales commissions are 5% of sales; the sales…

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Assignment task No. 1 Q1 Plagiarism (2 marks) Define plagiarism? Reference Internet sources. Why…

Assignment task No. 1 Q1 Plagiarism (2 marks) Define plagiarism? Reference Internet sources. Why…

Assignment task No. 1

Q1 Plagiarism (2 marks)
Define plagiarism? Reference Internet sources. Why is plagiarism/collusion unfair to honest students?

Q2 Pasting spreadsheets in doc files (2 marks)
How can computer spreadsheets (e.g. Excel) be pasted into a word document showing rows and column headings? Formula views? Demonstrate TWO different copy and paste methods. Paste two simple examplesof each method in your assignment showing row and column headings, the normal view and the formula view.

Q3 Accounting resources on the Internet (2 marks)
List five web sites relevant to accounting together with their URLs. Explain how is each relevant to accounting.

Q4 Professional accounting bodies (2 marks)
Find online an Australian professional accounting organisation. Describe a resource within this website (apart from ABC Learning), relevant to this subject. Explain why you chose this resource.

Q5 Work Integrated Assessment (5 marks)(about 300 words). Describe the computing environment in your current or previous workplace or home office; equipment, software, processes etc. Or answer this question in relation to a possible future workplace position.

The above five questions are designed to assess your ability to use and evaluate digital resources for accounting and can be answered from any source including the computer sections of magazines and newspapers or by access to the Internet. If using the Internet include the URL reference. For the purposes of this subject we do not require the date of access of the URL. Use APA referencing.

Q6 ABC Learning and ethics – ABC Learning Case Study (10 marks)
Watch the six CPA ABC Learning movies.

www.cpaaustralia.com.au/professional-resources/education/abc-learning-collapse-case-study

www.youtube.com/watch

Prepare a business report covering the following (about 500 words).

Check the Internet for advice on business report structures.

1. What are the major financial reports? What is the purpose of each?
2. Briefly summarise the key lessons from the ABC Learning case study.
3. Identify and discuss 3 ethical issues from the case study.

Q7 PALER (12 marks)

A. See the problem data below. The requirements are shown in the problem template. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Spreadsheet this problem – check the assignment and spreadsheet requirements.

Q8 Balance Sheet Equation (10 marks)

Note that Interact2 resources including the Spreadsheet Advice PDF and the worksheet video may assist in completing this assignment question.

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

For each number calculated, briefly explain how you derived the answer.

B. Create a spreadsheet solution. In this case, the Report section will look just like the data section but will contain only formulas. In some cases, the cells in the report will be, for example =D8. The yellow highlighted cells will contain the answers. See the Spreadsheet Advice PDF in Interact2 Resources.

Q9 Debit and credit balances (4 marks)
List four accounts with normal debit balances. List four accounts with normal credit balances.

Q10 Trial balance (8 marks)
A. Create a manual solution using pen and paper. Scan or take a photo with your mobile phone and paste in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.
B. Create a spreadsheet solution. Paste normal and formula views.
C. Change 3 numbers such that the trial balance still balances. Paste this new normal view. There should be no need to paste a new formula view. Ensure that you choose the 3 changes yourself. Highlight the data changes with the yellow highlighter in Excel.

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

Q11 Crossword (5 marks)
See page 92 and 93 of your text. Create your own simple crossword using at least 5 accounting terms and clues. Hint: there are free crossword creation apps online. Make two copies of your crossword – one blank and one completed.

Q12 Types of adjusting entries (4 marks)
List two types of period end adjusting entries and give journal entries examples of each.

Q13 Current and non-current liabilities (2 marks)
Distinguish between current and non-current liabilities. Give two examples of each.

Q14 Ratios (2 marks)
Explain the current ratio. Create your own numerical example.

Q15 Worksheet and financial reports (20 marks)
Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

A. Create a manual solution using pen and paper. Scan or take a photo with your mobile phone and paste in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose. Add a ten column worksheet beneath the following data. Below that report, create the three financial reports
B. Create a spreadsheet solution. Paste normal and formula views.
C. In a second spreadsheet, make three changes to the data such that a loss is reported. Paste the second normal view.

Ensure that you choose the 3 changes yourself. Highlight the data changes with the yellow highlighter in Excel.

Quality of presentation including complete referencing 10 marks. Use complete APA referencing.

Rationale

Task 1 covers study schedule weeks 1-4 inclusive and includes the application of conceptual and technical aspects of accounting and the preparation of business financial statements; the appraisal of the use of information technology including spreadsheet software; the evaluation of the Internet as a professional resource; and to demonstrate business communication skills including report writing.

In today’s business environment we need verbal skills, writing skills, numeracy skills AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment. It is suggested that you attempt the assignment questions week by week.

This assignment task is designed to give you an opportunity to demonstrate knowledge and skills in aspects of accounting and information systems including technical issues as well as concepts such as the accounting equations, cash and accrual accounting, current and non-current assets and liabilities, trial balance, worksheets, income statement, statement of owner’s equity, balance sheets and the application of spreadsheet software to the presentation and solution of accounting problems.

In this assignment task, you are required to complete all questions and submit all necessary workings. A list of APA references is required at the end of your assignment as well as references throughout your assignment. The assignments in this subject are designed to assess your application of knowledge and skills.

Assignment questions include problems, discussion questions, spreadsheets and questions related to use and evaluation of digital resources. The assignment questions are structured so as to simulate a pattern of weekly learning. Students are encouraged to attempt this subject by studying on a regular (weekly) basis. The nature of the understanding and skills required means it is unwise to leave study until the last minute. Note the special requirements for the spreadsheet sections of your assignment detailed in the Spreadsheet Advice in Interact2.

Assignment task No. 1 Q1 Plagiarism (2 marks) Define plagiarism? Reference Internet sources. Why…

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Describe the historical shift in the audit profession’s attitude towards the auditor’s…

Describe the historical shift in the audit profession’s attitude towards the auditor’s…

Describe the historical shift in the audit profession’s attitude towards the auditor’s responsibilities regarding fraud.

 

Describe the historical shift in the audit profession’s attitude towards the auditor’s…

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Discuss the following statement: “Auditors perform extensive tests on a company’s internal…

Discuss the following statement: “Auditors perform extensive tests on a company’s internal…


Discuss the following statement: “Auditors perform extensive tests on a company’s internal control system, in order to determine whether they can rely on that system in the course of their audit. Therefore, auditors can express an opinion on the adequacy of the audited company’s internal control system.”

 

Discuss the following statement: “Auditors perform extensive tests on a company’s internal…

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