Subject Code & Title : ACC705 Corporate Accounting And Reporting
Assessment Type: Formative Assessment – Online Quiz (Compulsory- no weight)
Value: 0%
Topic: Weekly subject content.
Purpose: This assessment is designed to reinforce subject content taught each week allowing students to apply accounting principles to analyse and evaluate student comprehension, learning needs, and academic progress. The purpose of this assessment is to promote learning by considering the progress of each individual student at the early stage of trimester. This contributes to learning outcomes a, b and c.
ACC705 Corporate Accounting And Reporting Assessment – King’s Own Institute Australia.
3. Assessment Details :
3.1 Details of Each Assessment Item
The assessments for this subject are described below. The description includes the type of assessment, its purpose, weighting, due date and submission requirements, the topic of the assessment, details of the task and detailed marking criteria, including a marking rubric for essays, reports and presentations. Supplementary assessment information and assistance can be found in Moodle.
KOI expects students to submit their own original work in both assignments and exams, or the original work of their group in the case of group assignments. Material in assignments which comes from the work of others must be appropriately acknowledged.
Task Details:
Online quiz will include questions related to topics as follows:
Week 4 quiz covers topics from weeks 1, 2 and 3.
Quiz is compulsory- no weight and no mark.
Assessment 2 :
Assessment Type: Mid-trimester test – individual assessment
Purpose: This assessment is designed to allow students to demonstrate an understanding of accounting standards, using them to identify and critically analyse problems as well as issues in the development of solutions. This contributes to learning outcomes a and b.
Value: 20%
Topic: Covers the material from lectures from Weeks 1-5. Students will be assessed on material covered in tutorial and lectures for weeks 1 -5. The exam will cover both theory and practical type questions.
Task Details: Closed book exam of 60 minutes duration. A non-programmable calculator will be required.No other materials are permitted in the exam. The exam will be based on short theory and questions of the type covered in tutorials and lectures. This test will examine topics from weeks 1 – 5.
Marking guide: 40% theory and 60% calculation – type questions.
Assessment 3
Assessment Type: Short report on consolidated financial statements and calculations – individual assessment.
Purpose: This assessment is designed to allow students to research and analyse accounting standards and interpret how they apply to various corporate groups. It enables students to identify and solve problems relating to accounting for consolidated groups. It allows students to communicate the financial affairs of a company to financial report users. This relates to learning outcomes a, b and c.
Value: 30%
Topic: Consolidated worksheet, consolidated financial statements.
Task Details: Golden Ltd acquired all the issued shares of Bandi coot Ltd on 1 July 2019. Golden Ltd paid $40 000 cash plus 100 000 shares in Golden Ltd which had a fair value of $2 per share.
ACC705 Corporate Accounting And Reporting Assessment – King’s Own Institute Australia.
At the acquisition date all the identifiable assets and liabilities of Bandicoot Ltd were recorded at amounts equal to their fair values, except inventory, which had a fair value $1500 greater than its carrying amount.
All this inventory was sold by Bandicoot Ltd prior to 30 June 2020. Bandicoot Ltd conducts a strong research and development division. It has expensed all past outlays. Golden Ltd has assessed that on-process research and development has a fair value of $12 000. It assessed this asset at 30 June 2020 and decided that $3000 of this asset should be written off as amortisation expense.
In the 2019 annual report Bandicoot Ltd reported in the notes the existence of a contingent liability relating to damages being sought by a supplier.
Golden Ltd assessed the liability to have a fair value at 1 July 2019 of $10 500. Bandicoot Ltd made an out-of-court settlement with the supplier in August 2019, paying $10 000 to the supplier. The income tax rate is 30%.
Intra group transactions occurring in the 2019–20 period were as follows.
(a) During the course of the year, Bandicoot Ltd sold inventory to Golden Ltd. Total sales were $60 000, these being sold at cost plus 25%. At 30 June 2020, Golden Ltd still held inventory that it had bought from Bandicoot Ltd for $15 000.
(b) On 1 January 2020, Golden Ltd acquired $90 000 of debentures previously issued by Bandicoot Ltd. These were acquired on the open market for $85 500. Interest on debentures is paid half-yearly. Interest due on 30 June 2020 has been paid by Bandicoot Ltd.
ACC705 Corporate Accounting And Reporting Assessment – King’s Own Institute Australia.
(c) On 1 April 2020, Golden Ltd sold an item of inventory to Bandicoot Ltd for $45 000. This asset had cost Bandicoot Ltd $36 000 to manufacture. The asset is to be used by Bandicoot Ltd as part of its plant and machinery. The depreciation rate used by Bandicoot Ltd for this type of asset is 20% p.a. on cost.
The financial information provided by the two entities at 30 June 2020 was as follows:
Required: Prepare the consolidation worksheet for the preparation of the consolidated financial statements of Golden Ltd at 30 June 2020
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