Financial Accounting 2 | My Assignment Tutor

ACC203 Assessment Information Page 1 Updated: 29 August2020Assessment 3 Information Subject Code:ACC203Subject Name:Financial Accounting 2Assessment Title:Individual AssignmentAssessment Type:Letter of adviceWord Count:1,000Words(+/-10%)Weighting:20 %Total Marks:20Submission:Via TurnitinDue Date:Due by Monday 25 January 2021 @ 15:55 (AEST) Your TaskWrite a letter of advice in response to a few key accounting issues raised by a Managing Director of acompanyAssessment DescriptionCase study backgroundAssume that you are a graduate accountant working for Paul and associates a public accounting firmsituated at 33 Clarence Street, Sydney, NSW 2000. The manager of your firm, Mr Brodie Lane has askedyou to draft a letter in response to an email received from a client – Jim Clark, the managing director ofNeoen Pty Ltd, raising a few accounting issues regarding his company – see the copy of the email on thenext page.The maximum length of the covering letter is 1 page. Please note that the business letter needs to be on thefront page. You should then address all the technical issues/discussion after the letter, each on separatepages as attachments, followed by a Reference List. The maximum word limit for all parts of the assignmentshould be 1,000 words.• Part A: Technical component 15% – This mark covers the technical content of your advice and theexplanation on each of the issues, the calculations and the sources used.• Part B: Communications skills – Letter Writing 5% – This mark covers the generic skills of businessletter writing; layout, clear meaning, structure and organisation, appropriate tone and grammar,spelling and punctuation etc. throughout the whole assignment.The assignment is designed to test the following skills:1. Your knowledge and your ability to research the issues and then apply the information appropriatelyusing judgement to correctly identify the relevant standards and legislation that relate to the issuesraised by the client.2. Your written communication skills – business letter writing.Please note: Any work which has been copied or shared between students will result in a Fail gradefor all students concerned. Therefore, please make sure that the answer to this assignment is yourwork and copied or bought from any source. In completing this assignment make sure you follow theguidelines for assignments especially those relating to the presentation of written work, lateassignment policy and academic integrity.ACC203 Assessment Information Page 2 Updated: 29 August2020Re: Accounting Issues: Year Ending 30 June 2020From: Jim Clark ( 29 August 2020To: Brodie Lane ( Brodie,Thank you for your phone call this morning. As agreed I am emailing your regarding the accounting issueswe briefly discussed. By the way to assist the accounting team in our decision-making process, could youplease make sure you reference any relevant sources relating to your advice, for example, AASBs,Corporations Act, and relevant websites.Here are the two issues we are most concerned about:1. The primary business activity of Neoen Ltd is developing accounting software packages. Neoencharges $2,000 as installation fees and a separate two-year technical support service for $1,000.Otherwise, it also offers a combined goods and services contract which includes both elements for$3,400. Payment does not become outstanding until after 1 month of the accounting package beinginstalled. The accounting team is uncertain as to how revenue should be recognised in the books ifthe two products are sold separately and what if they are sold as a package. Your advice on thismatter would be greatly appreciated.2. On July 2020, one of Neoen Pty Ltd’s client engaged legal proceedings and commenced seekingdamages from Neoen Pty Ltd due to loss of clients, possibly caused by a faulty accounting softwarepackage sold by the company. Neoen Pty Ltd disputes the liability, and its lawyers initially advisedthat it is probable that the company will not be found liable. The accounting team is not sure whethersomething should be disclosed in the account in the first place. What would happen then if, owing todevelopments in the case, it becomes probable that Neoen Pty Ltd is found liable, but the amount ofdamages to be awarded cannot be measured with sufficient reliability. Finally, what would happen if areliable estimate could or could not be made of the damages to be awarded.Please respond by letter (not email) as I would like to present this to the Board. I look forward to hearing fromyour shortly.RegardsJim ClarkManaging director, Neoen Pty Ltd55 York Street,Sydney NSW 2000Hint: Remember that your firm plans to charge the client for your advice; as a check askyourself if you would pay for the advice you have drafted!Learning outcome demonstratedDevelop information gathering and communication strategies to enable the provision of professionaladvice to a client.ACC203 Assessment Information Page 3 Updated: 29 August2020Assessment InstructionsSubmissionThe assignment will need to be submitted electronically through the student portal – use the link under“Assessments”.ReferencingAny sources that you use need to be acknowledged in order to avoid plagiarism. Information onreferencing can be found in the Guidelines for Referencing and Presentation at the Kaplan website usingthe following address: ( Referencing and the Reference ListSources of information must be cited both in the body of the text (in‐text referencing) and the end of theassignment (reference list). Failure to do so will result in penalties. Remember that when referencing anAnnual Report, it is a corporate document that does not have a particular author but it will still requirereferencing any time you use information from it. Any other documents or books or other references youuse will also require referencing.Penalties Regarding Referencing• No in‐text referencing – deduct 2 marks• Some in‐text referencing only – deduct 1 mark• No reference list – deduct 2• Incomplete reference list – deduct 1 markPolicy on Late SubmissionsPenalties will be imposed on late assignment submissions in accordance with following:• Number of days late Penalty 1* – 9 days 5% per day for each calendar day late deducted from the totalmarks available.• 10 – 14 days 50% deducted from the total marks available.• After 14 days Assignments that are submitted more than 14 calendar days after the due date will not beaccepted and the students will receive a mark of zero for their assignment.• Note Notwithstanding the above penalty rules, assignments will also be given a mark of zero if they aresubmitted after assignments have been returned to students.• *Assignments submitted at any stage within the first 24 hours after the deadline will be considered oneday late and therefore subject to the associated penalty.ACC203 Assessment Information Page 4 Updated: 29 August2020Important Study InformationAcademic Integrity PolicyKBS values academic integrity. All students must understand the meaning and consequencesof cheating, plagiarism and other academic offences under the Academic Integrity and ConductPolicy.What is academic integrity and misconduct?What are the penalties for academic misconduct?What are the late penalties?How can I appeal my grade?Click here for answers to these questions: Limits for Written AssessmentsSubmissions that exceed the word limit by more than 10% will cease to be marked from the pointat which that limit is exceeded.Study AssistanceStudents may seek study assistance from their local Academic Learning Advisor or refer to theresources on the MyKBS Academic Success Centre page. Click here for this information.ACC203 Assessment Information Page 5 Updated: 29 August2020Assessment Marking Guide HDThe letter clearly identifies and addresses all the technical issues raised & providesclear, correct & decisive answers displaying an outstanding understanding of eachof the technical issues.The letter is easy for the client to understand.Where applicable and appropriate reference has been correctly made to theAASBs, and other legislation.DistinctionThe letter clearly identifies and addresses most of the technical issues raised by theclient and provides clear, correct and decisive advice displaying a goodunderstanding of most of the technical issues.The letter is easy for the client to understand.Where applicable and appropriate reference has been correctly made to theAASBs, and other legislation.CreditThe letter clearly identifies & addresses some of the technical issues raised by theclient and provides reasonably clear, correct and decisive advice displaying areasonably good understanding of some of the technical issues.The letter is relatively easy for the client to understand.Reference has been made (with gaps) to some of the AASBs, and other legislationwhere applicable.PassThe letter identifies and addresses some of the technical issues raised by the clientand provides fairly clear, but not always correct and/or decisive advice.The letter displays a reasonable understanding of some of the technical issuesraised.The letter is relatively easy for the client to understand.Reference has been made (with gaps) to some of the AASBs, and other legislationwhere applicable.FailThe letter does not identify or address the technical issues raised by the client.The letter displays a lack of understanding of some or most of the technical issuesraised.The letter is difficult for the client to understand.The letter does not give correct, clear and/or decisive advice on most of the issuesraised and makes little or no reference to the AASBs, and other legislation whereapplicable..


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