Page 1 of 6ACC201 S1 2021 Group Assignment – Part 2 v1.docx ACC201 – GROUP ASSIGNMENT (S1 2021)Assignment titleGroup assignment – Maximum 4 members in a group,Minimum – 3 membersAssessment Type:Written SubmissionRequirementsDescription, analysis, writingPrescribed word limitPart 1: 800 words + Part 2: 1200 words = 2000 words(10% variation is acceptable)Referencing styleHarvard Referencing System Style GuideAssignment weight20%Assignment due datePart 1: Sunday, 9 May 2020 (10%)Part 2: Week 10, Sunday, 24 May 2020 (10%)Submission modePIA assignment coverpagemust be attached and signedbefore it submitted by due date. Any student may receive an extension of up to one-week. To obtain an extension, email theSubject Coordinator, Lee Ridge, prior to the due date requesting an extension and providingyour reasons. Extensions greater than one week require a formal application through the PIAsystemFormation of Group:Maximum 4 members in a group. Please organise yourselves into groups. After the formationof the group, you must inform your lecturer by email.Email format:From: [email protected]: [email protected]: [email protected], [email protected], Member4emailSubject : Group for ACC201 Group AssignmentInformation provided in the email:Name of Member 1, Mobile number (used for assignment communication purpose only)Name of Member 2, Mobile number (used for assignment communication purpose only)Name of Member 3, Mobile number (used for assignment communication purpose only)Name of Member 4, Mobile number (used for assignment communication purpose only)Part 2Inthispartoftheassignment,youneedtochoose two of the following four (4)ASXlistedcompanies forfinancialanalysis. Listed Company NameStock CodeThe a2 Milk Company LimitedA2MJB Hi Fi LimitedJBHBega Cheese LimitedBGABlackmores LimitedBKL Page 2 of 6ACC201 S1 2021 Group Assignment – Part 2 v1.docxSection AYou are required to address all of the following questions by selecting 2 of the followingaccounting topics for the 2 companies you have selected.• Property, plant and equipment• Intangibles and Asset Impairment (including research and development)• Leases and LiabilitiesDescribe the recognition criteria for each of the accounting topics selected.Analyse and interpret how the relevant theory and accounting standards are applied in thefinancial statements of the following public companies that operate in Australia, using theirlast 2 to 3 years of financial results. (20 marks)Section BYou are the new Financial Controller of MyJones Limited and have been asked to review thefollowing information to determine if any adjustments need to be made to the financialstatements. Prepare the relevant General Journal entries that are appropriate for therelevant information below.1. During the year, the company developed a new brand strategy “Shop to you drop”.The costs incurred were $17,000 on salaries and $5,000 in other costs such asartwork, consumer surveys etc. These costs have been capitalised as an intangibleasset as the previous financial controller wanted to maintain the profitability of thecompany. (10 marks)2. On 30 June, 2020, MyJones undertook a review of its Intangible assets. Goodwill,with a carrying value at 30 June 2020 of $14,300, was determined to have sufferedan impairment loss of $5,300. (10 marks)3. MyJones has been involved in a project to develop a smart sensor to be attached tomerchandise that is invisible to the eye, with the aim of reducing the losses due totheft as well as sell this to other retailers. It started the project in August 2019.Between the starting date and 31 January 2020, the company spent $17,400 on theproject. At 30 June 2020, there was no indication that the project would becommercially feasible, although the company had made significant progress andwas sufficiently sure of future success that it was prepared to outlay more funds onthe project.a. After spending a further $7,000 during February 2020, the company had built aprototype that appeared to be successful.b. The prototype was demonstrated to a number of engineering companies duringApril 2020, and several of these companies expressed interest in the furtherdevelopment of the device.c. Convinced that it now had a product that it would be able to sell, the companyspent a further $4,000 during May 2020 adjusting for the problems that theengineering firms had pointed out.d. On 1 June 2020, the company applied for a patent on the device, incurring legaland administrative costs of $500. The patent had an expected useful life of 5years and was renewable for a further 5 years upon application.e. All of these costs have been capitalised as an “R&D” intangible asset. (20marks)Page 3 of 6ACC201 S1 2021 Group Assignment – Part 2 v1.docx4. MyJones entered into a 5-year agreement to lease an item of equipment fromCannards Leasing Ltd on 1 July 2019. The equipment has a fair value of $67,000 atthe inception of the lease and it is expected to have an economic life of 5 years,after which time it will have a residual value of $6,000. The lease agreement detailsare as follows: – Length of lease5 yearsCommencement date1 July 2019Annual lease payment, payable 30 June eachyear commencing 30 June 2020$ 15,000Residual value at the end of the lease term$ 6,000Interest rate implicit in the lease6% This transaction has not been entered into the financial statements as at 30 June2020. You are requested to journalise this transaction including the first lease paymentfor the period to 30 June 2020 and any other related journal entries. Calculations to thenearest dollar. (20 marks)Requirements Section A(20 marks)(Length guide: ≈300 words)• Select the two companies from the above list anddownload the 2020 Annual Reports.• Summarise the key features of the relevant accountingdisclosures for each company in your own words, asclearly and briefly as possible.Section B(60 marks) (Length guide:General journal entriesrequired• Set out the relevant General Journal entries for 1-4above. Show calculations.General requirement A(10 marks)• Quality and clarity of writing• Express your discussion and ideas clearly andlogically.• Provide an integrated and flowing discussion.• Adhere to length guide.• Presentation guide• Use a 12pt font size in a clear font such as Calibri.• Use ≥1.15 line spacing.• Provide a title for the report.• Use subheadings if you wish to do so.• Include page numbers.• Include your name, student number, and class time atthe top of page 1.• Use correct spelling and grammar (check beforesubmitting).General requirement B (10marks)• Use of additional resources• Draw on other resources (not included in the abovereadings) to support your discussion – undertakeyour own research to find helpful additional material.• At least two additional sources should be used.• Use relevant and credible resources (avoid opinions).• Reference sources using a standard method such asHarvard. Page 4 of 6ACC201 S1 2021 Group Assignment – Part 2 v1.docxEach submission must also include a signed and scanned student declaration form. See thesubject Moodle page for a copy.The report file should be uploaded as a Word or PDF file.You must upload both the signed and scanned academic integrity student declaration form(scanned, PDF or image) and the fully completed report (Word document or PDF) toTurnitin.Make sure you complete the “Submit for grading” process.Marking ElementWordsMarksRequirements 1–21: Summary of selected disclosures300202: Preparation of General Journal entries and calculations60Note: Total word count (+/–10% tolerance)(excluding headings, citations and reference listGeneral RequirementsA: Quality and clarity of writing and presentation (includingintegration of discussion)10B: Use of additional resources (including citation andreferencing)10TOTAL MARKS (to be scaled to a final mark out of 10)100 Page 5 of 6ACC201 S1 2021 Group Assignment – Part 2 v1.docxThe marking of each of the assignment requirements (1 and 2 and A–B above) will use thefollowing standard marking scale: Not done toVery poorPoor toUnsatisfactoryMarginal toSatisfactoryGood to VeryGoodExcellent toOutstanding0–2 marks2–4 marks4–6 marks6–8 marks8–10 marksUnderstanding and analysisLimited understanding of the issues raisedSoundunderstanding ofthe issuesVery good to a sophisticatedunderstanding of issuesLimited acknowledgement and criticalreflectionAcknowledgementand criticalreflection on theissues. Providesexamples.Very good to a sophisticated ability tocritically reflect on the issues and provideexamples.Problems with style, structure, Englishexpression, development of argument.Not presented in accordance withprescribed form.Report well written.Appropriate style,structure, Englishexpression,development ofargument.Presented inaccordance withprescribed form.Report well written, with attention to style,structure, English expression anddevelopment of argument. Reportengaging with clear opinions. Presented inaccordance with prescribed form Section 2 – Correct General Journal Entries HD(85-100)D(75-84)CR(65-74)PASS(50-64)FAIL(0-49)Excellent level ofknowledge andcomprehension asindicated by themark achieved inaccordance with theattached markingguide for therelevant question inthe Assignment.Very Good level ofknowledge andcomprehension asindicated by the markachieved inaccordance with theattached markingguide for the relevantquestion in theAssignment.Good level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Basic level of knowledgeand comprehension asindicated by the markachieved in accordancewith the attachedmarking guide for therelevant question in theAssignment.Poor level ofknowledge andcomprehension asindicated by the markachieved inaccordance with theattached markingguide for the relevantquestion in theAssignment. The two terms in the descriptor (top line) indicate the scale within each category. E.g.“Marginal to satisfactory”, with 4–6 marks indicates that ‘marginal’ answers are closer to 4marks, while ‘satisfactory’ answers are closer to 6 marks out of 10.Academic MisconductEthical conduct and academic integrity and honesty are fundamental to the mission ofPIA and academic misconduct will not be tolerated by the Institute. Please refer to theInstitute’s Academic Integrity Policy for further details.Academic integrity means putting values into practice by being honest in the academicwork you do at the Institute, being fair to others, taking responsibility for learning, andfollowing the conventions of scholarship. It is the responsibility of every student tomake sure that they understand what constitutes academic misconduct and to refrainfrom engaging in it.For example, “cutting and pasting” from the Internet and representing this asyour own work, is regarded as academic misconduct.Page 6 of 6ACC201 S1 2021 Group Assignment – Part 2 v1.docxit is your responsibility to ensure that you demonstrate academic integrity. Take thetime to find out more by visiting PIA’s Policies and Procedures site.By submitting your assessments, you acknowledge that this is your own work – thatyou have undertaken the assessments yourself and without any assistance from anyother person or any website or other resources which are not specifically permitted.Also, you have not shared any aspect of your assessments or answers with otherstudents or provided assistance to them in any way.
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