Topic: accounting for business in UK questions and answer assignment

Purpose;
This assignment is designed to access your level of knowledge of the key topics covered in this
unit.
Unit Learning Outcomes Assessed;
-Obtain and contextualise business information for business accounting to explain and apply different concepts of costs to business decisions;
-Apply, analyse, synthesise and evaluate information from multiple sources to make decisions
about the financial performance of entities including assets, liabilities, owner’s equity, revenue
and expenses;
-Prepare, analyse, and interpret transaction data and financial statements for data-driven
decision-making.
-Evaluate the complete concepts of accounting such as roles and purposes of accounting and
preparation of worksheets; and
-Communicate accounting information in writing professionally.
Description;
Each week students were provided with three tutorial questions of varying degrees of difficulty.
The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The
Interactive Tutorials are designed to assist students with the process, skills and knowledge to
answer the provided tutorial questions. Your task is to answer a selection of tutorial question for
week 1 to 5 inclusive and submit these answers in a single document.
The questions to be answered are;
Question 1 (7marks)
(Note this question is from the Week 4 tutorial)
Imagine that you are manager in a large entity and need to make a recommendation to the CEO on which tender to accept. The job being put out to tender by the entity is worth millions of dollars, and you have a significant ownership share in one of the companies tendering. Outline the ethical issues to be considered. (7marks, Word limit; minimum 120 to maximum 150 words)
Question 2 (7marks)
Note this question is from the Week 6 Tutorial)
The following information was obtained from the financial records of Roger Ltd for the year ended 30 June 2020/ Prepare the statement of profits or loss for the year ended 30 June 2020.
Retained earring 1 July 2019 $90,000
Sales revenue from counting operations for the year $600,000
Finance costs $20,000
Estimated income tax expense for the year ended 30 June 2020. $112, 500
Interim dividends paid (ordinary shares) $100,000
Write off research and development costs $5,000
Share capital (1million $2 shares) $2,000,000
Expenses from ordinary activities (excluding finance cost) $200,000
Required;
a) Prepare the statement pf profit or loss for the year ended 30 June 2020. (4marks)
b) Prepare statement of changed in equity for the year ended 30 June 2020. (3 marks)
Question 3 (7 marks)
Note this question is from the Week 7 Tutorial)
ABC Company had a positive net cash flow for the year, but its statement of profit or loss reported a loss for the period. Explain (7marks, Word limit; minimum 120 to maximum 150 words)
Question 4 (7 marks)
Note this question is from the Week 8 Tutorial)
Selected information for two companies competing in the catering industry have been presented
below.
Accounting A Ltd B Ltd
Current assets $55,250
$83,950
Non-currented assets $125,000 $149,500
Current Liabilities $29,300 $11,750
Non-current Liabilities $44,850 $72,500
Equity $106,100 $149,200
Profit $37,500
$26,500
Required;
A. Calculate the following rations for A Ltd and B Ltd;
i. Calculate ration. (1 mark)
ii. Return on Assets (ROA). (1 mark)
iii. Return on Equity (ROE). (1 mark)
B. From your calculations in part A, explain which entity is in a more favourable position.
(4 marks, words limit; minimum 120 to maximum 150 words)
Question 5 (11 marks)
Note this question is from the Week 10 Tutorial)
Everest Sports owned by Dean Jones sells sports equipment to schools and sporting clubs in
Victoria. The following balances were reported in the Balance Sheet as at 30 June 2020.
Account Name Balance($)
Cash at bank 19,700
Account receivable 1,400
Accounts payable 600
Capital-Tim Lane 20,500
Transactions for July 2020 were as follows;
July 2 Received $1,400 from accounts receivable
3 Paid $500 of accounts payable
4 Paid rent for July $700
5 Sent invoice t customer $5,600
7 Purchased office equipment for cash $2,000
9 recorded cash sales $800
10 recorded credit sales $1,500
14 Purchased office supplies for cash $330
23 Recorded cash sales $2,000
31 Cash drawing by Dean Jones $800
Required ;
A. Prepare worksheet entries for the business transactions for the month ended 31 July 2020.
B. Summarise the procedures you would undertake if an according worksheet does not balance.
(4 marks. Word limit; minimum 120 to maximum 150 words)
Question 6 (11 marks)
(Note this question is from the Week 11 Tutorial)
The Toowoomba Produce Suppliers packages and distributes three grades of animal feed. The
material cost per tonne and estimated annual sales for each of the products are;
Product Material coat Estimated sales
SuperPremium $16 1000 tonnes
Premium $12 1500 tonnes
Economy $10 2500 tonnes
The indirect cost of operating the machinery used to packages all three products is $20,000 per
year. In the past, prices have been set by allocating the indirect costs to products on the basis
of estimated sales in tonnes. The resulting total costs (material costs plus allocated fixed
overhead) are then marked up by 100 per cent.
Required
A. Allocated total indirect cost to each product. (3 marks)
B. Determine the total cost for each product. (3 marks)
C. Calculate the selling price per unit for each product, using the method described for setting
prices. (3 marks)
D. Does the price in part C, take into account how much customers are willing to pay for the
product? Explain. (2 marks. Word limit; minimum 80n to maximum 100 words

Type of service: Academic paper writing
Type of assignment: Essay
Subject: Business
Pages / words: 3 / 1350
Academic level: Senior (College 4th year)
Paper format: Harvard
Line spacing: Single
Language style: AU English

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