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Financial accounting

This assignment has two (2) parts. Both parts are compulsory for all students.

You can access the marking criteria against which both parts of your assignment will be assessed by clicking here.

Part A: This part of the assignment is worth a total of 16 marks (details are provided below). It requires you to provide a written response to the two questions listed below.

When answering the provided questions, you must ensure that your answers address the questions, that your answers are internally consistent, and that the individual components of your answers provide a rounded argument which is easy to follow.

The Australian financial reporting environment is regulated by a large number of accounting standards and other financial reporting requirements. Despite the existence of these standards and requirements, not all accountants agree that such a detailed regulation of accounting practice is necessary. Accountants who favour the existence of a detailed set of accounting regulations often rely on the ‘pro regulation’ perspective to explain their position, whilst accountants who prefer less detailed regulations often rely on a ‘free market’ argument.

Question 1) – 6 marks (400 words +/- 10%)

Provide a detailed description of the ‘free market’ perspective (3 marks), and explain why and how this perspective can be used to support the existence (This is incorrect, the correct word is ABSENCE) of detailed financial accounting regulations (3 marks).

Question 2) – 6 marks (400 words +/- 10%)

Provide a detailed description of the ‘pro regulation’ perspective (3 marks), and explain why and how this perspective can be used to support the absence (This is incorrect, the correct word is EXISTENCE) of detailed financial accounting regulations (3 marks).

The appropriate acknowledgement (referencing) of source material used to develop your essay will attract two (2) marks. An additional two (2) marks will be given for the number of sources other than the textbook that were used to develop the arguments in Part A of your assignment. The use of a minimum of four (4) appropriate sources other than the textbook is required (see below for details).

In Part A of this assignment, you are expected to provide in text references as well as a list of references in accordance with UNE’s referencing guidelines. The submission of assignments without in-text references and/or a reference list will be considered inappropriate conduct under UNE’s plagiarism rules.

Furthermore, you are expected to use a minimum of four (4) appropriate sources other than the textbook assigned to this unit when answering part A of this assignment. This means that although the prescribed textbook is an appropriate reference, there should be evidence (in the form of in-text references) that you have accessed at least four other articles or resources that are useful in developing the arguments in your essay. Appropriate sources of information include, but are not limited to, journal articles, books, selected online resources (i.e. journal databases, newspaper articles, working paper databases, conference websites, official pronouncements of accounting bodies, standards setters, government agencies, public bodies, universities, or accounting firms). Inappropriate online resources which should not be used under ANY circumstances include Wikipedia, blogs, twitter and websites from “non-official” sources.

Part B: This part of the assignment is worth a total of four (4) marks (details are provided below).

Armidale Ltd, a company which works on the development of a “study-pillow” that will enable students to upload study material into their brain whilst sleeping, has recently purchased a new office building. The building and the land on which the building is situated have been purchased for a total cash payment of $1,000,000 on the first June 2011.

Armidale Ltd decided to purchase this building after first considering the purchase of an empty block of land, and the construction of a new purpose-build facility on that block. However, although this empty block was located directly next to the purchased building and had the same size and shape as the block on which the purchased building is situated, the costs of the empty block ($300,000) and the construction costs of a new building ($800,000) were much larger than the combined purchase price of the already completed building and the land on which it is situated.

Armidale Ltd estimates that the useful life of the building will be 30 years, after which time the building will have a residual value of $10,000. Based on this information, Armidale Ltd decides to depreciate the building using straight line depreciation, starting on 1 June 2011.

On the 1 June 2020, Armidale Ltd becomes aware that the value of the land on which the building is situated has increased considerably because gold has been found on a neighbouring block. In fact, the land is now worth $2,000,000, and Armidale Ltd decides to revalue the land in its accounts.

Question 1) – 1 mark

Calculate the purchase price of the building (0.5 marks) and explain how this price is calculated (0.5 marks).

Question 2) – 1.5 mark

Determine the depreciable amount of the building (0.5 marks), and provide all journal entries necessary to record the depreciation of the building for the year ending 31st July (THIS DATE IS INCORRECT! THE CORRECT DATE IS THE 31st MAY 2012) 2012 (1.0 mark).

Question 3) – 1.5 marks

Provide all journal entries necessary in the books of Armidale Ltd to record the revaluation of the land on 1st June 2020 (1.5 marks).


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