Recent Question/Assignment

Assessment 3 Information
Subject Code: ACC203
Subject Name: Financial Accounting 2
Assessment Title: Individual Assignment
Assessment Type: Letter of advice
Word Count: 1,000 Words (+/-10%)
Weighting: 20 %
Total Marks: 20
Submission: Via Turnitin
Due Date: Due by Monday 25 January 2021 @ 15:55 (AEST)
Your Task
Write a letter of advice in response to a few key accounting issues raised by a Managing Director of a company
Assessment Description
Case study background
Assume that you are a graduate accountant working for Paul and associates a public accounting firm situated at 33 Clarence Street, Sydney, NSW 2000. The manager of your firm, Mr Brodie Lane has asked you to draft a letter in response to an email received from a client – Jim Clark, the managing director of Neoen Pty Ltd, raising a few accounting issues regarding his company – see the copy of the email on the next page.
The maximum length of the covering letter is 1 page. Please note that the business letter needs to be on the front page. You should then address all the technical issues/discussion after the letter, each on separate pages as attachments, followed by a Reference List. The maximum word limit for all parts of the assignment should be 1,000 words.
• Part A: Technical component 15% - This mark covers the technical content of your advice and the explanation 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 business letter 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 appropriately using judgement to correctly identify the relevant standards and legislation that relate to the issues raised 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 grade for all students concerned. Therefore, please make sure that the answer to this assignment is your work and copied or bought from any source. In completing this assignment make sure you follow the guidelines for assignments especially those relating to the presentation of written work, late assignment policy and academic integrity.
Re: Accounting Issues: Year Ending 30 June 2020
From: Jim Clark (Jim@neoen.com.au) Sent: 29 August 2020
To: Brodie Lane (Brodie@paulandassociates.com.au)
Dear Brodie,
Thank you for your phone call this morning. As agreed I am emailing your regarding the accounting issues we briefly discussed. By the way to assist the accounting team in our decision-making process, could you please 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. Neoen charges $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 being installed. The accounting team is uncertain as to how revenue should be recognised in the books if the two products are sold separately and what if they are sold as a package. Your advice on this matter would be greatly appreciated.
2. On July 2020, one of Neoen Pty Ltd’s client engaged legal proceedings and commenced seeking damages from Neoen Pty Ltd due to loss of clients, possibly caused by a faulty accounting software package sold by the company. Neoen Pty Ltd disputes the liability, and its lawyers initially advised that it is probable that the company will not be found liable. The accounting team is not sure whether something should be disclosed in the account in the first place. What would happen then if, owing to developments in the case, it becomes probable that Neoen Pty Ltd is found liable, but the amount of damages to be awarded cannot be measured with sufficient reliability. Finally, what would happen if a reliable 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 from your shortly.
Regards
Jim Clark
Managing director, Neoen Pty Ltd
55 York Street,
Sydney NSW 2000
Hint: Remember that your firm plans to charge the client for your advice; as a check ask yourself if you would pay for the advice you have drafted!
Learning outcome demonstrated
Develop information gathering and communication strategies to enable the provision of professional advice to a client.
Assessment Instructions
Submission
The assignment will need to be submitted electronically through the student portal – use the link under “Assessments”.
Referencing
Any sources that you use need to be acknowledged in order to avoid plagiarism. Information on referencing can be found in the Guidelines for Referencing and Presentation at the Kaplan website using the following address: (https://elearning.kbs.edu.au/mod/page/view.php?id=128881)
In-Text Referencing and the Reference List
Sources of information must be cited both in the body of the text (in-text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report, it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use 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 mark
Policy on Late Submissions
Penalties 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 total marks 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 be accepted 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 are submitted after assignments have been returned to students.
• *Assignments submitted at any stage within the first 24 hours after the deadline will be considered one day late and therefore subject to the associated penalty.
Important Study Information
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy.
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:
http://www.kbs.edu.au/current-students/student-policies/.
Word Limits for Written Assessments
Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.
Study Assistance
Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information.
Assessment Marking Guide
HD The letter clearly identifies and addresses all the technical issues raised & provides clear, correct & decisive answers displaying an outstanding understanding of each of the technical issues.
The letter is easy for the client to understand.
Where applicable and appropriate reference has been correctly made to the AASBs, and other legislation.
Distinction The letter clearly identifies and addresses most of the technical issues raised by the client and provides clear, correct and decisive advice displaying a good understanding 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 the AASBs, and other legislation.
Credit The letter clearly identifies & addresses some of the technical issues raised by the client and provides reasonably clear, correct and decisive advice displaying a reasonably 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 legislation where applicable.
Pass The letter identifies and addresses some of the technical issues raised by the client and provides fairly clear, but not always correct and/or decisive advice.
The letter displays a reasonable understanding of some of the technical issues raised.
The letter is relatively easy for the client to understand.
Reference has been made (with gaps) to some of the AASBs, and other legislation where applicable.
Fail The 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 issues raised.
The letter is difficult for the client to understand.
The letter does not give correct, clear and/or decisive advice on most of the issues raised and makes little or no reference to the AASBs, and other legislation where applicable.
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