Star Electronics Accounting Assingment Help With Solution

Star Electronics Accounting Assingment Help With Solution

 
Task 1
 
LO1- AC 1.1 -Distinguish between accounting policies, accounting estimates and measurement bases.
( P, M1)
 
1.1 The preparation of a company’s financial statements is of great importance in determining the firm’s financial stability and in understanding the firm’s ability to operate in the future without facing liquidity issues. The financial statements must “present fairly” the financial position, financial performance and cash flows of an entity and therefore requires proper use of accounting theories and techniques. Accounting policies and accounting estimates serve this purpose by ensuring that the accounting data recorded in the company books are valid in terms of regulatory requirements and financial reporting accuracy.
 
To achieve pass you must;
Distinguish between accounting policies, accounting estimates and measurement bases.
To achieve M1, you will need to make effective judgements at distinguishing between accounting policies and estimates using relevant examples of accounting policies, accounting estimates and measurement bases.
(You may use financial information given in the above scenario ‘B’ and from Task 7)
 
Task 2
LO1- AC 1.2 – Identify the documents and describe the procedure relating to credit transactions.
(P,M2 )
1.2 Identify and explain the various source documents, books of prime entry for the transactions of ABC
Traders for the month of December 2016 and describe the procedures relating to credit transactions, from the financial information given in scenario (A).
 
To achieve pass you must;
Identify the various source documents, books of prime entry for the transactions of ABC Traders for the month of December 2016 and describe the procedures relating to credit transactions, from the financial information given in scenario (A)
 
To achieve M2, you will need to apply relevant accounting concepts and should use range of information’s to identify source documents for the financial information given in scenario (A).
You need to apply the principles of double entry system to describe the procedure relating to credit
transactions using information given in scenario (A).

 
Task 3
LO1- AC 1.3 – Explain nature and objectives of financial accounting. ( P, M1 )
1.3 Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers (Elliot, Barry & Elliot, Jamie: Financial accounting and reporting).
 
Explain nature and objectives of financial accounting .Explain for what purpose would the different user groups need accounting information?
 
(You may use financial information given in scenario B , C and Task 7 )
To achieve pass you must;
 
Explain nature and objectives of financial accounting and explain for what purpose would the different user groups need accounting information?
 
To achieve M1, you will make effective judgements about the purpose of financial accounting information for different user groups (external & internal) using relevant examples of the elements of financial statements.
 
Task 4
 
LO1- AC 1.4 – evaluate the qualitative characterestics of financial information .(P, M1,D1)
1.4 To meet these users’ needs, it can be argued that accounting information should possess certain key
qualities. Critically evaluate the qualitative characteristics of financial information.
(You may use financial information given in scenario B, C and Task 7 )
To achieve pass you must;
 
Evaluate the qualitative characteristics of financial information.
 
To achieve M1, you will need to apply effective approach & judgements to evaluate the qualitative
characteristics of financial information using appropriate examples.
 
To achieve D1, you should justify the conclusions drawn on the basis of relevant accounting policies,
principles and concepts in critically evaluating the qualitative characteristics of financial information.
 
Task 5
 
LO 3- AC 3.1 – compute the amount of depreciation using different methods and explain resulting charges to the income statement.(P, M2, M3 , D2)
Tanner Ltd, Sport goods manufacturer and dealer, purchased machinery on 1 January 2014, at a cost of OMR 200,000. The machinery has an expected life of five years and a residual value of OMR 20,000.
 
Required:
i. What is the purpose of charging depreciation in the accounts?
 
ii. Compute depreciation on machinery for Tanner Ltd for minimum 3 years using straight line method
and reducing balance method( rate of depreciation in 15 % per annum) and assessing its resulting
charges to the financial statements by preparing Income statement (extract) and Statement of financial
position (extract) for Financial years 2014, 2015 & 2016).
 
iii. You are also required to prepare non-current asset account, Accumulated depreciation account for the financial years ended 31st December 2014, 2015 and 2016.
To achieve pass you must;
 
Compute the amount of depreciation using different methods and explain resulting charges to the income
statement.
 
To achieve M2, you will need to apply relevant accounting policies, accounting estimates and measurement bases and a range of methods to compute the amount of depreciation correctly using different methods and explaining resulting charges to the financial statements.
 
To achieve M3, you will need to apply a range of methods of presentation, appropriate structure and approach for computation of depreciation and technical language should be accurately used.
 
To achieve D2, you should take an effective approach to independent research to study accounting policies and principles, methods of computing depreciation and in assessing its resulting charges to the financial statements .You will have met the deadline to submit the tasks and achieve the unit assessment criteria.
 
Task 6
 
LO 3- AC 3.2 differentiate between capital and revenue expenditure. (P, M2,D1)
3.2 Compare and contrast between capital and revenue expenditure with examples. (You may use financial
information given in scenario A & B). To achieve pass you must;
Differentiate between capital and revenue expenditure.
To achieve M2 you will need to apply relevant accounting policies, accounting estimates and rules of double entry to differentiate between capital and revenue expenditure using relevant examples from the elements financial statements.
To achieve D1, you should justify the conclusions drawn on the basis of relevant accounting policies & rules at differentiating capital & revenue expenditure and in assessing its resulting charges to the financial statements using appropriate examples.
 
Task 7
 
LO3 – AC 3.3- prepare simple financial statements from the trial balance for a sole trader and partnership firm. (P, M3, D2, D3)
3.3 (A) Prepare an Income Statement for the year ended 31st December 2016 and a Statement of Financial
Position of Bader Traders as at 31 December 2016, (showing full workings) from the financial information given in scenario (B).
3.3 (B) Prepare appropriation account, the partners’ capital and current accounts in respect of the year ended 31st December 2016 of ABC partnership firm from the financial information given in scenario (C)

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