Accounting Research
PRESENATION TOPIC Carefully read the following paragraph and anwer the question given in the last Motivation to Report “The main focus of prior research has been whether corporate social disclosures constitute a discharge of accountability or are part of a process of legitimation. Prior research, however, ignores the emergence of an alternate style of corporate social disclosure, the ‘solicited’ disclosure.” p.1 Van der Laan, S. 2009. The Role of Theory in Explaining Motivation for Corporate Social Disclosure: Voluntary Disclosures V. ‘Solicited’ Disclosures. The Australasian Accounting, Business and Finance Journal. Feb. V3/4. pp.15-29. wiseGEEK noted: “An accounting disclosure is a statement released by a company, business, or corporation that identifies the financial strategies that are being used and reveals things like costs and profits for a certain calendar period. The main purpose of this sort of document is to inform both current and potential investors of the accounting strategies and methods used. These financial statements include, but are not limited to, the balance sheet, the statement of cash flows, the income statement, and the statement of stockholders’ equity. The full disclosure principle of most legal systems requires that any event that would have an impact on the financial statements should be revealed, and the laws of many countries set out specific guidelines for both how and when disclosures need to be made. Companies often release this sort of information in their annual reports, but there are a number of acceptable publication methods in most places.” http://www.wisegeek.org/what-is-accounting-disclosure.htm accessed 27 November 2014 following questions Issues that you may wish to discuss include: • Do you agree with this view? • What do you understand by disclosure? • What types of disclosure are there? • Why do you think voluntary disclosures have increased significantly in recent years? • Indications of a movement to integrated reporting will impact on disclosure in what way(s)
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BEA111 Principals of Economics
EA111: Principles of Economics 1 Essay Instructions Purpose: Much of what we study in this unit drives everyday economic behaviour. The concepts and theories we study go a long way in explaining complex, real-world events. These two writing assignments are designed to get you to apply the economics you learn in this unit. The first essay requires you to use economics to explain and analyse an event reported in a newspaper or magazine. Reading the popular press (magazines and newspaper etc.) like an economist will help illustrate the scope of economic reasoning. The second essay requires you to use economics to analyse market failures and evaluate proposed solutions. The essays are also intended to introduce you to writing in economics. Essay #2: The images below illustrate two important real world problems. Choose (1) one of the two images. For the image you choose write a brief essay which addresses each of the following: 1. Identify the real world problem depicted in the image and provide a brief overview of its importance 2. Identify and carefully outline the economic explanation for why the real world problem occurs 3. Identify (2) two policies that the government can use to address the economic problem that you have identified and explain how they would each work. Use appropriate diagrams to support your economic arguments. Your answer should be in the form of a short essay, using the three tasks above as subheadings. Write your essay as an applied economist, not as a journalist or advocate. Your essay should be based on sound economic thinking and supported by analysis. Avoid using emotive or judgmental language. Your essay should provide clear and concise coverage of the policy related issue. It should be written using clear and economical language, have a logical structure and engage the reader. Check your essay carefully for spelling and grammatical errors. Image #1 Image #2 Lectures and Tutorials: We will carefully work through examples illustrating how to write the essays. There will be plenty of opportunities for students to seek advice in the lectures and tutorials. Dates: Second Essay is due Friday, May 25 before 4:00pm. The essays will be submitted via Dropbox. Details will be provided prior to the submission deadline. Please note that all essays will be analysed for plagiarism using detection software. Please read the unit outline concerning plagiarism. Grading: Each essay is worth 10 percent of you final mark. A precise assessment rubric for each essay can be found on MyLo. BEA111 Principles of Economics 1 - Assessment Rubric for Short Essay#2 10–8 (High Distinction) 7 (Distinction) 6 (Credit) 5 (Pass) 0-4 (Fail) Weight Describe the real world problem depicted in the image Real world problem correctly and clearly identified. Extent/importance of problem effectively supported with evidence. Real world problem correctly identified. Extent/importance of problem supported with evidence. Real world problem correctly identified. Extent/importance of problem not supported with evidence. Real world problem correctly identified. Extent/importance of problem not addressed. Real world problem incorrectly identified. Extent/importance of problem not established. 10 percent Identify and explain economics behind real world problem Economic issue correctly and clearly identified. Correct and comprehensive application of economics to explain real world problem. Economics terminology used correctly throughout. Economic issue correctly and clearly identified. Correct application of economics to explain real world problem. A minor error in economics terminology present. Economic issue correctly identified. Largely correct application of economics to explain real world problem. Several minor errors in economics terminology present. Economic issue correctly identified. Limited or confused application of economics to explain real world problem. Many errors in economics terminology present. Economic issue incorrectly identified. Incorrect application of economics to explain real world problem. Significant errors demonstrating no understanding or no attempt to use economics terminology. 30 percent Identify and explain first policy to address economic issue Policy clearly and concisely explained, and its application to the issue discussed correctly. Policy introduced, and connections between the policy and the issue have been identified. Policy introduced, and a limited description of the policy’s relevance to the situation is provided Policy provided, but no explanation of the policy’s relevance to situation is provided. No relevant policy provided. 20 percent Identify and explain second policy to address economic issue Policy clearly and concisely explained, and its application to the issue discussed correctly. Policy introduced, and connections between the policy and the situation have been identified. Policy introduced, and a limited description of the policy’s relevance to the situation is provided Policy provided, but no explanation of the policy’s relevance to situation is provided. No relevant policy provided. 20 percent Communicate economic thinking clearly in a written report Paper logically organised and written in a style that engages reader. Free of grammatical, spelling and punctuation errors. Paper logically organised. Essentially free of grammatical, spelling or punctuation errors. Paper does not always flow in a logical manner, however an attempt at a logical argument is demonstrated. Grammar, spelling and punctuation generally accurate. Paper shows some attempt to organise in a logical manner, but often disorganised. Grammatical, spelling and punctuation errors are present. Paper is disorganised and/or incoherent. Many grammatical, spelling and punctuation errors. 20 percent
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BEA603 Economics and Statistical Analysis
Page | 1 BEA603 Economics and Statistical Analysis Semester 2, 2018 Group Assignment General Information and Submission Instructions The objectives of this assignment are to evaluate your knowledge and ability in: 1. Recognising and articulating appropriate business/economic questions using a real-world example. 2. Selecting appropriate variables, applying relevant descriptive and inferential statistical techniques, to explore evidence related to the business/economic questions. 3. Communicating clearly in a written report the business/economic questions, statistical results/Excel outputs, and business or policy advice. You are required to form a group consisting of 3 or 4 students to complete the assignment. It is your responsibility to find your own group members. You could approach other students from lecture and tutorial classes, or use the ‘Communication-Discussions (Social Café)’ tool on MyLO to look for your group members. The search process takes time and hence it is crucial for you to start your search immediately. Task Description: The assignment consists of 4 sections. Follow all the instructions provided to complete the requirements for each section. Due Date/Time: Monday, 17 September/4pm AEST. Total Marks: 95. Weight: 15% of final marks. Submission Requirements and Procedures 1. Combine your group assignment cover sheet and your report (including your survey questionnaire) into a word document, and then save it as a pdf file. 2. Submit the pdf file via the ‘Assessments -Assignments’ tool on MyLO by the due date/time shown above. 3. Besides submitting your assignment via MyLO, you are also required to submit a hard copy of your assignment to your lecturer. 4. Place the hard copy into the assignment box (Labelled BEA683 Economics for Managers) located on the third floor of the Centenary Building by the due date/time shown earlier. Late submissions will not be assessed. 5. Only one submission is required from each group. Page | 2 The Survey and its Questionnaire: Information/Instructions 1. You are required to conduct a simple survey to collect your own data. It is important that you design a survey questionnaire that meets the requirement of your study objective. 2. For your reference, a sample of survey questionnaire is included in this document (see pages 6 and 7). Note that you are not allow to duplicate or modify this survey in any manner. Your assignment will not be assessed should you fail to follow this instruction. 3. A clear understanding of your study objective will enable you to identify the most important/relevant variables with ease. This implies that inclusion of irrelevant or unnecessary variables may adversely affect your score. 4. Although probability sampling is preferable compared to non-probability sampling, due to time constraints, you are allowed to collect your data using convenience sampling. 5. In terms of sample size, it is strongly recommended that you survey 80-100 individuals. 6. Ensure that you include a sufficient number of categorical and numerical variables in your survey for meaningful analysis. 7. Your survey questionnaire must be presented at the ‘Appendix’ section of your report. Page | 3 Some Guidelines for Completing your Report In general, you are required to communicate your business/policy questions, statistical findings and recommendations for decision making in a written report. Ensure that your report contains the following components and details: Title ? State the title of your study. It should clearly reflect the core of your analysis. [Mark: 1. Length: 8-12 words.] Section 1: Introduction Explain: ? your (assumed) role in a private or public organisation (e.g. product development manager in a household appliances company or a policy officer in a government agency.) [Marks: 3. Length: 40-60 words.] ? the objective of your study. [Marks: 6. Length: 80 -120 words.] ? why this study is important. Ensure that you support your reasoning using three references (i.e. academic journals). [Marks: 12. Length: 150-200 words.] Section 2: Survey Questionnaire and Procedure ? Present your survey questionnaire in the ‘Appendix’ section of your report. The number of questions in your questionnaire should be between 10 and 15. This implies that you must consider only the most important questions that meet your study objective. It is difficult to put a word limit for a questionnaire and hence your questions and answers should be clear and concise. [Marks: 4.] ? Describe how you collected your data. [Marks: 3. Length: 60-100 words.] Page | 4 Section 3: Data Presentation and Analysis ? It is essential that you demonstrate your ability in applying the knowledge you learnt from Chapters 2, 3, 4 and 9 using your survey data. Specifically, you are required to present and analyse the important and relevant variable/s using: o A summary table. [Diagram: 1.5 marks. Discussion: 2.5 marks. Length: 40-60 words.] o A contingency table. [Diagram: 1.5 marks. Discussion: 2.5 marks. Length: 40-60 words.] o A pie chart. [Diagram: 1.5 marks. Discussion: 2.5 marks. Length: 40-60 words.] o A side-by-side bar-chart. [Diagram: 1.5 marks. Discussion: 2.5 marks. Length: 40-60 words.] o A scatter-plot. [Diagram: 1.5 marks. Discussion: 2.5 marks. Length: 40-60 words.] o Coefficient of correlation (using Excel). [Discussion of result obtained: 2 marks. Length: 40-60 words.] o Joint probability – Show your calculation. [Discussion of result obtained: 4 marks. Length: 60-100 words (excluding calculation)]. o Hypothesis testing – State your assumption about the population mean parameter and show your calculation. [Discussion of results obtained: 6 marks. Length: 60-120 words (excluding calculation)]. [Note: Ensure that you discuss each of your Excel output/result in an interesting, accurate and meaningful manner.] Page | 5 Section 4: Conclusion ? Comment on the implications of your findings for business or policy decision making. Note that this section should not be used to simply repeat the discussion of results. [Marks: 10. Length: 120-180 words.] ? Comment on three limitations of your survey (e.g. variables selection, measurement of variables, etc.) [Marks: 10. Length: 120-180 words.] ? For future studies, make suggestions on improvements that address each of the limitations. Support your suggestions with three relevant academic references. [Marks: 14. Length: 150-200] List of References Appendix ? Survey questionnaire. Page | 6 Survey Questionnaire: Example Topic: Mobile phone usage in different age group. Page | 7
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BEA683 Economics for Managers
BEA683 Economics for Managers: Group Assignment Semester 2, 2018 Important Information/Instructions: This is a group assignment and hence you must form a group consisting of 3 students to complete the assignment. It is your responsibility to find your own group partners. You should use the ‘Ask the Class’ tool on MyLO to look for partners. Due Date/Time: Friday, the 14th of September 2018/2pm AEST. (Note: Completed assignments must be delivered to external markers on the due date as specified above, therefore extensions will not be granted lightly.) Total Marks: 20 marks Weight: 15% of final marks Length: up to 1400 words Submission Procedures/Requirements: 1. Your assignment must be typed. Diagrams may be drawn manually. Ensure that you label all your diagrams clearly and correctly. 2. Compile your group assignment (cover sheet, answers to questions, figures) into one single pdf file, and then submit it via the ‘Assessments’-‘Assignments’ tool on MyLO. Please note that your assignment will be checked for plagiarism by Turnitin. A “Similarity Index” above 30% will not be accepted. 3. If your group is comprised of face-to-face students, you must also submit a hard copy to an assignment box (location to be announced). 4. Only one submission is required from each group. ? BEA683: Group Assignment Cover Sheet Details of Group Members Student #1 Name: __________________________________________________________ ID Number: _______________________________________________________ Email address: _____________________________________________________ Student #2 Name: __________________________________________________________ ID Number: _______________________________________________________ Email address: _____________________________________________________ Student #3 Name: __________________________________________________________ ID Number: _______________________________________________________ Email address: _____________________________________________________ Workshop Group (To be completed by ONE Face-to-Face Student responsible for collecting the marked assignment): Name: _____________________________________________________________ Day/Time: ____________________________________________________________ Name of Tutor: _____________________________________________________ ? Minimum price on alcohol Governments in Australia and around the world are considering implementing a minimum price (aka price floor) on alcohol. Your task is to use the Economic way of thinking learnt in class to formally explain the effect of the minimum price. You will need to consider the external effects (negative externalities) of alcohol consumption, the price elasticity of demand, and taxation (an alternative way of reducing alcohol production/consumption). To simplify analysis, please assume that alcohol is a single homogenous good. That is, do not differentiate between different types of alcohol and packaging (wine, beer, casked wine, spirits etc.). For background information read the following articles: https://theconversation.com/minimum-price-on-alcohol-in-the-nt-will-likely-reduce-harm-92577 http://www.abc.net.au/news/2017-10-21/alcohol-floor-price-considered-tackle-abuse-wa/9071544 Questions: 1. Using demand and supply for alcohol, explain why the market outcome may not be efficient. [Think about externalities. What are some of the external costs imposed on society from excessive alcohol consumption?] [4 marks] 2. Explain how a well enforced price floor could affect the market for alcohol and how consumption could adjust to an efficient level. [You can assume that firms understand market demand and will only produce the amount demanded at the price floor.] [4 marks] 3. Now suppose that instead of using the price floor to restrict consumption, the government decides to impose a tax on alcohol ($x on each unit of alcohol sold). a. Can such a tax achieve an efficient level of consumption? Explain. [3 marks] b. In light of your answer to part a, if you were advising the government, would you recommend implementing a price floor or tax to achieve the efficient level of consumption? [Hint: think about tax revenue.] [2 marks] 4. Is the demand for alcohol elastic or inelastic? Explain. How are your answers to Question 2 and 3 affected by the price elasticity of demand? [4 marks] 5. Suppose that changing climate increases the price of hops (an input in the production of alcohol). How will this affect the market for alcohol? Assuming that the price floor or tax on alcohol sales is operating, what does the government need to do in order to maintain an efficient level of alcohol consumption? [3 marks]
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BFA104 Accounting Context and Method
BFA104 Accounting Context and Method Semester 2, 2017 Assignment Instructions: This assignment involves completing the accounting records for a small sole trader business for one month and completing the year-end procedures. It is worth 15% of your final grade. It is due by 3 pm on Thursday, 5 October, 2017. No rubric will be provided as the assignment is completely practical in nature (there is no written component) and as such the answers will be either correct or incorrect. However a marking scheme showing the marks to be allocated to each part of the assignment is shown below. To begin the assignment you should open the Excel spreadsheet that was sent to you via email. Save it immediately with your name as part of the filename. This is an individual assignment. Under no circumstances should you share your workings or any part of your assignment with other students. This constitutes academic misconduct and actions will be taken. All similarity reports on Turnitin will be thoroughly checked for matching with other assignments. Last year, several students were reported to the Head of School for academic misconduct in BFA104 with regard the assignment so please do your own work. NOTE: You must use the spreadsheet that was individually emailed to you. The spreadsheets have individual identifiers on them – if you do not use the one emailed to you YOUR ASSIGNMENT WILL NOT BE MARKED, you will receive 0 and may be reported to the Head of School for academic misconduct. You must complete ALL the assignment using the Excel spreadsheet document and this is the file you will submit on MyLO. Basic proformas have been created for you. Across the bottom of the Excel file you will see different worksheets for each journal, ledger, trial balance, etc. Where possible, you should attempt to use some basic formula such as the SUM function when totalling journals. If you are having issues with the use of Excel you should, in the first instance, try to use the Help function or Google and watch Youtube videos. You may ask some questions about issues with Excel on MyLO discussion boards. You should not discuss how to do the actual accounting in the assignment on MyLO. You are required to: 1. Record accurately all transactions for the month of June and the end of the accounting period in the correct journals. You will need to complete the Inventory Subsidiary Ledger cards for the two items of inventory as you go so that you can calculate the Cost of Goods Sold for each lot of sales. (Topic 5 and Topic 7) 2. Complete adjusting entries at the end of the period, but not closing entries at this stage. (Topic 3 and 9 for depreciation methods.) 3. Complete a bank reconciliation process before totalling the cash journals. (Topic 8 – there was a “how to do a bank reconciliation” handout.) 4. Post the journals to the general ledger at the end of the month (and post to the subsidiary ledger daily). The ledger accounts have been created for you but you will firstly need to enter the opening balances in each account on 1st June. NOTE: the income and expense accounts will have an opening balance at this point as they are only closed off using closing entries at the end of the financial year. You should get these from the Trial Balance and Schedules above. (Topic 5 – there was a “how to post” special journals handout.) 5. Complete Schedules of Accounts Receivable, Accounts Payable and Inventory and reconcile these with the relevant control accounts. (Topic 5 and 7) 6. Complete the adjusted Trial Balance (do this BEFORE completing and posting closing entries). 7. Complete closing entries necessary at the end of the accounting period and post them to the Ledger. Balance the Balance Sheet accounts. (Topic 4) 8. Complete an internal Income Statement and Balance Sheet. You should put aggregated amounts and a “Note” for the following items: • Sales and Sales Returns • Cost of Sales • Depreciation Expense (add the two together) • Accounts Receivable and Allowance for Doubtful Debts • Fixed assets and their respective accumulated depreciation • W Wild, Capital (incorporate drawings and profit in the note) (See Topic 4 and Topic 7 for examples. Topic 7 is particularly relevant as this is a wholesale business selling inventory.) Submission of Assignment: Upload your completed spreadsheet file to the MYLO drop box. There will be no paper submission. You may only submit your assignment to the dropbox once. The date stamp on the electronic submission will determine if your assignment has been submitted on time. Late work WILL be penalised unless you have been granted an extension by the unit coordinator. Remember, you MUST use the individual spreadsheet that was emailed to you directly. Assignment Marking Allocation: Section Possible Mark General Journal 20 Sales Journal 3 Purchases Journal 3 Cash Receipts Journal 6 Cash Payments Journal 6 Accounts Receivable Ledger 5 Accounts Payable Ledger 5 Inventory Ledger 10 General Ledger 15 Bank Reconciliation 4 Schedules of Subsidiary Ledgers 3 Trial Balance 5 Financial Statements 15 TOTAL 100 Information Concerning the Business: Willy Wild is a sole trader who operates Willy’s Wilderness Packs, a wholesale business selling hiking backpacks to retail outdoor and camping shops all over Australia, and on the internet. Willy operates his business from a small, rented warehouse in Launceston. He employs a casual worker for four days a week. Willy’s bookkeeper has just retired and he asks you if you can help him to record the transactions for June. As you are studying accounting he also asks you to finish off the books for the year and prepare some financial statements for him. He is thinking of expanding and needs the statements to apply for a bank loan. The bookkeeper has been keeping the records manually but Willy is keen for you to use Excel to complete the various records each month. Ignore GST. Other Information: • Willy sells two products, the Willy Wilderness Day Pack (known as the “Day Pack”) and the Willy Wilderness Hiking Pack (known as the “Hiking Pack”). • He uses a perpetual inventory system and the First-in, First-out method to assign costs to Cost of Goods Sold. • Prepayments (prepaid expenses or unearned revenue) are treated as an Asset or Liability when paid. • Assume transactions are on credit unless it is stated otherwise. • All transactions are recorded on the day they occur. • For convenience, round all figures to the nearest dollar (you can get Excel to do this for you by showing no cents). Below you will find the schedules of balances from the subsidiary ledgers, the Bank Reconciliation Statement and the Trial Balance from the end of May, 2017. These are followed by the transactions for the month of June, which you are to record, and the June Bank Statement received by Willy from his bank. Schedule of Accounts Receivable at 31 May 2017 Acc No Account Amount 101 Q Quoll 7 227 102 P Possum 4 221 103 W Wombat 1 055 12 503 Schedule of Accounts Payable at 31 May 2017 Acc No Account Amount 201 L Lake 4 678 202 T Tarn 6 557 203 M Mountain 5 360 16 595 Inventory Subsidiary Ledger at 31 May 2017 Item No Product Name Units Unit Cost Amount 01 Day Pack 42 45 1 890 02 Hiking Pack 39 112 4 368 6 258 ? The May Bank Reconciliation Statement is as follows: Willy’s Wilderness Packs Bank Reconciliation Statement As at 31 May 2017 Balance as per Bank Statement 76 645 Cr Add Outstanding Deposit 2 940 79 585 Less Unpresented cheques No 891 3 125 No 901 480 No 903 1 450 5 055 Balance as per Cash at Bank Account 74 530 Dr The Trial Balance as at 31 May 2017 prepared by the old bookkeeper is as follows: Account Name Acc No Debit Credit Cash at Bank 1-1100 74 530 Accounts Receivable Control 1-1104 12 503 Allowance for Doubtful Debts 1-1105 565 Inventory Control 1-1115 6 258 Packaging Materials 1-2121 2 480 Prepaid Insurance 1-2125 1 890 Warehouse Fixtures and Fittings 1-3175 42 000 Accum Depn – Warehouse Fixtures and Fittings 1-3176 15 000 Delivery Truck 1-3180 65 000 Accum Depn – Delivery Truck 1-3181 47 000 Accounts Payable Control 2-1200 16 595 Accrued Expense Payable 2-1215 W Wild, Capital 3-1300 131 600 W Wild, Drawings 3-1310 48 205 Profit and Loss Summary 3-9000 Sales 4-1000 154 705 Sales Returns and Other Allowances 4-1005 410 Interest Revenue 4-8410 75 Discount Received 4-8420 74 Cost of Goods Sold 5-1000 89 540 Salaries and Wages Expense 6-2540 18 350 Telephone and Internet Expense 6-2545 2 145 Electricity Expense 6-2547 2 035 Insurance Expense 6-2550 Packaging Materials Expense 6-2556 Depn Expense – Warehouse Fixtures and Fittings 6-2563 Depn Expense – Delivery Truck 6-2564 Bank Fee Expense 6-3580 150 Bad Debts Expense 6-3590 Discount Allowed 6-3595 118 $365 614 $365 614 Transactions for the month of June are as follows: June 1 Received $1 000 from W Wombat for full payment of his debt as at 31 May, Receipt No 103 (hint, we may have given his a discount). 1 Paid the annual insurance premium of $1 956, Cheque 904. 2 Cash Sales, 12 Hiking Packs @ $180, Receipt No 104. 4 Paid M Mountain the amount owing to them less 5% cash discount for early payment, Cheque 905. 6 Credit sales to P Possum of 20 Day Packs @ $78, Invoice No. 56. 6 Paid L Lake the amount owing at 31 May and received a 7.5% discount for early payment, Cheque 906. 7 Paid wages owing for the fortnight $420, Cheque 907. 8 Paid T Tarn the full amount owing as at 31 May, Cheque 908. 9 Received $7,100 from Q Quoll as full payment of her debt as at 31 May, Receipt No 105. 14 Paid Electricity Account $310, Cheque 909. 15 Purchased 30 Day Packs @ $48 from T Tarn, Invoice 1290. 16 Purchased 25 Hiking Packs @ $113 from M Mountain, Invoice 101. 18 Credit sales to W Wombat of 33 Day Packs @ $80 each, Invoice No 57. 18 Cash sales, 15 Day Packs @ $78, Receipt No 106. 19 Credit sales to Q Quoll 25 Hiking Packs @ $180 each, Invoice No. 58. 21 Q Quoll returned 5 Hiking Packs as she decided she only wanted 20. Willy issued Credit Note 19 and gave Q Quoll a credit. As the packs were not damaged they were returned to the inventory. 22 Paid wages owing for the fortnight $420, Cheque 910. 23 Received $3,500 from P Possum, Receipt No 107. 24 Credit sales to W Wombat of 15 Hiking Packs @ $180, Invoice No. 59. 25 Purchased 40 Day Packs @ $49 each from L Lake, Invoice 277. 26 Cash Sales, 10 Day Packs @ $80 and 10 Hiking Packs @ $182, Receipt No 108. 28 Received $3 600 from Q Quoll, Receipt No 109. 29 Paid M Mountain $1 200, Cheque 911. 30 Traded in the delivery truck for $13 000 in part payment for a new delivery truck costing $74 000. The remaining $61 000 was paid in cash, Cheque 912 (see depreciation information below). 30 End of accounting period adjustments • Insurance is paid once a year in advance on 1 June each year. No adjustment has been made during the year. • Wages owing at 30 June $220. • A stocktake in the office reveals that Packaging Materials on Hand are $640. • Depreciation: ? Warehouse Fixtures and Fittings depreciation is based on 15 years usage and the straight line method (residual value $6 000) ? The old Delivery Truck sold on 30 June is depreciated at 20% using the diminishing balance method (residual $8 000). ? The new Delivery Truck bought on 30 June is to be depreciated at 25% using the diminishing balance method (residual $10,000). • The Telephone and Internet account for June for $250 has not been received or paid. • Allowance for Doubtful Debts needs to be adjusted to equal 8% of Accounts Receivable Control at 30 June. • A stocktake revealed the following closing balances: Willy Day Pack 34 Willy Hiking Pack 7 Willy received the following bank statement from his bank for the month of June. Willy’s Packs National Park Bank A/c No 2350 BANK STATEMENT Date Particulars Debits Credits Balance 2017 $ $ $ June 1 Balance forward 76 645 Cr 1 Cash and cheques 2 940 79 585 Cr 1 Cash and cheques 1 000 80 585 Cr 2 Cash and cheques 2 160 82 745 Cr 3 Cheque 905 5 092 77 653 Cr 9 Cash and cheques 7 100 84 753 Cr 11 Account Fee 15 84 738 Cr 12 Cheque 903 1 450 83 288 Cr Cheque 904 1 956 81 332 Cr 16 Returned Cheque (W Wombat) 1 000 80 332 Cr 18 Cash and cheques 1 170 81 502 Cr 19 Interest Earned 15 81 517 Cr 19 Cheque 909 310 81 207 Cr 20 Cheque 901 480 80 727 Cr 23 Cash and cheques 3 500 84 227 Cr 26 Cash and cheques 2 620 86 847 Cr 29 Cheque 910 420 86 427 Cr 29 Cheque 907 420 86 007 Cr Cheque 911 1 200 84 807 Cr 30 Transaction Fees 57 84 750 Cr
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BFA208 FINANCIAL MANAGEMENT
BFA208 Financial Management Semester 2, 2017 Page 1 of 7 UNIVERSITY OF TASMANIA Tasmanian School of Business and Economics BFA208 FINANCIAL MANAGEMENT Semester 2, 2017 Assessment 3: Written assignment Assessment: 20% Description: Your assignment involves preparing a written report where you will present an analysis of financial information relating to the capital investment project described in the attached case study and provide recommendations that will assist the firm in its decision making. Length: 1200 words maximum - this requirement refers to the written analysis section of the assignment only and is a “maximum”. Students will not be penalised for using fewer words and making their report more succinct. If you submit over-length work there will be an automatic 10% penalty of the total possible marks for this assessment. Title pages, calculations section, reference lists and appendices are NOT included in the word count. Assessment Criteria: Please see the assessment rubric at the end of the assignment for information on the assessment criteria which will be applied when marking the assignment. Percentage Weighting: This assignment is worth 20% of the final mark for the unit. Due Date: Friday, 29 September, 2017 by 3 pm. Submission Information: Assignments are to be submitted through the assignment submission folder on the unit’s MyLO site. There will be no paper submission. You may only submit your assignment once. A signed assignment coversheet should be downloaded from the assignment folder on MyLO and must be submitted. Assignments without a coversheet will not be marked. The date stamp on the electronic submission will determine if your assignment has been submitted on time. Late work will be penalised unless you have been granted an extension by the unit coordinator. See page 19 of the Unit Outline for more details regarding late assessment and extension policy. This is an individual assignment. Under no circumstances should you share your workings or any part of your assignment with other students – this constitutes academic misconduct and actions will be taken. All similarity reports on Turnitin will be thoroughly checked for matching with external sources and with other BFA208 assignments. You are asked not to discuss the assignment with other students on MyLO. You may ask general questions on MyLO if there is BFA208 Financial Management Semester 2, 2017 Page 2 of 7 something you need clarified but you should not discuss any calculations or where you have found any relevant information with other students. CASE STUDY The Bluebell Dairy Company Pty Ltd (Bluebell) runs a well-established cheese making business near Scottsdale in beautiful North East Tasmania. The business includes three dairy farms, a cheese factory and a café where a range of breakfast and lunch meals, snacks and deserts are served. The milk processed in the cheese factory is supplied from the company’s dairy farms as well as from a few other local dairy farms. Bluebell is specialized in the production of English style Cheddar cheese of various maturity and flavour for which it has won several awards. Its reputation is based not only on the quality of its cheese, but also on the sustainable farming system adopted on its dairy farms and cheese production methods. Bluebell sells some of its cheeses through its café but the majority of its dairy products are sold on the mainland through fine food specialty shops and gourmet delicatessen. Due to the growing popularity of its products, Bluebell is currently considering exporting some its production to the North American and European markets. This will require a significant expansion of its existing cheese factory. Bluebell’s management is assessing the investment project and have asked you to provide them with some advice about the financial viability of the project and possible sources of financing. The construction of the new cheese factory will take place over four months at the end of 2017. During the construction period, the existing cheese making facilities will not be affected and production of cheese and other dairy products will remained unchanged. However the café will need to be closed for the duration of the construction. Sales from the café over that period (from September to December 2017) are estimated at $120,000. Variable costs associated with the café operation will not be incurred, however all fixed costs will remained unchanged. The total costs of expansion are estimated at $1,250,000 this includes the cost of construction of the new building, all fittings and machinery. In addition to the actual building and machinery costs, Bluebell has budgeted $200,000 in marketing costs to establish its European and North American markets. It is also estimated that the increased activity will require the immediate injection of an additional $250,000 in working capital (assumed at 31/12/2017). Bluebell is a proprietary company and the Board of directors is still unsure how the project should be funded. The main shareholders of the company are members of the founding family and most have indicated that they would be willing to contribute more equity to the company. The local bank with which Bluebell normally does business has given its in-principle agreement that it would be prepared to lend the company $600,000 over 5 years at a rate of 6%. The loan will be repaid by constant annual repayments payable at the end each year. Judith, the company CFO would like you help her examine the viability of the project for the next five years given two scenarios: an optimistic scenario and a realistic (conservative scenario). Given the risk associated with the project, she believes it is reasonable to use a cost of capital of 10% for BFA208 Financial Management Semester 2, 2017 Page 3 of 7 the evaluation of this project. Further financial data relating to the project can be found in the appendix. Your task Based on this information in the case study and in the appendix, Judith has asked you to write a report to Bluebell’s Board of Directors advising them as to the best course of action regarding this project. Your report should address the following specific questions from the board of directors: 1. Discuss which costs are relevant for the evaluation of this project and which costs are not. Your discussion should be justified by a valid argument and supported by references to appropriate sources. 2. Estimate the depreciation costs (machinery and construction costs) associated with the project for each year for the period 2018- 2022. In your report you should justify the choice of a particular depreciation method over another. 3. Estimate the relevant annual net operating cash flows associated with the project for the period 2017- 2022 under each of the two scenarios envisaged by the CFO. You will need to broadly describe the method used for determining those cash flows and indicate any assumption (s) that may have to make. 4. Estimate the time when the initial investment will be paid back under each scenario. Assume in your calculation that working capital will be fully recovered at the end of the project but ignore the possible terminal value of other assets. Also ignore the time value of money. Briefly comment on your results. 5. Estimate the Net Present Value (NPV) of the project under each scenario assuming that the project is entirely funded by equity capital (Retained earnings and new share issue). Assume that annual cash flows are derived (or expended) at the end of each year. Also assume here that tangible assets (machinery + building) are worth $500,000 at the end of 2022 and that working capital is fully recovered. Briefly comment on your results and make appropriate remarks on the assumptions made for these calculations if necessary. 6. Assume now that Bluebell accepts the loan offer from the Bank and contributes the rest of the funds through equity contribution from existing shareholders. In the light of what was covered in your lecture and of your own research, briefly discuss whether the interest expense on the loan should be included in your cash flow estimates for the project. 7. Estimate the NPV of the project for each scenario under the above partial debt funding model? (use the same assumptions as in the fully equity case regarding annual cash flows and terminal value). Briefly comment on your results and compare with the results from your previous calculations. You may also wish to explain to the board of directors why the results differ or why they are similar. 8. Advise the board of directors as to whether they should go ahead with the investment project and if so, which funding model they should choose. In your recommendations, you may wish to suggest possible refinements in the method used for evaluating this project. BFA208 Financial Management Semester 2, 2017 Page 4 of 7 ASSIGNMENT INSTRUCTIONS ? Your assignment should be presented as a structured report with an introduction, a main body and a conclusion, but without inclusion of any calculations in the main body. ? The main body of the report may include headings addressing the specific questions asked by the board of directors. ? The final part of your assignment (answer to point 8 above) should include a general recommendation to the Board regarding the best course of action regarding the intended project. If you believe that further information is required before making a firm recommendation, you need to specify what information would be required. ? Any assumption that you may rely upon for your analysis and recommendation should be clearly stated in the main body of your report. ? All calculations should be presented in appendices to the report. Calculations may be prepared in an Excel document, however your submission must be in the form of a single Word document including the report itself and the appendices. ? All external sources used to support your argument should be appropriately acknowledged in the main body of your report using the Harvard style (Author -date) of referencing. This includes textbook sources but not the case study itself. A list of the full citations should be included at the end of the main body of your report. BFA208 Financial Management Semester 2, 2017 Page 5 of 7 APPENDIX: Additional information for the case Café data ? Variable costs associated with the operation of the café represent 40% of sales ? Fixed costs for the cafe are estimated at $8,000 per month ? Café would be closed from 1 September 2017 until the end of 2017 Cost of expansion The $1,250,000 estimated costs of expansion can be broken down as follows: ? Construction of new factory: $400,000 ? Fittings: $200,000 ? Machinery: $650,000 For tax purposes, the machinery and fittings may be depreciated using either the prime cost or the diminishing value methods as set out in Division 40 of the Income tax Assessment Act (ITAA) 1997. The recommended life for assets used for cheese manufacturing is 15 years. (Tax Ruling 2017/2; Table A: industry categories). Judith indicated to you that the company will retain the method that is the most advantageous from a tax point of view, i.e. the depreciation method that maximizes its tax deductions. The construction expenditure of the factory may be depreciated for tax purposes at a rate of 4% per annum (Section 43-210 of ITAA1997) (only the prime cost method is available in this case). Marketing costs The $200,000 marketing costs associated with the expansion of the market will be incurred as follows: ? $50,000: during the last part of 2017 ? $50,000 in 2018 ? $25,000 for each of the following 4 years These costs are fully tax deductible in the year they are incurred (assume calendar year). BFA208 Financial Management Semester 2, 2017 Page 6 of 7 Sales projections Projections regarding additional annual sales of cheese from the expanded production over the next five years are as follows: 2018 2019 2020 2021 2022 Conservative scenario ($) 700,000 900,000 1,000,000 1,100,000 1,100,000 Optimistic scenario ($) 800,000 1,000,000 1,100,000 1300000 1,300,000 Operating costs Operating variable costs associated with the production of cheese are equal to 50% of the sale value of production. Existing annual fixed costs of production (excluding depreciation) are $400,000. As a result of the expansion these costs will increase by 20%. Existing administrative costs are $560,000 per annum. These costs will only increase by 10% as a result of the expansion. Tax rate The company is subject to a tax rate of 27.5%. -o-o-o-o- BFA208 Financial Management Semester 2, 2017 Page 7 of 7 BFA208: Financial Management_ Semester 2, 2017 Assessment rubric for Written Assignment (Assessment Task 3: 20% of final grade) Criteria HD (High Distinction) DN (Distinction) 70% - 79% CR (Credit) 60% - 69% PP (Pass) 50% - 59% NN (Fail) 0% - 49% 90% - 100% 80% - 89% Identify and explain the relevant theoretical issues that apply in the scenario. Determine the relevance of financial data and information in the scenario (weight = 20%) Presents a logical, reasoned and structured argument that identifies relevant conceptual issues and critically evaluates all information in the scenario while discussing its relevance to the required analysis. Presents a logical argument that identifies relevant conceptual issues and critically evaluates most information in the scenario with some discussion of its relevance to the required analysis Presents an argument that identifies relevant conceptual issues and critically evaluates most information in the scenario but with limited discussion of its relevance to the required analysis Identifies some relevant conceptual issues and critically evaluates some information in the scenario, but with limited discussion of its relevance to the required analysis. Identifies some conceptual issues but not always relevant. Limited evaluation of the information in the scenario with limited or no discussion of its relevance to the required analysis. Identify relevant financial techniques and correctly apply them to the situation in the scenario (weight = 40%) Relevant financial techniques are identified and always or almost always correctly applied. Relevant financial techniques are identified and mostly correctly applied. Relevant financial techniques are mostly identified and generally correctly applied. Relevant financial techniques applied are often identified and applied but with many mistakes in the application. Financial techniques applied are not always relevant and /or there are many mistakes in the application. Present a pertinent analysis interpreting the meaning of financial calculations (weight= 25%) Presents a structured, reasoned and pertinent analysis of the financial calculations. The analysis is meaningful and assists with resolving the problematic in the scenario. Presents a structured and reasoned analysis of the financial calculations. The analysis assists with resolving the problematic in the scenario. Presents a reasoned analysis of the financial calculations. The analysis somewhat assists with resolving the problematic in the scenario. Presents some analysis of the financial calculations. But the analysis is not always pertinent to the problematic in the scenario. Limited analysis of the financial calculations. The analysis is of little use in resolving the problematic in the scenario. Communicate independently in clear and coherent English. Acknowledge sources using appropriate referencing (weight = 15%) Adheres to English conventions making report easy to read. Mostly adheres to English conventions making report reasonably easy to read.. Occasionally adheres to English conventions - report difficult to read. Acknowledges all sources and referencing is accurate and consistent Acknowledges most sources and referencing is mostly accurate and consistent. Acknowledges some sources and some referencing conventions are followed
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BFA261 MANAGEMENT ACCOUNTING
BFA261: MANAGEMENT ACCOUNTING SEMESTER 2, 2018 ASSESSMENT TASK 3: CASE STUDY The Case Study: Buns Bakery. Refer to attached file: Buns Bakery Case Study. Required: Part 1. Read Part I of the case carefully and create a spreadsheet page for data input as you go. This is where you will find all the numbers necessary to create your budgets as you move through the case. It is important that you think through what numbers you will need and lay those out logically with clear labels. This serves two purposes: first, it will make it easier to create the budgets, and second, when you turn this budget over to management, they may wish to change some of the assumptions and see what results flow through the budget. To this end, you must show all assumptions on the first worksheet. You will need to create the following items: a. Data Input Sheet b. Cash Flows Budget c. Production Budget d. Projected Balance Sheet e. Projected Profit and Loss Statement f. Sales Budget You may also need to create supporting schedules and tables. Please group these logically on worksheets within your document and label the tabs so that the owners and managers can find whatever budget or schedule they need. Think about the logical order of budgets. Your data input sheet should be the first worksheet. What should be the second worksheet? Make the spreadsheet document flow logically. Have the spreadsheet show most dollar amounts as whole dollars (in some cases, such as the price of an ingredient at $0.15, it won’t make sense to do so – use your judgment). Similarly, use your judgment on how many decimals to display and what format to use ($ or % for example) in each cell. Remember, that the calculations will still be accurate as Excel uses the decimal part of the number even if it isn’t showing. Also, a good use of bold, italics, colour, and borders will make the spreadsheet more visually appealing and, if used correctly, easier to understand and use. As a check for you, the Profit after Tax for the budget year should equal $67,524, the closing balance of Accounts Receivable should be $951,766, the closing balance of Raw Materials Inventory should be $38,465, and the cash on hand at the end of the budget year should be $46.074. Part 2 Read Part II of the case carefully. Using the Master Budget you created for Part I of the project, answer the following questions: 1. What will Buns’ Earnings Per Share, cash flow from operations, and profit margin be for each of the options? a. Increase the sales commissions to 2%; b. Move to a JIT inventory system, keeping only 3% of the needed raw materials on hand; c. Improve the collections rate to 80% in the first quarter, 15 % in the second quarter, and 5% in the third quarter; d. Revise the price increase to reduce the impact on sales volume. 2. If Buns can only make one of the proposed changes, which change do you recommend the company make? Explain? Provide as much supporting argument and analysis as appropriate in support of your recommendation. 3. If Buns can make two of the proposed changes, which two do you recommend the company make? Explain. Provide as much supporting argument and analysis as appropriate in support of your recommendation. 4. Provide two additional changes Buns could make to improve its pro forma financial statements. This is an opportunity for you to think creatively and to show your understanding of the relationship between various parts of the operation. 5. Would you invest in Bun’s Bakery after seeing the original numbers? What about after the changes had been made in question 2? In question 3? Provide an explanation in support of your position. Due Date: To be submitted via MyLO on or before 9 a.m. Monday October 1st, 2018. Task Length: 2,000 words (excluding tables, spreadsheets and references).
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BFA303 Auditing
1 Tasmanian School of Business & Economics University of Tasmania Assessment 3: Team Project Semester 1, 2019 BFA303, Auditing Due by 3 pm, Wednesday 15th May 2019 Assignment total marks: 140 marks Weight of assignment: 20% Maximum words: 2,000 ? You are required to complete the following Three (3) questions: Q1. Understand the internal control system; identify internal control weaknesses, suggest ways to strengthen internal controls, and plan the audit accordingly. (50 Marks) Q2. Use analytical procedures to assess audit risk and its impacts on audit plan, analyze audit evidence, and develop substantive tests for accounts at risk (80 Marks) Q.3. Understand and analyze the audit opinion issued (10 Marks) ? Your assignment should be completed in a group of maximum 4 students. It is recommended but not compulsory to form a group within your enrolled tutorial. Question 1 (50 Marks) You are part of the audit team assigned to Excellent furniture. Excellent furniture is a distributor of imported furniture and supplies furniture to retail stores. You are assigned the task of reviewing and evaluating the internal controls over the billings and remittances transaction cycles. You have been provided with the following narrative relating to the internal control system over this area. Sales recording, maintenance of accounts receivable and collection procedures are shared between the accounts receivable clerk, a cashier /secretary and the telephone secretary. Their procedures in regard to billing and collection have been described as follows. After opening the mail, the telephone secretary hands customers’ purchase orders to the accounts receivable clerk (‘AR”). To prevent delays in dispatch of orders, AR prepares a pre-numbered five part sales invoice for distribution as follows: Copy 1: customers’ copy (held by AR until notice of dispatch is received). Copy 2: Accounts Receivable Department copy Copies 3 & 5: Dispatch Department copies 2 Copy 4: Warehouse Managers’ copy In the warehouse, the inventory is drawn as shown on copy 4 of the invoice with quantities adjusted as necessary. The warehouse copy invoice is filed in date order as recorded on the invoice. The Dispatch department receives the order from the warehouse identified by the customer’s name, and quantities and product descriptions are checked to invoice copies. Where ordered quantities are more than the available stock, Dispatch Department staff alter both of their copies to agree with the quantity being supplied. Then the goods are prepared for shipment and a two-copy delivery docket is prepared. Copy 3 of the invoice is placed in one carton as a packing slip. Copy 5 of the invoice is returned to the Accounts Receivable Department together with the original of the delivery docket. A copy of these documents are numerically filed by the Dispatch Department staff. When copy 5 is received by the Accounts Receivable clerk, he records the invoice number, actual quantities dispatched, prices, extensions, discounts, if any, and total on copies 1 and 2. Copy 1 is forwarded to the customer together with the original of the delivery docket. The accounts receivable ledger and the sales journal are prepared simultaneously. To minimize errors, sales are posted to the accounts receivable ledger and sales journal using copy 2 of the invoice which is subsequently attached to copy 5 and filed numerically. Each month, the general ledger clerk summarizes the sales journal for posting to the general ledger. Because Excellent Furniture has a liquidity problem, the deposit of receipts is also expedited. The receptionist hands all mail receipts and related correspondence to AR who examines the cheques and determines whether or not the accompanying vouchers or correspondence contain enough detail to permit posting of the accounts. The AR then endorses the cheques and gives them to the cashier who prepares the daily deposits. No cash is received in the mail and no goods are sold over the counter. The AR uses the vouchers or correspondence that accompanied the cheques to post the accounts receivable ledger cards. A cash receipt register is prepared as a carbon copy of postings. Monthly, the general ledger clerk summarizes the cash receipts register for posting to the general ledger accounts. The AR also corresponds with customers about unauthorized deductions for discounts, allowances, returns, etc, and prepares the appropriate credit notes. Disputes involving large amounts are handed over to the sales manager for settlement. Each month, AR prepares a trail balance of the accounts receivable to agree with the general ledger. Required: Use the following table to: Prepare a management letter to Excellent Furniture detailing your review and evaluation of its internal control (IC) over customer billings and remittances. You need to identify 4 (Four) weaknesses, the potential consequences (effects) of those weaknesses, how these weaknesses could be corrected (strengthened), and at least ONE substantive audit procedure for testing the significance of the potential error. 3 IC Weakness (10 Marks) Potential consequence (effect) of the weakness (15 Marks) Recommendation to strengthen IC (15Marks) Substantive audit procedure (10 marks) Question 2 (80 Marks) You are the auditor of Amanda Ltd, a company involved in the assembly, distribution and servicing of television. Amanda Ltd is a wholly-owned subsidiary of a publicly listed company in the UK and has been operational in Australia for seven years. Although Amanda Ltd has been profitable for the last three years and the growth in the company’s revenues has been substantial, liquidity has been a major problem. This has been countered by the non-payment of intercompany debt of $2,000 million to the parent entity which is the major supplier of the components used in the mobile phones. Due to the rapid growth of Amanda Ltd, there has been a great deal of pressure put upon the company’s staff and IT systems. Temporary staffs are often used in the accounting department to ensure that the day-to-day processing is kept-up-to-date whilst full-time employees work on special projects required to ensure the accounting systems are keeping up with the growth in the business. The turnover of staff has been very high in the accounting department in the last two years due to the pressure and long working hours associated with a rapidly expanding business. At present there are eight full-time employees working in the accounting department, with the financial controller and management accountant being the only two who have been in the company for longer than two years. The audited income statements and balance sheet for the last two years together with unaudited statements for this year are as follows: 4 Income statement Unaudited 31/12/2018 $’000 Audited 31/12/2017 $’000 Audited 31/12/2016 $’000 Sales revenue 80,000 60522 50996 Cost of sales 50000 35000 32000 Gross Profit 30000 25522 18996 Interest expense (2,000) (1,800) (1,653) Salaries and wages (3,200) (2,907) (2,196) Depreciation (750) (630) (540) Exchange (loss)/gain loss - (712) 92 Other expenses (2,150) (2,004) (1,568) Total expenses 8100 8053 5865 Net profit before Tax 21900 17469 13131 Tax expense 7008 5066 3227 Net Profit after Tax 14892 12403 9904 Balance sheet Unaudited 31/12/2018 $’000 Audited 31/12/2017 $’000 Audited 31/12/2016 $’000 Current Assets Cash 3200 3258 1148 Receivables 20000 7,926 6,244 Inventories 12,400 8,249 7,951 Other debtors 200 121 126 Total current Assets 35800 19554 15469 Non-current Assets Property, plant and equipment 2,820 2,108 1,820 Total non-current Assets 2,820 2,108 1,820 Total Assets 38620 21662 17289 Current Liabilities Creditors and borrowings (including inter-company debt) 25000 15,360 14500 Provisions 3,500 729 2,272 Total Current Liabilities 28500 16,089 16772 Total Liabilities 28500 16,089 16772 Net Assets 10120 5573 517 Shareholders’ equity Share capital 2,000 2,000 1,800 Reserves 1,500 1,500 - Retained profits (loss) 6620 2073 (1283) Total Shareholders’ Equity 10120 5573 517 5 You are in the process of planning the audit for the financial year ended on 31 December 2018 and have recently had a planning meeting with the financial controller. At this meeting, you were informed of the following: a) The increase in sales from last year is mainly due to a large order from the ACT Government. b) During 2018, Amanda Ltd experienced production problem which led to a substantial number of components having to be air-freighted at short notice from the parent company. c) From discussions with the credit manager you have ascertained that debtors are running late, whilst most third-party creditors are being paid in 30 days. d) The ending inventory is $12.4 million. Management has decided to continue production at full capacity even though the order book has fallen away in the last few months. The reason given for this was that management did not want to retrench manufacturing staff as the dearth of orders is only expected to be temporary. In addition, another major order from the ACT government is expected shortly after year end for which management wishes to exceed delivery time expectations and outperform competitors. e) The parent entity has given verbal assurance to Australian management that no remittances to the UK will be required within the next 12 months and that it will continue to support the Australian operations. f) New software for inventory, trade receivables, and trade payables were installed during the year but is yet to be integrated with the general ledger system. Reconciliations are being performed monthly between subsidiary ledgers and the general ledger control accounts. Problems have been experienced in reconciling inventory, which the financial controller believes has something to do with differences in exchange rates used between the subsidiary and general ledgers when converting overseas purchases. Last month’s un-reconciled difference was $468,000. g) A 100% physical stocktake is not going to take place at this year-end as cyclical stocktaking was introduced earlier in the year and has not indicated any problems in the recording of physical inventory. You were not aware of this until the planning meeting. h) A number of debtors complained to Amanda Ltd’s salesperson last year after receiving debtor confirmation requests. The sales manager has therefore requested that he dictate to the auditors which debtors can be circularized at the forthcoming year end. i) An employee was recently dismissed when it was found that he had been forging casual employee timesheets and having money paid directly into his own bank account. The amount taken from the company was $9,000 over a period of 14 months. The financial controller was very upset that you had not identified the weakness in payroll authorization procedures which led to this event. Although you examined the payroll system during last year’s audit, you did not look at this specific aspect of the system. j) With the exception of managing director, Mr L, an American executive, all of the local managers are Australian. Mr L is on five year secondment from the UK parent. He has a reputation for delivering good results from subsidiaries. However, the subsidiaries of Amanda Limited have not performed well in the past 3 years. It is his intention to return to the UK Company in a year’s time as a director. 6 Required: 1. Calculate the following ratios in the Table (show your calculations). (10 Marks) Ratio 2018 2017 Gross margin ratio Net profit ratio Asset turnover Return on assets Current ratio Quick ratio Inventory turnover Debts turnover Debt/ equity Equity ratio 2. Comment on the company’s profitability, liquidity, activity, and solvency based on ratios from (1). Explain how the ratio analysis may affect the audit? (10 Marks) 3. Referring to the Australian Assurance & Auditing Standards on going-concern opinion (ASA750), identify factors (financial, operating, and / or other) that you would consider when assessing whether Amanda Ltd has a “going-concern” problem. (20 Marks) Use the following table to: 4. Identify four factors that may have impact on audit risk (10 Marks); 5. Explain how certain components of audit risk may have been impacted, and, assuming other things being equal, how the identified factors impact the audit plan (30 marks) Factors (10 Marks) Impact on inherent and / or control risk and explain (15 marks) Impact on audit plan (15 marks) 7 Question 3 (10 Marks) Please refer to the annual report of Tikforce Limited 2017. Comment on the type of audit opinion with reference to the Australian Accounting Standards and Australian Assurance and Auditing Standards. THE END
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BFA391 Taxation
1 BFA391 – Taxation Assignment Instructions – 2018 Description: This assignment involves compiling a written report and calculating the tax refund or payable amount for a client. Length: 1500 words maximum - this requirement refers to the written analysis section of the assignment only and is a “maximum”. Students will not be penalised for using fewer words and making their report more succinct. If you submit over-length work there will be an automatic 10% penalty of available marks. Title pages, reference lists and appendices are NOT included in the word count. Assessment Criteria: This assignment assesses Intended Learning Outcomes 1, 2 and 3 (see the unit outline on page 5). Please see the assessment rubric at the end of these assignment instructions for information on the assessment criteria which will be applied when marking the assignment. Percentage Weighting: This assignment is worth 20% of the final mark for the unit. Due Date: Monday, 16 April, 2018 at or before 3 pm. Submission Information: Assignments are to be submitted through the dropbox on the unit’s MyLO site. The assignment must be submitted in the form of a SINGLE Word document, no excel spreadsheets or other formats will be marked. The date stamp on the electronic submission will determine if your assignment has been submitted on time. Late work WILL be penalised. If you require an extension, you must email the unit coordinator, Patricia.Okeefe@utas.edu.au, to discuss your request. Medical reasons need to be accompanied by relevant medical certificates. Work commitments are not an acceptable reason to ask for an extension. PLEASE NOTE: This is an individual assignment. Under no circumstances should you share your workings or any part of your assignment with other students – this constitutes academic misconduct and actions will be taken. All similarity reports on Turnitin will be thoroughly checked for matching with external sources and with other BFA391 assignments. BFA391 students have been reported to the Head of School for either copying or sharing their work in the past so don’t take the risk as you WILL be reported. You are asked NOT to discuss the assignment with other students on MyLO. You may ask general questions on MyLO if there is something you need clarified but you SHOULD NOT discuss any calculations or where you have found any relevant information with other students. 2 What You Need to Do 1 Using the information on the following pages, complete all calculations necessary in order to calculate Joan’s refund or payable amount for the 2017/18 year. All calculations must be contained in appendices of the report and not included throughout the written section. The appendices should ONLY contain your calculations and NOT any of the justifications for what you have done. Do not include citations for section numbers, cases, rulings, etc in the Appendices, these go in the body of the report. You should set out your calculations neatly and label them clearly. For the rental property you should complete a Rental Schedule showing total rental income and then clearly listing each allowable deduction in order to calculate a net rental figure (a little like a profit and loss statement). Each figure should be clearly labelled. DO NOT simply write a long calculation (eg. 7,200 – 300 + 260 + 893 + 443 – 190 = ) as this will not receive any marks. 2 Complete the written section (body) of the report, clearly explaining and justifying the decisions and calculations you have made concerning the deductions Joan wishes to claim, including those relating to her rental property. You only need to explain deductions and not income or the tax calculation components. In the report you should clearly explain why certain items are deductible and why others are not (you must also discuss items that are not deductible and why). You should use headings to indicate what you are discussing, eg. “Work Deductions”, “Self Education”, “Rental Property”, and also refer to the section of the appendix which contains the calculations for the items you are discussing. Your assignment should be typed and presented in a professional manner. It should contain a title page, table of contents, the written analysis, the calculations (including the Rental Schedule) contained in appendices and a reference list. Only the written analysis section should be included when calculating the word count. You MUST support your discussion with an explanation of the relevant law and with section numbers, case law and rulings where appropriate. Referencing lecture slides, paragraphs in the Principles of Taxation or the ATO website in general (as opposed to legislation, cases or rulings) will NOT achieve any marks. Please refer to pages 16 and 17 of the unit outline for some guidelines on referencing. Your reference list at the end of the assignment should list the sources of the citations you have used in the written report. This will include the names of Acts you have used such as Income Tax Assessment Act 1997 (Cth) (ITAA 97) but not a list of all the section numbers. Your reference list should also include the names of any cases cited such as FCT v Cooke & Sherden (1980) 10 ATR 696 and any rulings used such as Taxation Ruling TR 98/17 Income tax: residency status of individuals entering Australia. REMEMBER – ONLY ONE WORD DOCUMENT FOR THE WHOLE ASSIGNMENT WITH WRITTEN ANALYSIS AND JUSTIFICATIONS CONTAINED IN THE BODY AND ALL CALCULATIONS CONTAINED IN APPENDICES. 3 Information You Need Regarding the Client The following information relates to the year ended 30 June, 2018. Joan has kept all her receipts and other records for the items described below. Your client is Joan Simpson. Joan was born in Campbell Town, Tasmania, on 21 March, 1972 and has lived in Tasmania all her life. She moved to Hobart twelve years ago for work. She is married to Jack who was born in Launceston on 20 July, 1970. They do not have any dependant children as they have all grown up and moved away. Joan’s husband Jack has been ill for a couple of years and is unable to work. The only income he has received over this time is his share of any interest on their joint bank account. The couple do not have private health insurance. Joan works as a nurse and is employed by Golden Years Homes, aged care facilities located at two different locations in Hobart (Sandy Bay and Glenorchy). This year her gross salary was $76,712. She had PAYG tax withheld from her wages of $17,275. Joan also had reportable fringe benefits of $12,420 and a “travel allowance” of $382 on her PAYG Payment Summary. Joan and Jack’s joint bank account earned total interest of $474 for the year. Joan wears a compulsory uniform each day comprising of a button up shirt, pants or skirt and a cardigan. The items of clothing all have the logo of the organisation on them and the design is registered on the Register of Approved Occupational Clothing. This year she purchased one new pair of pants for $98 and two new shirts at $54 each. She wears running shoes at work (which she finds the most comfortable when on her feet all day) and she bought one new pair this year for $140. She does two full loads of washing (containing just her uniform) each week to keep her uniform clean. Joan paid her nurses registration fee of $465 in January 2018. This fee is a total amount for the next three years – the fee is $155 per year. She is a member of the nurses’ trade union, paying an annual fee of $826. Joan works in Sandy Bay on Monday, Tuesday and Wednesday. On Thursday she works in Glenorchy. On Friday she starts her shift in Glenorchy and then travels to Sandy Bay for the afternoon part of her shift, using her own car. This is the reason she receives the travel allowance. It is 5 km for her home to the Sandy Bay aged care home, 15 km from the Sandy Bay aged care home to the Glenorchy aged care home and 11 km from the Glenorchy aged care home to Joan’s home. Her car has a 2.1 ltr engine. Joan wears glasses due to her poor vision and cannot perform her job without them. She purchased new glasses on 1 August, 2017 for $265 and had to cover the cost herself as she does not have private health insurance. Her workplace requires Joan to be up-to-date with certain vaccinations to protect her at work. This year she had a flu injection and a hepatitis C injection – the cost of the two together was $94. Joan wishes to claim the glasses and vaccinations as a deduction as she feels they are work related. She would not have had the injections if she was not working as a nurse and at more risk of exposure to diseases. Last year Joan paid $150 to have her tax return prepared by your firm. Joan has been studying a post-graduate course in dementia care. She has done one unit per semester at UTAS this financial year. Her workplace pays her course fees but she pays for any other costs herself. In semester 2, 2017 she paid $270 for books and $45 for stationery. In semester 1, 2018 she paid $143 for books and $22 for stationery. She does the units online and does not have to travel to the actual campus of the university. On 1 May, 2018, she bought a new laptop computer to use for her studies. It cost $850 and, using a log, Joan estimates she uses it 90% of the time for her university work. She also pays $69 a month for internet access 4 and estimates that of all the time she or Jack are on the internet, she is using it 40% for university work. She has a special room in the house set aside to do her study. It occupies 10% of the floor space of the house. Joan believes she can claim some of the occupancy costs of the house and informs you that her annual council rates are $1,138, water $670, electricity $2,765 and insurance $533 – they own their house and do not have a mortgage. She estimates she spends 15 hours per week for 14 weeks per semester using the room for university work. Joan also attended a two day aged care conference in Melbourne in April. She flew to Melbourne early on the morning the conference started and back in the evening the day it finished at a cost of $146 return. The conference fee was $470 and she stayed in a motel for one night which cost $175. Joan paid $36 return to catch the Skybus from the airport to the city. She bought a Country Style magazine at the airport to read on the flight and at night after the conference for $8.20. She paid for her dinner ($32) and breakfast ($21) herself. The lunches were provided by the conference. Joan’s employer did not require her to attend the conference – she was simply very interested in the topics and felt it would enhance her care practices in the aged care home. Her employer was happy she was so keen and reimbursed her half of the conference fee after she returned. Joan wishes to claim donations she made in the 2017/18 tax year: $25 to the Salvation Army Red Shield Appeal, $50 to a “GoFundMe” page for a local family whose house was destroyed in a fire and $60 for a book of raffle tickets from the Guide Dogs (Joan hoped to win the first prize of a car but was not so lucky). Joan was concerned about their retirement, particularly as Jack is unable to work. With the recent growth in property prices, she decided to buy a rental property, hoping to sell it to make a big profit when she retires. Joan found the perfect house in Kingston and purchased it on 1 October, 2017 for $430,000. The house was built in 1979. She advertised it as being available for rent on 2 October, 2017. The advertisement cost $42. Joan took a week off work from the 2nd October to clean the house and tidy the yard. She replaced a broken window at a cost of $380. She also decided to renovate the bathroom which was in bad need of repair. She hired a tradesman who replaced the bathtub and hand basin and did some retiling. The tradesman charged $2,890 for the complete job, which he finished on 12 October. The house had no garage or carport so Joan hired a builder to build a carport at the end of the drive. The work was completed on 15 October and the total cost was $4,200. She rented the house from 16 October to a couple with four children. The rent was set at $470 per week paid each fortnight in advance. Joan also required a bond to be paid upfront of $1,500. Joan provides you with the following information: ? In order to buy the house Joan needed a loan of $320,000, which she took out with Best Bank on 1 October, 2017. The loan was for 20 years. Interest paid from the beginning of the loan to 30 June, 2018 was $10,970. In order to secure the loan with the bank, Joan had to pay legal fees, loan establishment fees and stamp duty on the mortgage of $1,420. ? Solicitor’s fees for arranging the transfer of the house title were $825 and stamp duty on the purchase was $14,125. ? Joan paid council rates of $1,925, insurance of $980 and land tax of $319, all relating to the rental property. ? The wood heater in the lounge room had burned through its base and damaged the floor boards which were under it. This happened before Joan bought the house. Initially this did not matter as it was late spring when Joan rented the house and the tenants did not need to use the heater. However as winter approached the tenants complained as this 5 was the only form of heating in the house. Joan bought a new wood heater for $1,950 on 10 April 2018. She had a tradesman replace the damaged floor boards with a square of concrete and install the heater. The laying of the concrete cost $650 and the installation of the wood heater cost $225. ? As it was badly worn, Joan replaced the carpet in the main bedroom on 10 June, 2018 at a cost of $2,300. ? One of the bedrooms the children of the tenants use was in bad need of painting due to the children having scribbled on the wall. Joan and Jack painted it themselves on 10 June, 2018. The paint cost $420 and Joan estimates their labour was worth $650. ? Joan travelled to Kingston each day in the week beginning 2 October to clean and make the repairs and then once a fortnight, beginning 16 October, to inspect the property and collect the rent (in the same car she uses for work). It is a 25 km round trip to the Kingston house from their house in Hobart. Please see the next page for a detailed assessment rubric for this assignment. 6 BFA391 – Taxation Assessment Rubric for Assignment 2018 Tax Calculation and Report (20% of final grade) Criteria HD (High Distinction) DN (Distinction) 70% - 79% CR (Credit) 60% - 69% PP (Pass) 50% - 59% NN (Fail) 0% - 49% 90% - 100% 80% - 89% Locate and identify relevant legislation, cases, rulings and principles of taxation law. AND Analyse, interpret and explain relevant legislation, cases, rulings and principles underpinning taxation law. (weight = 15%) Locates, identifies and explains numerous relevant sources and principles of taxation law applicable to the scenario described. Locates, identifies and explains many relevant sources and principles of taxation law applicable to the scenario described. Locates, identifies and explains some relevant sources and principles of taxation law applicable to the scenario described. Locates, identifies and explains limited relevant sources and principles of taxation law applicable to the scenario described. Analyse real life scenarios, identify the issues involved and critically apply taxation law to reach a conclusion. (weight = 30%) Identifies all issues in scenario. Presents a logical, informed and reasoned argument that critically and correctly applies taxation law to all identified issues and reaches conclusions. Identifies most issues in scenario. Presents a logical, informed and reasoned argument that critically and correctly applies taxation law to identified issues and reaches conclusions. Identifies many issues in scenario. Presents a logical argument that correctly applies taxation law to identified issues and reaches conclusions. Identifies more than half of the issues in scenario. Presents an argument that correctly applies taxation law to identified issues. Limited issues in scenario are identified. Attempts an argument using limited references to taxation law. Calculate components of taxable income and tax liability/refund. (weight = 40%) 90% - 100% of calculations correct. 80% - 89% of calculations correct. 70% - 79% of calculations correct. 60% - 69% of calculations correct. 50% - 59% of calculations correct. 0% - 49% of calculations correct. Communicate independently with a client or superior in clear and coherent English in the form of a written report. (weight = 10%) Logical, concise, well developed report following structure suggested by assignment instructions and using legal writing conventions. Reasonably well developed report following structure listed in assignment instructions and using legal writing conventions. Report partially follows structure specified in assignment instructions. Adheres to English conventions making report easy to read. Mostly adheres to English conventions making report reasonably easy to read. Occasionally adheres to English conventions - report difficult to read. Justify calculations and support arguments by including legislation, case law and rulings. AND Apply legal referencing conventions. (weight = 5%) Acknowledges all sources and referencing is accurate and consistent. Acknowledges all sources and referencing is mostly accurate and consistent. Acknowledges most sources and referencing is mostly accurate and consistent. Acknowledges most sources and some referencing is accurate and consistent. Acknowledges some sources and some referencing conventions are followed.
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BFA504 ACCOUNTING SYSTEMS AND PROCESSES 2
BFA504 ACCOUNTING SYSTEMS AND PROCESSES ASSESSMENT ITEM FOUR (Worth 15% total Unit Assessments) Adapted from Parkes, A. et.al. (2016) Accounting Information Systems, 5th Edition, Wiley Picturesque is a small to medium sized business (SME). The business has a good reputation for highquality photos and enjoys long-standing arrangements with many schools for the provision of school photos. Picturesque has traditionally used a small accounting package to manage its operations, with Make Your Business Profitable ‘MYBP’ being the package currently in use. Recently, however, a few of the staff in the administration team have complained that MYBP has become slow in processing transactions. The computer that runs the program is also fast approaching its capacity, having not been updated for several years and now also handling some of the business’s digital imaging requirements. As a result of the strained system, Picturesque is considering the possibility of an upgrade. However, it is concerned that, should it go ahead with an upgrade, it would have to employ a programmer to develop its new system, as well as a full-time IT specialist to keep the system running. It is also unsure of what needs to be done in managing the systems development process. One of the things particularly troubling Cam Raman, the part owner of Picturesque, is the possibility of investing capital now and having to do so again in a couple of years’ time as technology changes. However, he does not mind spending a large sum now if the system is a long-term answer, since, as Cam himself said, ‘Once the system is acquired then the business can get back to normal and do what it does best — take photos — without having to spend money on IT.’ Required Part A (i)- Due Date 5th April Total 50 marks (rubric on MYLO) You work for a professional accounting firm as Cam’s accountant, and Cam has asked for your advice on a new system. He would like your answers to be in writing (essay format using references- max. 1500 words) and should include answers to the following: (a) Identify the key user requirements that the new system must include to be successful. (b) Would you recommend that Picturesque make or buy the new system (include justification for your position), and what is the best way to select a vendor? (c) What typical systems development problems would Picturesque encounter in developing the new system? Suggest strategies for each potential problem. (d) How could Picturesque limit the costs of maintaining the system once it is in place within the organisation? Your submission is to be uploaded to the Assessments/Assignments/Assessment Item 4a(i) Written Essay submission folder in MYLO. Part A (ii)- Due Date 5th April Total 25 marks (rubric on MYLO) As Cam is unable to come into the office, he would also like a short (10 min max) video presentation summarising and explaining your viewpoint. Note that this should be a professional presentation and will require you to prepare and record a speech based on the questions above and using the rubric on MYLO. Video submissions are to be uploaded to the Assessments/Assignments/Assessment Item 4a (ii) Video Presentation submission folder and also to the Assignment 4 Peer Review Videos Discussions Forum on MYLO for Peer Review. This is to allow your video to be viewed by another student and peer reviewed as per Part B. The following websites can assist you in preparing your presentation: https://virtualspeech.com/blog/presentation-tips-and-skills https://jerz.setonhill.edu/writing/technical-writing/oral-presentations-tips/#prepare https://www.youtube.com/watch?v=S5c1susCPAE
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BFA504 Accounting Systems and Processes
BFA605 Semester 2, 2018 Assessment Item 2 – Case Study Part 1 - Due 5pm Friday 24 August “Should Human Capital be Recognised as an Asset?” Human capital has become a significant factor determining the success of an organization and it is often regarded as valuable assets of firms. Previous studies consistently show that superior human capital generate better firm performance (Crook et al., 2011). You will hear the most firms say: “people are our greatest asset”. However, they are rarely recorded as such in the balance sheet, and in times of financial difficulty employee expenses are often amongst the first to be minimised. For example, in the wake of five consecutive years of poor financial performance, blamed primarily on poor student retention, Victoria University recently announced that 115 academic positions would be cut. Whilst it is generally accepted that human capital is not treated as an asset, this accounting treatment is not consistent across all industries. For example, Manchester United lists in their 2015 annual report under Note 16 “Players’ registrations and other intangible assets” as having a net book value of £204,572,000. Evidence shows that certain individuals, and/or the companies they represent, do consider their personal (and often highly specialised) skills and attributes to be assets. For example, football (soccer) players David Beckham and Cristiano Ronaldo have reportedly insured their legs for $70m and $144m respectively, whilst dancer Michael Flatley insured his for $60m. Prior research also reveal that the appointment of a new CEO who “talks the talk” can drive share prices up by on average 12.6% (or $6.6b on the US market). Whilst human capital is not commonly recognised as an asset, clearly there are some economic benefits to be obtained from the skills and attributes of certain individuals. Is there any difference between a footballer who has trained their whole life to kick goals on the field, to a scientist who has trained their whole life to kick goals in their field. You have been approached by a journalist by the name of Tony Mount, from the local newspaper. This journalist would like to publish a piece on whether human capital should be accounted for as an asset, and would like your expert opinion, as an accountant, on your interpretation of the Accounting Standards and Conceptual Framework regarding this issue. Some research papers have been provided that may be helpful. You may use these references in your submission if you choose, but are also encouraged to research more broadly and find your own references. Required: 1. Write a letter to Tony addressing the question: “Should Human Capital be Recognised as an Asset?”. In your response you should address both sides of the argument (with appropriate references), before coming to your own conclusion. This letter should in proper letter format, and given that its contents may be published in the local newspaper, should be written in a professional manner. It will be published in the business section of the newspaper so you may use accounting terminology. 2. Your letter should be referenced appropriately, as Tony is a scrupulous journalist who needs to cite his sources. In-text references and reference list should be both provided in your letter. 3. Tony has limitations on the length of articles he can submit to the paper – your letter must not exceed 1,500 words. You will then be required to provide feedback to three of your peers, based on the rubric provided. You will be assessed on both your original submission and on the quality of your feedback, which will be evaluated by both your peers and the teaching staff.
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BFA715 Research Project
BFA715 Assessment Task 3 – Research Project Proposal This research project proposal is intended to introduce you to the research process that underlies much of the work and theoretical discussions you are participating in this semester. You will need to draw on skills learnt and on your thinking about the information provided in lectures and in the textbook, in the tutorials and through the academic journal articles you have read. This task will be completed in a number of parts identified below. Use the headings provided. This question is provided in Word format so that you can use the structure as a starting point. For the purpose of this exercise, assume your audience includes experienced research academics, a potential postgraduate research supervisor, as well as other first-time research students. Your work should be communicated at the 700-level Masters standard. The word limit on each part is a suggestion only: The overall word limit is 3,000 words, including references, and you will need to strike an appropriate balance. The largest section of your proposal will be the Literature Review (step 4) by far. 1. Background (300 words) • Identify an area of research that is both important and of interest to you. Explain why it is of interest to you. • You may include historical, cultural, political, social or organisational information about the context of the research. 2. Motivation and justification (300 words) • Present a brief argument to justify others’ need for, and the potential usefulness of, research in this area. Whilst you could base this argument on personal experience or opinion, ensure that you also include reasoning based on knowledge gained in your studies and any gaps you have identified in the literature (IE: include references). 3. Research Aim (200 words) • Now narrow the scope of your study to a more specific context. Briefly describe a specific research problem you would like to explore. • Identify an over-arching research question derived from your problem statement to be answered. • Identify specific research questions that would assist your exploration of the research problem and the over-arching research question. Only one question is necessary, but sometimes we must ask a couple of preliminary questions before we have all the information we need to ask the main question. (It must be possible to answer these questions.) • Identify a title for your research. 4. Literature Review (1100 words) • Provide a literature review (at least five relevant academic journal articles*) to support your research question(s) that need to be analysed to address your research problem. • Explain why each article is relevant to your research, and why the information will contribute to being able to support the research investigation proposed. Be critical in your analysis. {NOTE: this is NOT a summary of the articles but your arguments identifying relevance for your proposed study}. • Present a brief argument for the adoption of a theory or theories to guide and support your research. * Overall, throughout this proposal, you should aim for at least 10 references, but some of these might be corporate reports, research books, regulations, case law, etc. Your literature review, however, should include a minimum of five academic journal articles. 5. Research design and method (300 words) • Explain how the theory/theories emerging from step 4 can guide you in the design of your research. • What do you need to know to answer your research question(s)? What appropriate research methods would you use (research method)? Survey, content analysis, interviews etc. • Why are your research methods appropriate in relation to your research question/s? 6. Ethical considerations (100 words) a. Does your research require approval from the UTAS Ethics Committee (Refer to http://www.utas.edu.au/research-admin/research-integrity-and-ethics-unit-rieu/human-ethics/human-research-ethics-review-process/social-sciences-hrec/forms) b. If so, what process would you need to follow? 7. Expectation on findings (200 words) • Write a paragraph on what results you might expect. This is a prediction and related to your original motivations for the research. • Try to relate your expected findings to the theory in your literature review. That is, what have you found in the literature which might explain the results you expect? 8. In-text references and a reference list • Use the Harvard System of referencing. Essential submission requirements Format your document with 12 point Times New Roman font and 1.5 line spacing throughout. Present your work to MyLO as one single document which includes a title page that states your project title, your name, your student ID and the unit code.
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BMA 351 Strategic Marketing Plan
BMA 351 Strategic Marketing Plan Assignment Two ASSIGNMENT TWO DEADLINE: Monday 8th October, 12 noon (Hobart Time) 1. Overview Using the same business idea (or modified idea) from assignment one, assignment two concentrates on your recommendations and what you think the organisation should do over the next 12 months. The strategic marketing plan focuses on the implementation aspect of the marketing plan. You need to ensure that each element of the marketing mix is integrated, and you need to calculate some of the financial impacts, such as the cost of promotion, and estimated revenue. This is not an essay writing exercise. Students will be assessed on how well they have applied the concepts and theories (learnt in lectures, tutorials, and readings) to Assignment Two, and whether they have applied this knowledge appropriately, i.e., does the report demonstrate a good understanding of the relevant marketing principles? 2. The Tactical Plan Assignment two focuses on the implementation aspect of the marketing plan for the next 12 months – the tactical plan. It needs to detail what marketing objectives, strategies, and programmes will be implemented. This assignment addresses the 4 Ps: Product, Price, Place and Promotion. You need to ensure that each element is integrated, i.e., the marketing mix needs to be consistent with your target market, marketing objectives, and positioning strategy. 3. Assignment Parameters • You need to use the same business idea (or modified idea) from assignment one. • You need to focus on the Australia market. 3.1. Word Limits and Formatting Guidelines The word limit for the marketing plan is 3,000 words. This limit excludes executive summary, table of contents, reference list, appendices and collateral material. 4. Assignment Two: Content Your report should include the following sections. 4.1. Executive Summary This provides an overview of the report so the reader can quickly grasp what the objectives, main findings, and recommendations are. Your Executive Summary should include information about the business, the objectives of the report, and a summary of the key findings from your report. An executive summary is aimed at senior management to enable them to grasp quickly the plan’s major thrust, its goals and recommendations. It should also highlight the key conclusions and findings. This section can be single spaced but you must use 12 font Times New Roman. 4.2. Table of Contents A Table of Contents provides some direction for the reader, and it always appears after the Executive Summary. You can use single spacing in this section. 4.3. Introduction In this section you need to: • Identify the purpose of the report. • Include relevant background information on the company. • Identify your product concept briefly and describe your target market. 4.4. Positioning Strategy Discuss how you will position this product. 4.5. Financial and Marketing Objectives This section details what you expect to achieve over the next 12 months with your new idea. Two main types of objectives needs to be identified: financial objectives, e.g., how much revenue will be generated (what is your goal?), and marketing objectives. Objectives need to be S.M.A.R.T. 4.6. The Marketing Mix Programmes This section focuses on the marketing mix, outlining the strategies, and objectives for each element of the mix. 4.6.1. Product What are you offering? What are your product objectives? What kinds of product decisions do you need to make? What are your product’s key attributes? 4.6.2. Price What is your pricing strategy? Pricing objectives? What prices have you set? 4.6.3. Place Where will you distribute your products? What channels will you use? What is your distribution strategy? What are your distribution objectives? 4.6.4. Promotion What is your IMC strategy? What are your IMC objectives? What promotional tools will you use? How will you use these tools? Discuss what promotional tools you will use, the rationale for using each tool, and what you hope to achieve. In the “Action Programmes” section, you will provide a schedule over the next 12 months. Do not discuss campaign ideas in this section. You will be given an opportunity to discuss a creative campaign idea in the “collateral materials” section. 4.7. Projected Marketing Expenses Due to the difficulties of obtaining information, e.g., estimating variable costs and fixed costs for the product, you do not need to provide a Projected Profit & Loss statement. Instead, this section should include a marketing budget for the next 12 months. You need to provide a table which lists your marketing expenses (these need to be referenced – use a footnote referencing system). Itemise your promotion expenses in this section. Don’t forget to include all marketing expenses in this section. Promotion expenses: This includes things such as banner advertising, media production costs (e.g. the production costs to produce a television commercial), graphic design costs, media buying costs (e.g. placing advertisements in newspapers, magazines, on TV, billboards, online, etc.), marketing collateral material (e.g. brochures, retail stands, posters, etc.), consumer samples, competitions, promotional teams, events, sponsorship, and so on. Note for future reference: Normally one would provide a Projected Profit & Loss statement, and conduct a breakeven analysis. 4.8. Evaluation and Controls How will you monitor your financial, marketing and marketing mix objectives? Outline your objectives, and how each objective will be evaluated and measured. 4.9. Action Programmes – The Timeline How will each element of the marketing mix be dealt with? What will be done? When will it be done? And how much will it cost (focus only on promotion costs)? Provide a schedule for the next 12 months. You may use Gantt chart. 4.10. Collateral material (not part of the word limit) This section includes your promotional material. This can include advertisements, brochures, point-of-sale (POS) material, packaging if you are using creative packaging, sales promotion material, and trade promotion material (note: labels based on line extensions cannot be used as someone else has already developed this idea). One sample is required. This must be original work. If multiple samples are submitted, only the first one will be awarded marks. Attach this material at the end of your report. You must describe your idea, what the purpose is, and how the idea will be delivered, i.e., what promotional tool will you use, and where will your consumer see it. The discussion should be at least half a page. If you choose to include advertising examples – you could present a draft print advertisement, or a billboard advertisement, or a storyboard concept for a television commercial (TVC), etc. However, you should always consider the following things: • Does it reflect the promotion objectives? • Does it reach your target market? • Will it appeal to your target market? • Did you use the right cues? • Have you used an IMC approach? 4.12. Reference list Use Harvard referencing style for citations. This section can be single spaced but it must be 12 font, Times New Roman, 2.5 margins all side. A footnote system should be used for the marketing and promotion expenses. 4.13. Appendices (no more than 2 pages) Only provide relevant tables and diagrams. Do not forget to label your appendices, and you should always refer to it within the body of the report. 5. Penalties Students will incur penalties if their assignments are late, and/or exceed the word limit, and/or shows signs of plagiarism. 5.1. Late assignments Assignments received after the deadline will have 10% deducted from the available grade, per day. For example, an assignment that is one day late will lose 10% of the available grade (i.e. 60% becomes 50%), 2 days late 20% (i.e. 60% becomes 40%), etc. 5.2. Word limits Clear word limits have been stated for this assignment. Failure to adhere to these limits will incur a penalty of 10% for every 100 word that is over the limit. • The report must not exceed 3,000 words - this excludes the Executive Summary, Table of Contents, reference list, collateral material and appendices. • Executive Summary must not exceed 1 page. • Appendices must not exceed 2 pages and should only contain important information such as diagrams and tables. 6. Distribution of Marks This assignment will be marked out of 100. Marks for each section will be allocated as shown in Table 1. Table 1. Mark Distribution Executive Summary 5 Introduction and Target Market 5 Positioning Strategy 5 Financial & Marketing Objectives 5 The Marketing Mix Product (10) Price (10) Place (10) Promotion (10) 40 Projected Marketing Expenses 5 Evaluation and Controls 5 Action Programmes - Schedule 5 Collateral material – 1 sample is required 10 Presentation style (report style and tone) and correct referencing format 5 Spelling, grammar, and sentence structure 10 Total 100
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BMA331 Marketing Research Proposal
Task Description: The research proposal is an individual written piece of assessment that allows you to demonstrate your conceptual and theoretical understanding of the important aspects related to marketing research. The topic will be allocated to you in week 6 of the semester You need to identify the client’s marketing problem and develop the steps in defining a market research study to help decision making. The proposal must depict the stages in the marketing research process and the logic for using them, and clearly describe what information will be needed, and how and from where it will be obtained. It is essential to include reliable sources of information for your report: where data is collected from the internet, then correct citations are required. Any unsupported statement will not provide credibility to your discussion. Your research proposal should include (but not be limited to): INTRODUCTION Brief context to the marketing problem; definition of the marketing research problem; specific research objectives and questions of the proposed research study; justification for the proposed marketing research study. BACKGROUND This section requires secondary research (internet and publicly available data only) on the problem. You are also expected to look through google scholar for academic approaches to similar problems as well as gathering any market data available online. RESEARCH DESIGN Explain and justify the method that you will adopt to collect and analyze the data that is required to answer the research objectives This section should address issues related to: Sample (e.g., who are your target respondents, who are you surveying, why are you surveying them) Procedure (e.g., how are you obtaining information from respondents, why is this approach appropriate) Measures (e.g., what questions are you asking and in what format, what information are you obtaining, why are you obtaining this information) Analysis (e.g. state what analysis you will undertake, and what the results will look like) Other: A brief discussion about ethical considerations (e.g., ethical issues that should be considered when conducting this research); potential limitations of the study; timing (suggested timeframe to complete the study). Task Length 2000 words +/- 10% in length (excluding references) Assessment Criteria: Available on MyLO Link to Unit’s Learning Outcomes: Learning Outcomes 1 and 2 Due Date: 1 April, 2019 2pm Value: 30%
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BMA583 Managing People and the Employment Relationship
BMA583: Managing People and the Employment Relationship Assessment task 2: Individual Report Case Study: Unitel Unitel is one of the largest telecommunications companies (telcos) in the Asia-Pacific region. Like most large telcos it was formerly government owned, but was privatised in the early 1990s. Since privatisation, however, Unitel has faced increased competition from foreign and local competitors. Unitel remains profitable, but the telecommunications industry has seen considerable innovation in terms of both products and services in recent years. Automation and increased competition have also become pronounced features of the industry. Senior management at Unitel are concerned that the firm’s culture needs to be improved if the telco is going to continue to grow its presence and maintain its profitability in a continually developing and changing market. Last year, Unitel senior management unveiled a new corporate strategy to guide Unitel into the next decade. Called “Vision 2022”, it is an ambitious program which aims “to place customers in a pivotal position” and to seek “excellence in products, customer service, product delivery and corporate image”. Developed by an external management consulting firm, Vision 2022 aims to reposition Unitel as the “best enterprise in the region” by developing “action teams” and “change teams” whose role is to encourage “possibility thinking” and “customer comes first values” in the large industry incumbent. Vision 2022 has been enthusiastically embraced by many senior managers at Unitel. “It is bringing field staff and high-level management together for the first time”, remarked one plant coordinator. “Problems are heard, solutions sought and once found their implementation is pursued”. “Unitel has a lot of internal problems”, said another manager, “and I see in Vision 2022 the possibility of salvation”. “I don’t see anything wrong in trying to produce more trust in the company” commented a technical officer. “The regular Vision 2022 de-briefings help to let all staff know what is going on and offer all of us a chance to have input into things”. Some managers see Vision 2022 as creating a “bottom-to-top” communication system and inaugurating a new style of management founded on a renewed commitment to staff, getting employee involvement in problem-solving, improving customer service and creating a “family-type” environment. Yet there is also a considerable degree of scepticism about Vision 2022 among Unitel’s 32,000 staff. “I don’t think Vision 2022 is accepted by my workmates”, observed one customer service operator – “they generally regard it as a joke”. It is clear that Vision 2022 has many critics at Unitel. As one senior technical officer commented “I hold a serious concern that some managers and staff have an almost fanatical and single-minded belief in the ability of Vision 2022 to save the company.” “They do not tolerate others who do not share their views”, remarked another. “I believe a climate is being generated where people who dissent are marked out and discriminated against” he concluded. BMA583: Managing People and the Employment Relationship 2 Vision 2022 has led to much standardisation at Unitel (from the timing of coffee breaks to the introduction of new forms of financial reporting) and improvements in internal communication (e.g. through the institution of a company-wide e-newsletter and an internal video conferencing system). It has involved the development of goals or “milestones” that each of the restructured Unitel departments are expected to meet. These include “enabling decisions to be made at the lowest possible level”, the development of a “customer needs” tracking facility (called Unicats) and the implementation of a decision-making process called the “U-test”. The “U-test” is essentially a diagram which asks Unitel management and employees to consider the following three questions when making any decision: (1) “If I were a customer, would this satisfy me?” (2) “If it was my business, would I do this?” and (3) “If it is done this way, will the team support it?” But the benefits brought by the new strategy are often contested even by some managers. “I find the Vision 2022 program a complete waste of money,” commented one regional manager. Most staff seem to have accepted that Vision 2022 has created a rift between “believers” and “non-believers” at Unitel, and has exacerbated rather than solved many pre-existing problems. Some departments have even taken to sending Vision 2022 material “straight to the small circular filing system” (i.e. the rubbish bin). “Where once there was a team spirit,” complained a senior maintenance officer, “now we are being told all our problems are ‘self-inflicted’ and that it is our attitude that most requires changing.” Other staff spoke of “cheerleaders” and “puppets” when describing advocates of Vision 2022 who worked in their departments. “Management are deaf,” claimed one sales officer – “our office has been faced with constant understaffing, excessive overtime and a shortage of materials and products.” “The rank and file,” complained another, “are expected to ‘work smarter’, but management seem only to care about buying the cheapest equipment and about belt-tightening on bread-and-butter items such as computers and photocopiers.” The union is also suspicious that Vision 2022 is merely an attempt to undermine its standing among Unitel’s employees. Senior management have made it clear that the union “can get on the bus, but can’t be a driver” as Unitel’s CEO put it to the press. According to him, Vision 2022 “is all about leadership … about achieving cultural change”. Senior Unitel management mostly come from engineering backgrounds, however, and according to one union delegate “their understanding of social science is, to put it politely, not profound.” A union research officer more categorically claimed “it is all about marketing to their employees. Vision 2022 is largely a campaign to attack the union.” Yet many Unitel managers regard Vision 2022 as a great success, a necessary response to the greater competition the large telco faces in an increasingly competitive, globalised world. At the outset of Vision 2022, Unitel management had commissioned a staff survey that found “staff-oriented values are not found within the dominant existing culture characteristics at Unitel” and that employees desired a culture that had a “distinctive external-internal orientation, placing the customer in a pivotal position but not at the expense of the staff”. Vision 2022 is intended to be a “major corporate change intervention” with “change agents” drawn from different work areas and chosen by BMA583: Managing People and the Employment Relationship 3 management from among those staff “who are motivated to change and constructing processes to channel their enthusiasm, energy and commitment productively”. As one of the change agents describes it “A central aspect of Vision 2022 is to involve people, to empower them. The Vision 2022 program is partly about empowerment so you contribute to the organisation in the way that you feel and you are not just following supervisors or managers orders.” But a criticism of union officials is that “Vision 2022 does not seek to change the corporation but merely the way employees perceive the corporation when change needs to occur at all levels of the organisation rather than only at the lower levels”. Some staff remain dismissive of Vision 2022: “Some friends of mine went to a Vision 2022 presentation last year”, recalls one technician, “and they said it was really verging on lunacy for want of a better term.” Another commented “We were down at Albert Park, 300 of us in a huge white tent, and after the HR director had spoken one of the senior engineers loudly muttered ‘what a wanker’.” A training executive commented that Vision 2022 has “a cultish feel about it – there is no methodology or systematic approach to it”. Vision 2022 is seen by some as an opportunity for management to move “believers” in over the heads of local technical leaders with a view to breaking down union influence. “I’m scared of it”, said a young union delegate, “I’m scared of Vision 2022’s power to control people”. Unitel has produced a monthly video bulletin called “Vision news” that depicts the benefits of Vision 2022. In one episode, an assistant technician relates how she has been taught new skills and that Vision 2022 is good for her personal development and job satisfaction. In another episode, a programmer describes how “Vision 2022 has allowed me to go to management with my ideas and talk to other people within my section.” A third employee relates that Vision 2022 is all about “Unitel people using their initiative to solve problems, finding new ways of doing things which benefit the customer”. Vision 2022 has also occasioned job losses. As a Unitel IT executive noted “Despite all the nonsense about people being our greatest asset et cetera, et cetera, you look around and you see all of a sudden the six people who were sitting around you have gone. Do they really believe that people are stupid?” The Advertiser reported a staff member criticising Vision 2022 as “corporate spoon bending”, comparing it to American television evangelism. A senior union official contended that “Vision 2022 has cost a lot of money and achieved very little of what Unitel management want it to do.” Another IT executive commented that “Vision 2022 lacks structure and has not received proper management commitment.” It is widely suspected that Unitel’s board is now considering abandoning the program.
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BMA609 Sales Management and Personal Selling
BMA609 Assignment-1 Case Assume that you are a consultant for an international management strategy consulting firm. Your firm has been approached by Mr. Hans Wursching, CEO of TransSprech, A.G., a newly formed cellular phone service and phone provider based in Stuttgart, Germany. TransSprech has a satellite GSM network with complete coverage in Europe and the United States, as well as throughout most countries in the world. The company has established some semblance of a marketing and management strategy, and you have been asked to review the current strategy and help the company go to the next level by growing its sales. You recently conducted the initial information-gathering meeting with Mr. Wursching, and received the following information: ? TransSprech maintains corporate offices in numerous cities around the world. However, its customer service outlets and retail sales are conducted through the company website, as well as through licensed electronic retailers. It does not maintain its own customer service or retail locations. ? Its target markets are both companies and individuals wanting cellular phone service with worldwide coverage and who are willing to pay a premium to get it. It already has about three thousand customers worldwide and is hoping to grow to ten thousand by year end. ? Corporate customers are more valuable customers because they are buying in larger volumes. Establishing a customer base is very important as this company attempts to establish itself. ? No sales force has been established. So far, the company has received many customers in response to its advertising. ? It offers individual customers four different cost plans with respect to the cellular service as well as five different phone options. However, corporate customers can negotiate variations within the established options. ? The phones themselves are similar to those used by TransSprech competitors but the satellite network providing the coverage is far more advanced. ? The company has retained a Berlin-based advertising and public relations agency to develop a worldwide advertising campaign. Print and TV advertisements have recently saturated the European market and will soon be shown in the US market. The company is currently running several promotions to get its product and name known; however, its long-term goal is to offer a premium, non-discounted product that is desired because of its value and quality, not low price. ? Because the company and its product are in the early stages of development, there have been technical problems, and the company has had to provide a great deal of service to its customers. ? Mr. Wursching understands that it costs more to acquire new customers than to retain existing ones, so he would like to establish a customer relationship management plan at some point to improve customer loyalty and retention. He has a well-trained customer service operator staff in place. Questions: 1. What is the company’s strategy with respect to each of the four elements of the marketing mix (product, distribution, price and promotion)? 6 Marks 2. Based on the current marketing strategy, should the company’s promotion mix focus be on personal selling or on advertising? 6 Marks 3. What further questions might you ask Mr. Wursching to help his company move toward a more relationship-based business? What recommendations would you like to offer to Mr. Wursching to make relationship-based selling a focal point of TransSprech’s organizational policy and culture? 18 Marks