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HI5001 Accounting for Business Decisions

Question

Answered

Question:

  1. Analyze how various transactions will affect the accounting equation, the balance sheet, and the income statement and communicate this to a range of stakeholders;
  2. Apply, analyze, synthesize and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses;
  3. Employ information technologies to analyze transaction data and financial statement to facilitate data-driven decision-making;
  4. Assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice on business and define management strategies.

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 1 to 5 inclusive and submit these answers in a single document.

The questions to be answered are:

Week 1

Evaluate the statement “Accounting is all about numbers.”. Using the definition of accounting to justify your answer. (10 marks, maximum 250 words)

Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2019. (10 marks)

Week 2

Use the following account titles and numbers: Cash at Bank, 100; Accounts Receivable, 101; Supplies, 102; Equipment, 103; Loan Payable, 200; Nicole Andreou, Capital, 300; Nicole Andreou, Drawings, 301; Revenue, 400; Rent Expense, 500; Advertising Expense, 501; Insurance Expense, 502; Telephone Expense, 503.

a) Prepare the general journal entries to record the above transactions. (6.25 marks)
 
b) Post the entries from the general journal to the general ledger accounts (running balance format) and enter the posting references in the general journal. (2.75 marks)

Week 3

The financial year for Drip Dry Cleaning Services ends on 30 June. Using the following information, make the necessary adjusting entries at year-end. Ignore GST. Ignore Narration.

The assignment has to be submitted via Blackboard. Each student will be permitted one submission to Blackboard only. Each student needs to ensure that the document submitted is the correct one.

Academic Integrity

Academic honesty is highly valued at Holmes Institute. Students must always submit work that represents their original words or ideas. If any words or ideas used in a class posting or assignment submission do not represent the student’s original words or ideas, the student must cite all relevant sources and make clear the extent to which such sources were used. Written assignments that include material similar to course reading materials or other sources should include a citation including source, author, and page number.

In addition, written assignments that are similar or identical to those of another student in the class is also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through to suspension of enrolment. The penalty would be dependent on the extent of academic misconductand the student’s history of academic misconduct issues. All assessments will be automatically submitted to SelfAssig.

HI5001 Accounting for Business Decisions

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