MPA702 Financial Interpretation

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Description

This is a two-part task with the following descriptions:

A).  The first part of the task focuses on your practical knowledge of analysis of accounting transactions and also contents and structures of the two key financial statements, balance sheet and income statement. These issues are the entry points to understand the information of corporate financial reporting.

B). In part ‘B’ of this task, you will conduct short research on corporate social responsibility (CSR). This is about CSR concept, and the theories supporting corporate CSR activities and reporting.

Specific Requirements

Part 1                                                                                                              (25 +10+ 15 = 50 marks)

Peter Jones has graduated with a Master of Tax & Financial Planning degree. Now after a few years’ experience in practice, feeling more confident about operating a business. He has decided to establish his own tax and financial planning consultancy firm. His clients will include local businesses and individuals. His first month of transactions trading as PJ Tax & Financial Planning are provided below.

  1. a) You are required to record the following events into the transaction analysis chart or indicating if the event is not an accounting event (template provided).

June 2022

  • PJ invested $170,000 of his own funds into a business bank account.
  • Contributed his own computer equipment valued at $6,000, to the business.
  • Purchased a small office in CBD for $620,000. PJ paid a 10% deposit, and the balance was financed through a mortgage with ANX Bank.
  • PJ purchased Office equipment for $10,200 cash.
  • Hired an office manager on a parttime basis, $28 per hour.
  • Paid $7,200 for building and contents insurance for 12 months.
  1. Office supplies were purchased for $800 on 10-day credit terms.
  2. Office furniture was purchased for $4,800 cash.
  3. Acquired a motor vehicle for $55,000 (for business), paid 50% cash, the balance to be paid in September 2022 (a three-month interest free loan).
  • The Office supplies account of the 6th June was paid.

12   PJ invoiced his first client, City Casino, $4,500 for 10 hours FP consultation services.

16   Sent Invoice to individual clients $5,000 for performed tax consultation services.

17   Received full payment from City Casino.

19   Paid wages to the office assistant totalling $1,400, $300 of which was deducted for PAYG tax which will be remitted to the Australian Taxation Office at a later date.

 25  Sent Invoice to individual clients $4,800 for FP consultation services.

28   Paid a mortgage repayment of $2,800, of which $1,200 is interest and $1,600 is principal.

28   PJ withdrew $2,000 for personal use.

29   Sundry cash expenses $540

Additional information at the end of the month:

  • Body Corporate bill owing at balance date is $480.

Assume a full month of depreciation for all assets (no depreciation for the office building).

  • Motor vehicle is depreciated using straight line method, useful life 5 years, residual value $7,000.
  • Computer equipment is depreciated using reducing balance method at 40% per annum, zero residual value.
  • Office equipment is depreciated using straight line method, useful life 6 years, residual value $1,200.
  • Office Furniture is depreciated using straight line method, useful life 8 years, zero residual value.
  • Accounts for one month of Insurance expense, the policy was purchased on the 6th.
  • Stock count of office supplies indicates $550 remained unused at balance day.
  • Round to nearest dollar.
  • Ignore GST, income tax and superannuation.
  1. b) Prepare the Income Statement and classified Balance Sheet for the month ending 31 June 2022 for PJ Tax & Financial Planning

Please note that your answer to this part must be presented after part 1(a) in the same file.

Part 2                                                                                                                               (50 marks)

Background

Corporate social responsibility (CSR) concerns ‘the responsibility of an organisation for the impacts of its decisions and activities on society and the environment through transparent and ethical behaviour that contributes to sustainable development; takes into account the expectations of stakeholders; complies with applicable laws and consistent international norms of behaviour; and is integrated throughout the organisation and practiced in its relationships’ (Shaw et al, 2021, p. 129, *).

*Shaw, WH, Barry, V, Muntean, D, Issa, T, Illott, G, and Cateley B (2021) Moral Issues in Business, 4th Asia-Pacific edn, Cengage, Melbourne.

Required:

You are required to research information on the below issues.

  • The concept of CSR and historical evolution of the concept.
  • The common theories supporting CSR activities and reporting (you should discuss 2 relevant theories).

Then discuss and document the results of your research on the above issues in an essay format with the following suggested sections[1]:

  • Introduction (suggesting 100-150 words)
  • Body, can be presented under some subheadings (suggesting 900-1000 words)
  • Conclusion (suggesting 100-150 words)

Additional information:

  • You are expected to undertake research in order to complete this task. Review of chapter 3 of the textbook and the above referred source can be a good point to start with. Your research should also include further primary-source references i.e. peer-reviewed journal articles, scholarly books, and professional publications (avoid Wikipedia type material).
  • You are required to use a minimum of 6 references (minimum 4 academic peer reviewed journal articles and the other 2 can be from other types of resources e.g., scholarly books, professional publications) to support your discussion. Your references can be included the given source.
  • Word Limit: 1200 words (excluding reference list), double-spaced, 12-point Ariel, or Times New Roman font. A word count must be included. Students exceeding the word limit by more than 10% will incur a mark penalty.
  • Students must submit a properly referenced assignment that complies with the Harvard referencing style. This includes in-text citations and a reference list.

Your total mark out of 100 for Parts 1 & 2 will be converted to a percentage out of 20%.

Learning Outcomes

This task allows you to demonstrate achievement towards the unit learning outcomes. The ULOs are aligned with specific graduate learning outcomes – that is, the skills and knowledge graduates are expected to have upon completion of their studies – and this assessment task is an important tool in determining achievement of those outcomes.

If you do not demonstrate achievement of the unit learning outcomes, you will not be successful in this unit.

It is good practice to familiarise yourself with the ULOs and GLOs as they provide guidance on the knowledge, understanding and skills you’re expected to demonstrate upon completion of the unit. In this way they can be used to guide your study.

Table for learning outcomes that are aligned to this task goes here:

Unit Learning Outcomes (ULO) Graduate Learning Outcomes (GLO)
ULO 1: Assess the financial standing of an entity by examining relevant financial information and identify how disclosure techniques can support business decisions. GLO 1 Discipline-specific knowledge and capabilities: appropriate to the level of study related to a discipline or profession
ULO 2: Evaluate scenarios involving ethical decisions in financial accounting. GLO 8 engaging ethically and productively in the professional context and with diverse communities and cultures in a global context

Submission

  • This assignment is to be submitted ONLINE ONLY (You are NOT required to submit a hard copy).
  • When uploading your assignment, name your documents using the following syntax: <your surname_your first name_your Deakin student ID number_MPA702.doc (or ‘.docx’). For example, ‘Jones_Barry_123456789_MPA702 Part 1.doc’.
  • The same title but change to - ...Part 2 for submitting the document with Part 2 answers.
  • You must type in your answer for question 1(a) on the proforma provided and to be followed by your answers for 1(b). If not submitted on the proforma it will not be
  • The completed assignment questions must be in two WORD files and submitted into the allocated areas on CloudDeakin under the Dropbox folder.
  • You are not required to upload an Assignment Cover Sheet.
  • Once submitted you cannot take your assignment back BUT you CAN SUBMIT

another version. The most recent version submitted will be marked.

  • Please refer to the rubric for guidance on the marking
  • You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy.
  • Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism.
  • When you submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment Dropbox folder after upload, and check for, and keep, the email receipt for the submission.

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