Accounting standards reflection assignment paper
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Accounting standards reflection assignment paper
Pick An Answer For Each Question:
Q6-1: Accounting standards reflect
Question 1 options:
How a particular company standardizes its financial statements from year to year
Laws that govern how financial statements are presented
The basic principles generally accepted by the accounting profession
A consensus between international and USA standard-setting agencies
Q6-2: The IASB’s Framework for the Preparation and Presentation of Financial Statements is mostly concerned with:
Question 2 options:
The format of financial statements
The setting of accounting standards
Satisfying shareholders’ demands for information
The definition, recognition and measurement of the elements in financial statements
Q6-3: A business has the following balances in its financial records: Income tax £30,000; Selling & administration expenses £80,000; Revenue £350,000; Interest expenses £15,000; Cost of Sales £190,000. Which of the following is correct?
Question 3 Options:
Gross profit £160,000; Operating profit £80,000; Net profit after tax £35,000
Gross profit £80,000; Operating profit £65,000; Net profit after tax £35,000
Gross profit £160,000; Operating profit £65,000; Net profit after tax £30,000
Gross profit £80,000; Operating profit £65,000; Net profit after tax £35,000
Q6-4: Which of the following expresses the accounting equation correctly?
Question 4 Options:
Net assets = non-current assets less non-current liabilities
Equity = assets plus liabilities
Total assets = liabilities less equity
Net assets = total assets less total liabilities
Q6-5: The following items appear in a Statement of Financial Position: Receivables €200,000; Payables €350,000; Inventory €100,000; Non-current assets €750,000; Long term loan €400,000. Shareholders’ funds (SH Equity) would be shown in the same Statement of Financial Position as:
Question 5 Options:
€1,050,000
€300,000
€650,000
€750,000
Q6-6: ABC buys a smaller company XYZ for a negotiated price of £1 million. XYZ’s assets are valued at £750,000. Assuming goodwill is amortized over 5 years, the value of goodwill in ABC’s Statement of Financial Position at the end of the third year after acquisition will be:
Question 6 Options:
£100,000
£300,000
£150,000
£400,000
Q6-7: Agency theory is predominantly concerned with:
Question 7 Options:
Shareholders appointing agents to manage the business
Directors preparing contracts for various business functions
Managers appointing agents to carry out various business functions
Contractual relationships between shareholders and directors and managers
Q7-1: The difference between ROI and ROCE ratios is due to:
Question Options:
Interest, tax and long-term debt
Tax and shareholders’ funds
Long-term debt and shareholders’ funds
Interest and long-term debt
Q7-2: Use the following information extracted from ABC’s Income Statement and Balance sheet and match the item with the correct calculation.
Sales £4,200,000; Gross profit £2,700,000; Receivables £630,000; Payables £275,000; Inventory £300,000. ABC calculates its financial ratios based on being open for business 6 days per week for 50 weeks per year.
45 123 1. ABC’s days’ sales outstanding
55 123 2. ABC’s Inventory turn
5 123 3.ABC’s days’ payables outstanding
Q7-3: A company has capital employed of €1,000,000 and generates a profit after tax of €300,000. The change in return on investment between a Balance Sheet with 60% debt and one with 40% debt is:
Question Options:
From 43% to 60%
From 75% to 50%
From 50% to 75%
From 60% to 43%
Q7-4: A business has current assets of $35,000 and current liabilities of $20,000. It collects its receivables more quickly and uses $10,000 of its cash at bank to repay a long-term debt. The effect on the working capital ratio after the long-term debt is repaid is to:
Question Options:
Increase from 175% to 250%
Increase from 175% to 350%
Decrease from 175% to 150%
Decrease from 175% to 125%
Q8-1: Inventory is valued in a Balance Sheet (Statement of Financial Position) at:
Question Options:
Selling price
Cost price
Net realizable value
Lower of cost and net realizable value
Q8-2: In a manufacturing business, the completion of production results in the following flow of costs for inventory:
Question Options:
Decrease raw materials and increase finished goods
Decrease work in progress and increase cost of sales
Decrease work in progress and increase finished goods
Decrease finished goods and increase cost of sales
Q8-3: A business purchases inventory stock on four separate occasions. Purchased 3,500 units at a total cost of €8,050; Purchased 3,000 units at a total cost of €7,110; Purchased 4,000 units at a total cost of €9,600; and Sold 5,995 units at a total price of €24,760. Each purchase was completed in the order provided within the same period. Match the inventory method with the correct cost of sales and the correct value of inventory.
Question Options:
€13,963 1234
€4,082 1234
€3,896.75 1234
€14,148.20 1234
- weighted average method for cost of sales
- first in-first out method for cost of sales
- weighted average method for the value of inventory
- first in-first out method for the value of inventory
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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Accounting standards reflection assignment paper
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