Financial accounting

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rin8042

Business Finance

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please view attachment for the 3 question.
To use financial accounting standard, https://www.asc.gov.sg/2017volume

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ACC202 Financial and Managerial Accounting Tutor-Marked Assignment January 2019 Presentation ACC202 Tutor-Marked Assignment TUTOR-MARKED ASSIGNMENT (TMA) This assignment is worth 14% of the final mark for ACC202 Financial and Managerial Accounting. The cut-off date for this assignment is 24 March 2019, 2355 hrs. Note to Students: You are to include the following particulars in your submission: Course Code, Title of the TMA, SUSS PI No., Your Name, and Submission Date. Take note of the following format and writing requirements. Marks will be penalised for failure to follow requirements. Format requirements:  A properly formatted cover page: To include course code, course title, assessment title, student name(s), student PI Number(s).  For text, Font style: Times New Roman; Font size: 12; Line spacing: 1.5 lines.  Include the page number on each page.  Reference or bibliography at the end (use APA referencing guidelines). Writing requirements:  Develop your points in a clear, logical and succinct manner.  Be mindful of the target audience/reader. Use language appropriate to the reader’s expected level of knowledge.  Free from grammatical and typographical errors.  Provide in-text citations when referencing (use APA referencing guidelines).  Include less relevant details as an appendix if necessary.  Good overall presentation of the report. Question 1 The statement of financial position is one of the major financial statements published by companies. It reports the company's assets, liabilities and equity at a specific point in time. Required: (a) Describe the terms assets, liabilities and equity. Are these terms related? If so, how? (20 marks) (b) For each of the terms (i.e. assets, liabilities and equity) provide one (1) example. Justify your choice. (15 marks) SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS) Page 2 of 3 ACC202 Tutor-Marked Assignment Question 2 Your best friend, Alan has invited you to invest in a business started by him a year ago. According to Alan, the business has tripled its revenue since it was started. He anticipated a huge increase in customer demand for the next 2 years. You have requested him to furnish you with the latest set of financial statements. Required: (a) Identify the key financial statements. Describe the information that is reported in these statements and how do they help you in making the decision to invest or not. (30 marks) (b) In addition, what other information will you be requesting from him? (5 marks) Question 3 Duncan Leong started a consulting firm called Good Tidings. He began operations and completed five transactions in May that resulted in the following accounts. All the accounts have normal balances. Cash Prepaid insurance Office equipment Accounts payable Duncan Leong, Capital Consulting fee earned Rental expense $50,700 4,800 24,750 24,750 30,000 36,000 10,500 Required: (a) Prepare a trial balance for this business as at the end of May. (b) Analyse the accounts and their balances and prepare a list that describes each of the five most likely transactions. (c) Journalize these transactions. (30 marks) ---- END OF ASSIGNMENT ---- SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS) Page 3 of 3
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Running Head: FINANCIAL ACCOUNTING

Financial Accounting Questions
Name
Institution Affiliate

1

FINANCIAL ACCOUNTING

2

Question 1 a
Assets are defined as a resource that has a monetary value and that is owned by an
organization or a person with an anticipation that the resource will provide the owner with future
benefits. In a balance sheet, there are two types of assets namely short term and long-term asset.
The current asset is resources that future benefits do not exceed one year
(Narayanaswamy,2017). They include items like cash, cash at the bank, inventory, accounts
receivable to mention but a few. The non-current asset is those resources whose future benefits
exceeds one year. They include; land, building, machinery, motor vehicles to mention but a few.
Liabilities are an obligation that the business or a person owes another entity for work
done in the past. There are two types of obligations or liabilities namely current liabilities and
non-current liabilities. The current liabilities are that obligation the organization is supposed to
settle wit...


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