Business Finance
ACC 202 Singapore University Financial and Managerial Accounting Essay

ACC 202

Singapore University of Social Sciences

ACC

Question Description

Need help with my Accounting question - I’m studying for my class.

Hi, Please help to provide detailed answers for the follow exam paper.

As I would like to know how the numbers are added up. Please use a different colour to the numbers that changes are made

Thank you so much.

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Course Development Team Head of Programme : Prof Ng Eng Juan Deputy Head of Programme : Dr Ng Kai Teck Course Developer(s) : Dr Kang Grace Il Joo Technical Writer : Gevin Leow, ETP Video Production : Mohd Jufrie Bin Ramli © 2019 Singapore University of Social Sciences. All rights reserved. No part of this material may be reproduced in any form or by any means without permission in writing from the Educational Technology & Production, Singapore University of Social Sciences. ISBN 978-981-47-8717-8 Educational Technology & Production Singapore University of Social Sciences 463 Clementi Road Singapore 599494 How to cite this Study Guide (APA): Kang, G. I. J. (2019). ACC202 Financial and Managerial Accounting (Study Guide). Singapore: Singapore University of Social Sciences. Release V1.2.0 Table of Contents Table of Contents Course Guide 1. Welcome.................................................................................................................. CG-2 2. Course Description and Aims............................................................................ CG-3 3. Learning Outcomes.............................................................................................. CG-6 4. Learning Materials................................................................................................ CG-7 5. Assessment Overview.......................................................................................... CG-8 6. Course Schedule.................................................................................................. CG-11 7. Learning Mode.................................................................................................... CG-12 Study Unit 1: Analysing Transactions Learning Outcomes................................................................................................. SU1-2 Overview................................................................................................................... SU1-3 Chapter 1: Accounting in Business....................................................................... SU1-4 Chapter 2: Recording Transactions and the Principles of Accounting............. SU1-8 Quiz.......................................................................................................................... SU1-14 Summary................................................................................................................. SU1-17 Formative Assessment.......................................................................................... SU1-18 References............................................................................................................... SU1-31 Study Unit 2: Inventory, Cash and Receivables Learning Outcomes................................................................................................. SU2-2 i Table of Contents Overview................................................................................................................... SU2-3 Chapter 1: Inventory System.................................................................................. SU2-4 Chapter 2: Cash and Receivables.......................................................................... SU2-8 Quiz.......................................................................................................................... SU2-14 Summary................................................................................................................. SU2-17 Formative Assessment.......................................................................................... SU2-18 References............................................................................................................... SU2-31 Study Unit 3: Long-Term Assets, Liabilities and Equity Learning Outcomes................................................................................................. SU3-2 Overview................................................................................................................... SU3-3 Chapter 1: Long-Term Assets................................................................................. SU3-4 Chapter 2: Liabilities and Equity......................................................................... SU3-10 Quiz.......................................................................................................................... SU3-18 Summary................................................................................................................. SU3-21 Formative Assessment.......................................................................................... SU3-22 References............................................................................................................... SU3-35 Study Unit 4: Statement of Cash Flows and Financial Statement Analysis Learning Outcomes................................................................................................. SU4-2 Overview................................................................................................................... SU4-3 Chapter 1: Statement of Cash Flows..................................................................... SU4-4 Chapter 2: Financial Statement Analysis............................................................. SU4-8 ii Table of Contents Quiz.......................................................................................................................... SU4-11 Summary................................................................................................................. SU4-14 Formative Assessment.......................................................................................... SU4-15 References............................................................................................................... SU4-27 Study Unit 5: Managerial Accounting Basics and Cost Allocation Learning Outcomes................................................................................................. SU5-2 Overview................................................................................................................... SU5-3 Chapter 1: Managerial Accounting Concepts and Principles........................... SU5-4 Chapter 2: Cost Allocation and Performance Measurement............................. SU5-8 Quiz.......................................................................................................................... SU5-14 Summary................................................................................................................. SU5-17 Formative Assessment.......................................................................................... SU5-18 References............................................................................................................... SU5-30 Study Unit 6: Cost Volume Profit Analysis and Master Budgets Learning Outcomes................................................................................................. SU6-2 Overview................................................................................................................... SU6-3 Chapter 1: Cost Volume Profit Analysis.............................................................. SU6-4 Chapter 2: Master Budgets and Planning............................................................ SU6-8 Quiz.......................................................................................................................... SU6-13 Summary................................................................................................................. SU6-16 Formative Assessment.......................................................................................... SU6-17 References............................................................................................................... SU6-29 iii Table of Contents iv List of Lesson Recordings List of Lesson Recordings Accounting in Business................................................................................................ SU1-4 Recording Transactions and the Principles of Accounting..................................... SU1-9 Inventory System.......................................................................................................... SU2-4 Cash and Receivables................................................................................................... SU2-8 Long-Term Asset........................................................................................................... SU3-4 Liabilities and Equity................................................................................................. SU3-10 Statement of Cash Flow............................................................................................... SU4-5 Financial Statement Analysis...................................................................................... SU4-9 Managerial Accounting Basics.................................................................................... SU5-4 Cost Allocation.............................................................................................................. SU5-8 Cost Volume Profit Analysis....................................................................................... SU6-4 Master Budgets.............................................................................................................. SU6-8 v List of Lesson Recordings vi Course Guide Financial and Managerial Accounting ACC202 Course Guide 1. Welcome Presenter: Dr Grace Iljoo Kang This streaming video requires Internet connection. Access it via Wi-Fi to avoid incurring data charges on your personal mobile plan. Click here to watch the video. i Welcome to the course ACC202 Financial and Managerial Accounting, a 5 credit unit (CU) course. This Study Guide will be your personal learning resource to take you through the course learning journey. The guide is divided into two main sections – the Course Guide and Study Units. The Course Guide describes the structure for the entire course and provides you with an overview of the Study Units. It serves as a roadmap of the different learning components within the course. This Course Guide contains important information regarding the course learning outcomes, learning materials and resources, assessment breakdown and additional course information. i https://d2jifwt31jjehd.cloudfront.net/ACC202/IntroVideo/ACC202_Intro_Video.mp4 CG-2 ACC202 Course Guide 2. Course Description and Aims ACC202 Financial and Managerial Accounting is an introductory course in financial and managerial accounting. It provides an understanding of fundamental concepts used in accounting and the role of accounting in providing information to the users for decision making purposes. Students will learn the basic knowledge and skills to analyse and apply accounting information to support decision making. Course Structure This course is a 5-credit unit course presented over 6 weeks. There are six Study Units in this course. The following provides an overview of each Study Unit. Study Unit 1 - ANALYSING TRANSACTIONS This study unit explains why it is important for non-accountants to study accounting. Accounting is a system that identifies and records relevant and reliable information about an entity’s activities. We will discuss the nature and purpose of accounting and the users of accounting information. We will describe the corporation activities relevant to accounting and identify the effect of business events on the financial statement. The 1st chapter provides a brief outline of accounting and an overview of the corporation structure. The next chapter explains how each business transaction is recorded into accounts, and how they are reflected in the financial statements. We will be introduced to the doubleentry system of accounting. Finally we will discuss accrual accounting and how adjusting entries affects the financial statements. Study Unit 2 - INVENTORY, CASH AND RECEIVABLES We explain how to record merchandise purchase and sales and how financial statements reflect activities of the merchandising company. We explain the methods to assign purchase costs to the inventory account and costs of goods sold. Next we cover internal CG-3 ACC202 Course Guide controls for cash receipts and payment. We also discuss the effective cash management which encourages the customers pay the company quickly and delay payment of liabilities to others. We also focus on the accounts receivables and short-term notes receivables. We describe the receivables and how they are reported in financial statements. Study Unit 3 - LONG-TERM ASSET, LIABILITIES AND EQUITY Long-term assets which are those with a useful life greater than one year such as property, plant and equipment, and some types of intangible assets. We study how to determine at what cost the long-term assets are recorded in the accounts, and how to allocate that cost to future periods. In chapter 2 of Study Unit 3, we introduce how current liabilities such as accounts payable, short-term notes payable, and unearned revenues are computed, and reported in the financial statements. We also discuss equity accounts and transactions. We will differentiate ordinary and preference shares, and discuss treasury shares. In the final section, we consider the relationship between the statement of comprehensive income and changes in equity. Study Unit 4 - STATEMENT OF CASH FLOW AND FINANCIAL STATEMENT ANALYSIS This unit will analyze the statement of cash flows, which lists the cash flows from the operating, investing, and financing activities of a company. Next, financial statement analysis will cover various techniques to evaluate a company’s financial performance using their financial statements. Some of the techniques will include the use of commonsize statements and financial ratios. Study Unit 5 - MANAGERIAL ACCOUNTING BASICS AND COST ALLOCATION The first of two managerial accounting units, this unit describes cost classification and the flow of manufacturing costs through a business. We will also discuss how to allocate indirect costs of shared items across departments. In chapter 2 of study unit 5, we describe how to allocate costs and assess manager’s performance using activity-based costing CG-4 ACC202 Course Guide (ABC). We also evaluate departmental managers’ performance using responsibility accounting. Study Unit 6 - COST VOLUME PROFIT ANALYSIS AND MASTER BUDGETS This unit covers cost-volume-profit (CVP) analysis and examines the relationship between the volume and costs. CVP analysis allows us to calculate how much sales volume we need break even or to earn a specific level of profit. In chapter 2 of study unit 6, we consider the budget process. Budgeting is a process to formalize management’s plans for the business. The budget can also be used to evaluate management performance as it sets a standard in which actual results can be compared against. In this chapter we explain how to make a master budget and link the individual budgets into the budgeted financial statements. CG-5 ACC202 Course Guide 3. Learning Outcomes Knowledge & Understanding (Theory Component) By the end of this course, you should be able to: • Analyze business transactions and explain how they are reflected in financial reports • Describe the contents of general purpose financial statements • Explain the impact of different cost flow assumptions when accounting for inventory • Comment on the difference between the direct write-off and the allowance methods to account for receivables and uncollectible receivables • Identify the net book value of long-term assets and explain how they and their related expenses are reflected in financial statements • Categorize and describe various types of liabilities and equity • Examine a statement of cash flows • Use financial ratios to analyze financial statements • Discuss managerial cost concepts • Describe the allocation of overhead costs to products • Compare different types of cost behaviors and use cost-volume-profit analysis • Interpret a master budget Key Skills (Practical Component) By the end of this course, you should be able to: • Develop the essential knowledge and interpersonal skills to work effectively in a team • Demonstrate written proficiency CG-6 ACC202 Course Guide 4. Learning Materials The following is a list of the required learning materials to complete this course. Required Textbook(s) Wild, J. J., Kwok, W., Venkatesh, S., Shaw, K. W., & Chiappetta, B. (2015). Fundamental accounting principles: International financial reporting standards (IFRS) (2nd ed.). McGraw-Hill Education. eTextbook: https://online.vitalsource.com/books/9789813152724/pageid/0 To launch eTextbook, you need a VitalSource account which can be created via Canvas (iBookstore), using your SUSS email address. Access to this eTextbook is restricted by enrolment to this course. Other recommended study material (Optional) The following learning materials may be required to complete the learning activities: Website(s): The Singapore Financial Reporting Conceptual Framework and Accounting Standards are downloadable under pronouncements from: http://www.asc.gov.sg/2017volume. Please use the latest version provided. CG-7 ACC202 Course Guide 5. Assessment Overview The overall assessment weighting for this course for the Evening Cohort is as follows: Assessment Assignment 1 Description Weight Allocation Pre-Course Quiz 01 2% Pre-Class Quiz 01 2% Pre-Class Quiz 02 2% Assignment 2 Tutor-Marked Assignment 14% Assignment 3 Group-Based Assignment 15% Participation Class Participation 15% Examination Written Examination 50% TOTAL 100% CG-8 ACC202 Course Guide The overall assessment weighting for this course for the Day-time Cohort is as follows: Assessment Assignment 1 Description Weight Allocation Pre-Course Quiz 01 2% Pre-Course Quiz 02 2% Pre-Course Quiz 03 2% Assignment 2 Quiz 14% Assignment 3 Group-Based Assignment 15% Participation Class Participation 15% Examination Written Examination 50% TOTAL 100% The following section provides important information regarding Assessments. Continuous Assessment: In total, the continuous assessment will constitute 50 percent of overall student assessment for this course. The sub-components are reflected in the table above and are different for the day-time and evening cohort. All items are compulsory and are non-substitutable. Examination: The final (2-hour) written exam will constitute the other 50 percent of overall student assessment, and will further test conceptual understanding and applications of topics covered. All topics covered in the course outline will be examinable. CG-9 ACC202 Course Guide Passing Mark: To successfully pass the course, students must obtain at least a mark of 40 percent for the combined assessments and also at least a mark of 40 percent for the final exam. For detailed information on the Course grading policy, please refer to the necessary section in the Student Handbook. Non-graded Learning Activities: Activities for the purpose of self-learning are present in each study unit. These learning activities are meant to enable you to assess your understanding and achievement of the learning outcomes. The type of activities can be in the form of Quiz, Reflective Questions, Application-Based Questions or similar. You are expected to complete the suggested activities either independently and/or in groups. CG-10 ACC202 Course Guide 6. Course Schedule To help monitor your study progress, you should pay special attention to your Course Schedule. It contains Study Unit-related activities including Assignments, Selfassessments and Examinations. Please refer to the Course Timetable in the Student Portal f ...
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Final Answer

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Question 1 (a)
Date
1 April

2 April

15 April

28 April

30 April

Account Title
Cash
Office Equipment
Owner’s Equity

Debit
$100,000
20,000

Office Supplies
Accounts Payable

800

Accounts Receivable
Service Revenue

5,000

Utility Expense
Accounts Payable

500

Cash
Accumulated Depreciation (3,000-2,000)
Loss on sale of equipment
Equipment

1,600
1,000
400

120,000

800

5,000

500

3,000

Question 1 (b)
AH Pte Ltd
Statement of Financial Position
As at 31st December 2018
ASSETS
Current Assets:
Cash
Accounts Receivable
Inventory
Total Current Assets
Non-Current Assets:
Premises
Furniture
Less: Accumulated Depreciation - Furniture
Total Non-Current Assets
Other Assets
Trademark
TOTAL ASSETS

Credit

$23,500
15,200
5,000
$43,700
400,000
80,000
(30,000)
450,000
240,000
$733,700

LIABILITIES AND SHAREHOLDER’S
EQUITY
LIABILITIES
Current Liabilities:
Accounts Payable
Utilities Payable
Unearned Revenue
Total Current Liabilities
Shareholder’s Equity
Share Capital
Retained Earnings**
Total Shareholder’s Equity
TOTAL LIABILITIES AND
SHAREHOLDER’S EQUITY

12,700
1,300
12,000
26,000
280,000
427,700
707,700
$733,700

** Calculation of retained earnings:
Net income = Sales Revenue – Expenses
Net income = 450,000 – 23,380 – 5,000 – 38,000 – 3,900 = $379,720
Retained earnings = beginning retained earnings + Net income
Retained earnings = 47,980 + 379,720 = $427,700

Question 1 (C)
Cash accounting involves recognition of revenue only when actual receipts is received and
recognition of expense only when actual ...

FrankRose23 (2522)
Boston College

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