ACC1AMDIndividual Assignment20 marks totalThis assignment will assess your Ethical Behaviour (5 marks) andCreative Problem Solving (15 marks) Graduate CapabilitiesGeneral information and requirementsThis is an individual assignment due in on 19th May 2019, by 11.55pm.Assignment LengthEach question provides a guide as to the approximate word length of each answer. It is recommended you are close to these limits, but you do not need to achieve them exactly.Please ensure your overall assignment is +/- 10% of the total word limit. Assignments that vary significantly from these guidelines will be marked down.SubmissionAll submissions must be typed in a minimum 11 font, with 1.5 line spacing using WORD and submitted via the Turnitin link on LMS.ReferencingAll submissions will be reviewed by a program called “Turnitin” and this will identify instances of plagiarism (copying). This is a very serious offence and can result in you receiving no marks for the assessment task.Please ensure if you have copied information you use quotation marks and appropriate referencing.If you reword someone else’s work you still need to refer to the author’s in your sentence. For exampleHines (1991) discusses how – whilst this is not a quote you need to reference the idea.Refer to the “Assignment Presentation Guide” available under the “Assignment” tab for guidance.This assignment requires you to analyse data. If you copy financial reports from the internet it will be obvious and no marks will be awarded, even if correctly referenced. The purpose of the assignment is to develop your analytical skills which are not those of an investment advisor. A small amount of referenced information will be acceptable.Late Assignment Penalty“The standard penalty for late submission of assessment tasks is 5% of the marks for that task for each delay in submission of a day or partial day up to a maximum of five (5) working days after the due date.”PresentationAssignments must be presented in accordance with the “Assignment Presentation Guide” availableunder the “Assignment” tab. (2 mark)Question 1 (5 marks)You run a company that sells dangerous chemicals but you are finding that it is a very competitive industry in which to work due to the costs of disposing of chemicals that can no longer be sold.The warehouse is located near a river that flows into the local water supply reservoir where many of the locals enjoy swimming during the summer months. There have been many unexplained serious illnesses from people who have been swimming in the reservoir. A couple of teenagers who were exploring the river area stumbled across a number of containers marked as poisonous and they called the EPA (Environmental Protection Authority) who conducted an audit of the area.One of your particularly dangerous chemicals had not been sold for a long time as it had been linked to cancer. Whilst it was written down to zero in your accounting records you had not been able to dispose of it due to its toxicity as this would have cost your business a significant amount that you could not afford and still achieve your desired profit.Through a review of your stock records it can be seen that the inventory was slowly decreasing every six months despite there being no market for the goods. Further investigation revealed that a couple of your employees had been directed to empty a barrel every so often into the river thinking it would dissipate and cause no impacts and would save you the expensive disposal fees. Unfortunately, they left the empty barrels covered in shrubs and the illnesses that people had suffered, some of which could leave ongoing health issues, were directly traced to your business. It is currently unknown what the legal consequences and compensation will be to those parties injured by your company’s actions however they are liable to be substantial given the type of chemical and its potential consequences.Given the resulting consequences, do you think reducing nature to a number is beneficial to the environment and accounting? Discuss giving consideration to at least 2 cases and relating them to your business. Your answer needs to be in your own words and correctly referenced to receive fullmarks. (500 words)Question 2 (4 marks)You have been provided with the unadjusted and adjusted trial balance for Veterinary Services Ltd asof 30 June 2018. These reports are after trading for up to the year ended 30 June 2018.Veterinary Services LtdTrial balanceas at 30 June 2018Unadjusted AdjustedNo Account Name Dr ($) Cr ($) Dr ($) Cr ($)100 Cash 43,074 43,074110 Accounts Receivable 78,317 84,190130 Office Supplies 32,894 19,580140 Prepaid Insurance 13,118 9,789150 Surgery Equipment 294,951 294,951151 Less Accumulated Depreciation – Surgery Equipment 109,644 137,055200 Accounts Payable 19,580 19,580220 Interest Payable 588230 Revenue Received in Advance 87,411 81,929240 Salaries Payable 5,090250 Bank Loan (10 years term) 19,580 19,580300 Share Capital 78,317 78,…
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