ACC00724 | Accounting for Managers 2015| S3 Assignment 1 -

ACC00724 | Accounting for Managers 2015| S3 Assignment 1

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Accounting Assignment Question


In relation to recent corporate crashes, what have been the main lessons/faults associated with the accounting information system and/or process? Explain 

Question 3 (10 marks)

For each of the following items, state whether it is either; 

Revenue or Expense or Asset or Liability or Equity.  

  1. A loan to another company
  2. Shares issued to the public 
  3. Inventory purchased last week
  4. Depreciation of equipment
  5. Provision for long service leave
  6. Excess payment to the tax department
  7. Shares owned in another company
  8. Accounts payable
  9. Prepaid insurance premiums
  10. Deposit paid by a customer for work yet to be done
  11. Credit sales
  12. Cash sales
  13. Retained profit
  14. Advertising
  15. Bad debts
  16. Dividend declared, not yet paid
  17. Singed a contract for a $300,000 building
  18. Undertook basic research for $40,000 on a new product
  19. Delivered goods to a customer related to credit sales contract
  20. Special staff training program related to new regulations cost $10,000
  21. Cash purchase of a new computer for $23,000
  22. Paid initial payment of $5,000 related to the financial lease of a bus

Accounting Assignment Solution

Question 1 

Profitability Ratios

The profitability ratios are determined to measure the operational efficiency or profitability of the firm. With the help of these ratios, the final decision is taken for business operations (Laux & Leuz, 2009). It is one type of financial metrics that are used to determine the ability of business for generating income with compare to its expenditure as well as other costs that were used in the business operations within a specified time.  If values of these ratios are higher relative to the same ratio or a ratio of a competitor as compared to the previous period, it is indicative that the performance of the company is well going on (Magnan, 2009). 

  • Gross profit margin:

This ratio is used to measure the profitability of the product. This ratio comes under the profitability ratios category (Weygandt, 2009). It is calculated by dividing gross profit by sales. Gross profit is calculated by differencing the cost of sales from sales. Profit margin is represented in terms of percentage. Gross profit margin can be represented in formula-based:

Gross profit margin= (gross profit/sales)*100

For 2014, Gross profit= $1440 and sales=$3600

Gross profit margin= (1440/3600)*100=40%

For 2105, Gross profit= $1590 and sales=$3840

Gross profit margin= (1590/3840)*100= 41.41%

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