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answers of the below pdf questions . accounting for managers
ATTACHMENT PREVIEW Download attachmentACC 1000 afm – 2t2015 assignment.pdf
ACC 1000 AFM – 2T2015 Assignment.pdf
Assessment Information – Trimester 2, 2015
Subject Code:
ACC 1000
Subject Name:
Accounting for Managers
Assessment Title:
Individual assignment
Weighting:
25% of the overall mark for this subject
Total Marks:
25 Marks
Due Date:
Friday of Week 9 – 18 September 2015 by 11:59 PM (AEST).
Note: The above time is AEST. Brisbane and Adelaide must allow
for time difference.
.
Assessment Description
You are required to answer the following three tasks.
The assignment must be completed individually and submitted before the due date noted
above to avoid any late penalties. Please make sure you follow the guidelines noted in your
subject outline especially those relating to presentation of written work, late policy and
academic integrity.
Submission:
The assignment will need to be submitted electronically through the student portal – use the
link under “Assessments overview and submission” to submit the information (The portal will
close at 11:59 pm AEST – students in Adelaide and Brisbane please note to adjust for the
time difference accordingly).
ACC 1000 Accounting for Managers
2 Trimester 2015 – ASSIGNMENT
Page 1 of 5
Task 1 (5 marks)
Lucia works as an accountant for a motor vehicle engine parts manufacturer called Vroom
Ltd, owned by an international car firm. Her manager, Freda Chuse, is paid a bonus
depending on the profitability of the company. If Vroom Ltd makes $1 million profit, Freda
receives a bonus of $20 000 that increases progressively to $30 000 for a $3 million profit. If
the profit of Vroom Ltd exceeds $3 million, Freda receives the maximum bonus of $30 000.
Vroom Ltd currently receives a grant from the government of $100 000 per year to employ
and train apprentice mechanics.
At the end of May, it appears that Vroom Ltd will make a profit of approximately $3.5 million
for the year ending 30 June 2016. Freda approached Lucia and said that if the company
made too much profit then the government may stop paying Vroom Ltd the grant for training
apprentice mechanics, and it would lose the $100 000 tax-free cash inflow. Freda instructed
Lucia to find ways of deferring recognition of as much revenue as possible until the following
financial year, for which the forecasts for the industry were quite poor, and to accrue as
many expenses as possible at the end of the current accounting period when it came to
making the end-of-period adjustments. Although Lucia was not happy with this instruction,
she did not want to risk her own opportunities for promotion by upsetting her manager.
Required:
A.
B.
C.
D.
Who are the stakeholders in this situation?
Why do you believe Freda asked Lucia to do this?
What are the ethical issues involved here?
Can Lucia defer revenues and accrue as many expenses as possible and still be
ethical?
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