Professional Accouting SEM 2
Problem 1 refer to the conceptual framework and AASB framework
problem 2 refer to the exactly calculation, accounting general entry, and explanation
The purpose of this assignment is to help students further develop a number of the skills and knowledge required and valued by the accountancy profession. The task that students are required to undertake is similar to the tasks required of a professional accountant working within the financial reporting field. This assignment is designed to test students knowledge required to apply generally accepted accounting principles and specific accounting standards related to concepts of recognition and measurement of financial statement elements.
Students are required to attempt both the problems. Marks will be awarded based on the accuracy and completeness of answers for each section.
In the awarding of marks for theoretical questions, consideration will be given to:
> evidence of understanding of the key issues identified in the question;
> active analysis of identified elements as appropriate;
> clear indication of reading of the texts, readings and other relevant references as appropriate;
> clear and logical written expression;
> appropriate referencing
In the awarding of marks for numerical questions, consideration will be given to:
> correctness of answers;
> appropriate formatting and headings;
> relevant workings;
> approach taken to solve the problem; and
> completeness of answers.