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  • TACC102 – ACCOUNTING FOR DECISION MAKING
  • Lucy Martin
    Updated April 15, 2022
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    TACC102 – ACCOUNTING FOR DECISION MAKING

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    TACC102 Accounting For Decision Making

    Subject Code

    :

    TACC102

    Subject Name

    :

    Accounting for Decision Making

    University Name

    :

    Top Education Institute, Australia

    Accounting for Decision Making

    A

    ccounting for Decision Making, the subject's main aim is to enhance the theoretical knowledge of financial and

    A
    ccounting for Decision Making,

    management accounting among students. The subject includes financial accounting components such as the conceptual foundation of accounting, liabilities, partnership and company accounting, cash flow statement, and financial statement analysis.

    the  subject main aim is to enhance the theoretical knowledge of financial and management accounting among students. The subject includes financial accounting components such as the conceptual foundation of accounting, liabilities, partnership and company accounting, cash flow statement, and financial statement analysis.

    It will also cover management accounting topics such as job order and process costing systems, CVP analysis, and budgeting, among others. Finally, it provides a theoretical foundation for accounting professional judgment and ethics.

    Reasons why management accounting is important for effective decision making in business:

    Management accountants are the ones who are responsible for creating internal analyses that will help to guide the overall business strategy.

        • Relevant Cost Analysis
        • Audience Targeting
        • Define Budgets
        • Effective Planning & Controlling

    Top Education Institute, Australia

    Top Education Institute is a major Australian institute that offers undergraduate and postgraduate business and accounting courses. The university has campuses in both Sydney and Hobart. At Top Education Institute, you will be taught by industry specialists who will ensure that you have a full understanding of your chosen subject. You will build great academic abilities that can be transferred to various areas while learning to think creatively and independently.

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    Assessment Details

    Learning Outcomes

    ⦁ Prepare Cash Flow Statements and critically analyze the statements.
    ⦁ Demonstrate an understanding of accounting for different forms of enterprises, such as companies and partnerships.
    ⦁ Apply knowledge to recognize, identify, measure, and evaluate liability and equity.
    ⦁ Understand the Management Accounting, And critically evaluate the cost and production volume information.
    ⦁ Understand Excel functions and conduct financial statement analysis with modern technology.

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    Tasks:

    Question 1: Cash Flow Statement and Report to Management

    The scenario is that the management of locale ltd. is having a tense atmosphere because the bank overdraft has increased by a substantial amount. This skyrocketing of the overdraft has happened over the financial year that ended on 30 June 2021. The situation is that this scneario occured even after a large profit and the introduction of additional capital. Here is a gist of how the internal financial statements looked on 30 June, 2020 and 2021.

    AssetsStatement of Profit OR Loss and Other Comprehensive Income

    Additional information
        1. The land was revalued and witnessed some price growth. The valuation went upwards during the year by $22 500.
        2. A dividend of $33 750 was paid during the year.
        3. Plant and equipment prices witnessed a dip. This was evident by the drop of $15, 000. They were originally priced at $82,500. But were sold during the year for $71 250.
       4. It is to be noted that the above mentioned company pays income tax in four installments. Out of these four installements, three installments have been paid. For the year ended 30 June 2020, the ATO issued an amended assessment. This amended assessment was valued at $12 750, which was under the provision of $3750 being recorded in 2021.

    Required

        (a) Prepare a statement of cash flows as per current accounting standards using the direct method.
        (b) Prepare a note reconciling cash flows from operating activities to profit.

    Question 2: Match Ltd and Box Ltd both began operations on 1 January 2020. For illustrative purposes, assume that at that date their statement of financial positions was identical and that their operations during 2020 were also identical. The only difference between the two companies is that they elected to use different accounting methods as can be seen below. (14 marks in total, 1 mark for each box)

    Statement of Profit OR LossStatement of Financial Position
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