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TACC102 – ACCOUNTING FOR DECISION MAKING

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Subject Code – TACC102
Subject Name – Accounting for Decision Making
University Name – Top Education Institute, Australia

TACC102 – ACCOUNTING FOR DECISION MAKING

Accounting for Decision Making
Accounting for Decision Making, 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.

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.

Tasks:
Question 1: Cash Flow Statement and Report to Management
The management of Locale Ltd is worried because the bank overdraft has increased by a substantial amount over the financial year ended 30 June 2021 despite a large profit and the introduction of additional capital. The internal comparative statements of financial position on 30 June 2020 and 2021 were as follows. (24 marks in total, 1 mark for each cell)

Additional information
1. The land was revalued upwards during the year by $22 500.
2. During the year, a dividend of $33 750 had been paid.
3. Plant and equipment which had originally cost $82 500 and had been depreciated by $15 000 was sold during the year for $71 250.
4. The company pays income tax in four installments and the first three installments have been paid. For the year ended 30 June 2020, the ATO issued an amended assessment of $12 750 resulting in an 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)

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