Description

This is a two-part task with the following descriptions:

1).  The first part of the task focuses on your practical knowledge of analysis of accounting transactions and also contents and structures of the two key financial statements, balance sheet and income statement. These issues are the entry points to understand the information of corporate financial reporting.

2). In part two of this task, you will conduct a short investigation around some legal and ethical issues (if any) which could significantly impact corporate financial performance and reporting. These are examples of the issues that any business might face within the real world.

Specific Requirements

Part 1                                                                                                       (25 +10+ 15 = 50 marks)

Sam Petros has graduated with a Master of Accounting and Financial Planning. Now after a few years’ experience in practice, feeling more confident about operating a business. He has decided to establish his own tax and accounting consultancy firm. His clients will include local businesses and individuals. His first month of transactions trading as SP Accounting are provided below.

1. a) You are required to record the following events into the transaction analysis chart or indicating if the event is not an accounting event (template provided).

March 2021

• Invested $250,000 of his own funds into a business bank account.

• Sam contributed his own computer equipment valued at $12,000, to the business.

DETAILED ASSIGNMENT

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