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Accounting Theory: Commonwealth Bank full-year profit climbs by 8 percentto$7.67 billion
$25.00Read the following news paper article:
Commonwealth Bank full-year profit climbs by 8 percentto$7.67 billion
The Commonwealth Bank’s annual profit has climbed to a new record of$7.67billion. Australia’s biggest bank says its earnings for the 2012-13 financial year increased by 8 percent. The result is within the range anticipated by analysts.
But the bank’s overall revenue was down by5 percent to $44.87 billion dollars. It has increased its final dividend to
$2 per share, taking its total full-year dividend to $3.64.
In a statement released to the share market, CBA chief executive Ian Narev says he expects business conditions to remain mixed this financial year.
“Our primary areas of economic focus are the level of confidence of Australian business and households, the impact of economic conditions in China on the demand and price for resources, the value of the Australian dollar and the resultant impact on export-sensitive parts of the Australian economy and the stability of funding markets,” he said.
“Indicators relating to all of these factors have been mixed over the past six months, and we expect that to remain the case in the near term.”
Mr Narev expects business and consumer confidence to improve after next month’s federal election.
“We need an election of a government from either side of politics with a clear majority that can layout a very clear and very inspiring picture of the economy,” he said during an analyst briefing.
“There should be a lift in both business and household confidence if that picture can be outlined and people can get a clear picture of how these forces will affect the economy in the short, medium and long term.”
The value of CBA shares fell after the announcement.
At11am(AEST) they had dropped by1.4 percent to $73.51.
Retail banking revenue rises, business banking drops
Income from CBA’s retail banking division increased by 13 percent for the year, but business and private banking revenue fell by 3 percent.
There was also higher revenue from the company’s wealth management and institutional banking divisions. Income from CBA subsidiary Bank west increased by 6 percent to $561 million.
Reported bybusiness reporterPatMcGrath ABCnews Wed 14 Aug2013, 3:45pm http://www.abc.net.au/news/2013-08-14/cba-profit-result/4885516
Assignment 2 40 marks
Requirements:
- Australia’s biggest bank’s announcement of annual profit has climbed to a new record of profit. Explain the contents of this announcement in relation to the information perspective and in terms of Signalling theory (4 marks)
- Commonwealth Bank’s announcement of increasing profit is a strong signal of the firm’s earnings prospect Other comments in the article emphasise that signal. What could Commonwealth Bank do to strengthen the signal in relation to its profits even further? (6 marks)
- What factors might increase the credibility of the signal provided by Commonwealth Bank’s announcement and media attention? What factors might decrease the credibility of this signal? Give at least three factors for each answer (6 marks)
- What do you expect would have been the impacts of the record earnings on management compensation contracts (Salary Package) of Commonwealth Bank? Explain your reasons. (6 marks)
- Not all information is reported in this manner. Explain what motivates managers to disclose information voluntarily? (5 marks)
- What factors instigate voluntary disclosure by management in annual reports? (5 marks)
- Why would managers voluntarily disclose environmental performance information in annual reports? How can positive accounting theory explain corporate, social and environmental reporting? (8 marks)
The word limit for this case study is 1400 words with 10% variation. Words in excess of this limit will not be marked.
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The Corporations Act Paper
$50.00Essay Question:
“It can be argued that the district trend over may years has been the development, in statute and in case before the courts, of law and decisions which impose an increasingly heavy burden on directors in the performance of their duties and obligations to the company. As a result directors who fail to observe these duties and obligations will be exposed to significant liabilities and penalties.’
Reflect on the above statement and then discuss the nature and extent of this responsibility and liability of directors to the company. Your discussion should include an analysis of the nature, application and effectiveness of the range of duties of directors under the Corporations Act. In addition, you may also give some considerations to the relevant duties of directors at common law, by way of background and critical comparison. As this essay requires an analytical approach, you should extend your discussion well beyond a mere description of the principles.
You should use section numbers and case authorities to support your arguments, and if possible illustrate with examples of contemporary cases before the courts. You should use a range of secondary authorities (books and articles).
Pages: 6, Single spaced (12, double spaced)
Sources: 15
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Short Essay/Written Assignment
$20.00Shot Essay/Written Assignment 3 – Week 8
Instructions: Answer each of the following in approximately woo words each.
1. An element of the National Security Act of 1947 states”… No United States intelligence information may be provided to the United Nations or any organization affiliated with the United Nations…” Briefly defend this position from an ethical perspective.
2. How would you define “morally intolerable”and “morally acceptable” from an intelligence operation perspective concerning national security? Is torture of terrorists or enemy combatants ever morally acceptable?3. Explain what you would consider to be a working definition of integrity for an intelligence gathering government agency. What sort of attribute would be absolutes?
4. What sort of conclusion did Kent Pekel come to in his discussion of integrity and ethics at the CIA? What are his recommendations?
5. Under what circumstances would war be a “just” war? The law allows one to act justifiably in defense of self or defense of others, Would war also be allowed in defense of others?
Pages: 4, double spaced
Sources: 3
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AFIN 867 International Financial Management
$50.00AFIN 867
International Financial Management
Due: Various (refer to iLearn for specific details)
This assignment is worth 30% of your final grade and requires you to complete it on a group basis. Groups will be signed up for in iLearn and be of a maximum of 2 and a minimum of 2 people.
The length of this assignment is 2000 words. Only the first 2000 words (10% allowance) will be read and your mark will be based on this. Ensure that all sources are referenced using the Harvard Referencing Style and that all assertions etc are supported by literature. Assignments must be presented in a professional manner and should be spelling and grammar checked.
This assignment consists of three parts, Part A and Part B & C. Be sure to read the assignment fully before proceeding.
Assignment Question
As a recent graduate of AFIN867 you and your colleagues have been lucky enough to be offered a consulting opportunity at a major listed company (see specific list in iLearn). The company is keen to have a review of their International Financial Management activities undertaken.
In this assignment you are required to review the International Financial Management of your assigned company by completing the tasks listed below.
You may choose to have a company assigned to you (this will be done randomly after the topic selection cutoff day) or select a company of your own choosing (subject to coordinator approval).
Alternative
You may also choose to investigate another topic in international financial management. If you do so it must be approved by the coordinator. A separate, specific set of assignment questions will be given to you to facilitate this.
PART A (5%)
In this section you are required to give a presentation of your findings and recommendations (from Part C). This can take the form of a PowerPoint presentation or video of 10 minutes duration. (See ilearn for an example). This should be of a professional quality and emphasise the finding and recommendations and not just be a summary of the company’s activities. After 10 minutes groups will be prevented from continuing their presentation.
If you present slides the presentation should be no longer than 12 slides including a slide at the front detailing the group number and topic.
It is expected that the presenters will have undertaken enough research to be able to answer any questions raised by students of the lectuerer. Marks will be deducted where questions cannot be answered properly.
Presentations will be required to be submitted in iLearn prior to the lecture.
All group members will receive the same mark except where a member is absent.
This means that all members must perform at a high level to get a good mark. Those students who are absent will receive a zero grade except where a valid special consideration form is supplied and approved.
Simply providing a summary with no higher-‐ level analysis will not result in
a pass grade.
There is no requirement for all members to present, but they must
participate in the process of completing the assignment.
Part B (5%)
On a weekly basis, groups will be randomly assigned to ask questions relating to the presentation as if they were a member of the board being presented to. The questions they ask need to be detailed and demonstrate knowledge of the topic being presented. The questions need to challenge the presenter and allow both the presenter and questioner to demonstrate their knowledge. Asking questions will also assist students in preparing their essays. All group members will receive the same mark except where members have clearly not contributed or are absent. Those students who are absent will receive a zero grade except where a valid special consideration form is supplied and approved. Where students have clearly not contributed to the questioning/discussion process they will receive a reduced or zero mark.
Part C (15 Marks)
The report should be structured in the following manner (except where an alternative topic is chosen and approved):
- Executive Summary. This must clearly summarise the issues addressed, your findings and recommendations. (400 words max.)
- Critical analysis of the current financial risk management tools used by the company. Financial risk management relates to the management of commodity, currency and interest rate risk. This should also include recommended improvements. You also undertake a review of any risks that you believe are not being properly managed. This process should also include a comparison to practices provided by a competitor overseas. (800 words max.)
- Critical analysis of the funding used by your company. This should look at the types and sources of funding used. This should include any recommended improvements. This process should also include a comparison to practices provided by a competitor overseas. (800 words max.)
Any calculations should be contained in an appendix to the main report.
Use of dot points is acceptable.
The report and executive summary need to be of a high standard and contain persuasive but balanced arguments.
Assessment Criteria
- Presentation
- Depth of Research
- Quality of Analysis
- Level of Persuasive Argument
Important
At then end of the report each student must write a statement detailing how they
have contributed to the group.
It is expected that groups will meet to discuss the assignment. A group should have a minimum of two meetings. In this regard the group is also to submit the minutes of these meetings with details on where you met, who was present and the work allocated and what was decided etc.
Failure to include these tasks will result in a reduced mark for the essay.
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Contingent Liabilities and Commitments
$25.00United Arab Emirates University College of Business and Economics, Accounting Department
Intermediate Accounting II, Acct 245
Group Project
(10% of course assessment)
Assessment rules
- Always refer to your source of information in citations.
- The department has a zero tolerance towards plagiarism (coping, outsourcing, etc.). Also, if a student’s report is taken from another student’s report, both students will be awarded ZERO.
Project: –
- Read the document named Financial Statement Disclosures – PwC Document.
- Explain the concept of “Contingencies and Commitments Disclosures”.
- Research relevant IFRS/IAS issued regarding disclosure requirements of “Contingencies and Commitments Disclosures”. Summarize the major points as per the relevant IFRS/IAS.
- Research the discussions/opinions/reviews/comments by industry specialists i.e. PwC, KPMG, E&Y or Deloitte regarding disclosures of “Contingencies and Commitments Disclosures”. Summarize the key points.
- Put minimum two extracts of “Contingencies and Commitments Disclosures”from different organizations presenting financial statements as per IFRS.
- Hold combined group discussions of minimum 3 hours to discuss the above project.
Length of discussion:The length of your discussion for this section should be 2000-2500 words.
MARKING CRITERIA
Total marks: 10
Marks for combined work: 7
Marks for individual viva: 3
Marks for combined work would be assigned on following criteria
- Contents of the project ( 1 mark)
- Resources consulted for the project (2 mark)
- Clarity of the sentences and interrelated paragraphs (2 mark)
- Summarizing skills (1 mark)
- Team working(1 mark)
Marks for individual viva
- Technical knowledge of the subject matter (1 mark)
- Logical answering of the questions (2 marks)
ADDITIONAL FILES:
Accounting-Project-1-Financial_Statement_Disclosures__-_PwC_Document.pdf
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Accounting And Finance For Managers
$60.00Accounting and Finance for Managers- ACC3015
Year 2014/2015
Detailed Instructions and Guidelines
Objective of the Case study: This case study aims at helping students to reflect on what they learnt throughout the module.
Instructions: The case study consists of three sections- Section A consists of 70 marks, Section B consist of 20 marks and Section C consists of 10 marks. Students are expected to read the case study thoroughly and to answer all the required questions in a structured and organised manner with reference to published work. This is an individual assignment and it is worth 60% of the total module mark.
SECTION A -70 marks
Question 1: (70 Marks)
You are employed by AG Finance Plc. In your capacity of financial advisor you have been chosen to advice the Managing Director on the following financial matters.
Summarized below are the annual ratios for Apple Company. Apple is world leading company which designs and manufactures mobiles, tablets and personal computers. In addition it sells a variety of related software, applications and other services.
2014 2013 2012 2011 2010 Financial Strength Current Ratio 1.08 1.68 1.50 1.61 2.01 Quick/Acid Test Ratio 0.82 1.40 1.24 1.35 1.72 Working Capital1 3,118.0 18,498.4 11,780.6 11,023.4 13,251.5 Long Term Debt/Equity 0.26 0.14 0.00 0.00 0.00 Total Debt/Equity 0.32 0.14 0.00 0.00 0.00 Long Term Debt/Total Capital 0.20 0.12 0.00 0.00 0.00 Total Debt/Total Capital 0.24 0.12 0.00 0.00 0.00 Payout Ratio 28.03% 28.48% 5.94% 0.00% 0.00% Effective Tax Rate 26.13% 26.15% 25.16% 24.22% 24.42% Total Capital 90,075.0 87,727.7 72,868.4 49,627.5 30,220.7 Efficiency Asset Turnover 0.83 0.89 1.07 1.13 1.06 Inventory Turnover 57.94 83.45 112.12 70.53 52.51 Days In Inventory 6.30 4.37 3.26 5.18 6.95 Receivables Turnover 7.64 8.69 10.29 10.00 8.71 Days Receivables Outstanding 47.78 42.00 35.46 36.49 41.92 Revenue/Employee2 1,210,897 1,328,876 1,325,226 1,160,903 885,088 Operating Income/Employee2 347,798 380,982 467,751 362,377 249,480 EBITDA/Employee2 400,793 433,543 495,499 381,831 261,476 Profitability 37.62% 40.48% 38.59% 43.87% 39.38% Operating Margin 28.67% 31.22% 28.72% 35.30% 28.19% EBITDA Margin 32.62% 32.89% 33.10% 37.39% 29.54% EBIT Margin 28.67% 31.22% 28.72% 35.30% 28.19% Pretax Margin 29.35% 31.60% 29.26% 35.63% 28.42% Net Profit Margin 21.67% 23.95% 21.61% 26.67% 21.48% R&D Expense/Revenue 2.62% 2.24% 3.30% 2.16% 2.73% COGS/Revenue 62.38% 59.52% 61.41% 56.13% 60.62% SG&A Expense/Revenue 6.34% 7.02% 6.56% 6.42% 8.46% Management Effectiveness Return on Assets Return on Equity
19.34% 30.64%
27.07% 18.01% 28.54% 22.84% 41.67% 33.61% 42.84% 35.28% Valuation Free Cash Flow/Share2 4.42 3.00 5.22 3.89 1.62 Operating Cash Flow/Share 2
5.32 3.74 6.24 4.77 1.83 Gross Margin
Required
A client approached your firm with the intention to invest in Apple and he needs guidance with regards to the following
- a) Identify 8 financial ratios and calculate 2 non-financial ratios that are worth considering for management decision making. You are required to explain the rationale of choosing these rati Your answer must be supported with evidence from published work including books and journals. (20 Marks)
- b) Write a Report to the Managing Director interpreting and critically analysing the performance of Apple over the past five year The analysis must include an overview of the performance and financial position of the company. The analysis must be supported with evidence from the audited financial statement and independent research. (45 Marks)
- c) Discuss the limitations of relying on financial ratios to interpret firm performance? (5 Marks)
SECTION B -20 marks
Question 2: (20 Marks)
Foxgloves Ltd is currently evaluating a proposal to invest in a new inshore rowing boat. Two possible types, A and B, have now been identified, each of which have a five-year life and zero scrap value. Their costs and anticipated cash flows are:
Year Type A Type B
£ £
0 (100,000) (100,000)
1 35,000 64,000
2 25,300 32,500
3 24,000 3,000
4 28,000 15,000
5 5,000 15,000
The appropriate discount rate is 10% per annum.
Year DF 10%
1 0.909
2 0.826
3 0.751
4 0.683
5 0.621
Required
- a. Calculate for each type
- The payback period (2 marks)
- The net present value (2 marks)
- The accounting rate of return (2 marks)
- b. In a report format to you manger:
- i. State the relative merits of the methods of evaluation mentioned in a) above. (7 marks)
- ii. Explain which project type you would recommend for acceptance (7 Marks)
SECTION C -10 Marks
Question 3: 10 Marks
In report format write to your manager to advice on the following costumer query?
- a) How is a budget different from a forecast? And what is the point in flexing the budgets in the context of variance analysis? (10 marks)
ADDITIONAL GUIDANCE
- 1. Attempt this as three separate secti
- 2. Report or memo format would be ideal to ensure presentation is formal and professional
- 3. All calculations must be detailed and presented clearly.
- 4. Use of published work (citing references) within text is exp
- 5. A full list of references should be presented at the end of the case study.
- 6. Please avoid the use of ‘I, We, Us’ in your case study. You are expected to write in third p
- 7. Include the assignment front sheet (and marking scheme, available) which is attached to the assignment bri
- 8. Good use of English, referencing, presentation will earn marks.
Accounting and Finance Penalties
- 1. Missing References – penalty is three grade points minimum (see module guide for further details).
- 2. Front sheet missing-penalty one grade point
NB* The grade point refers to one grade movement. E.G. a one point penalty when the assessment grade is B+ will be downgraded to B. A two point penalty would down grade the assessment to B-, three points to C+
Accounting & Finance Front Sheet
ACC3015
Declaration by the candidate named above
- 1. I confirm that this is my own work (or, in the case of a group assignment, the work of my group) and that, although I may have consulted others in the course of assembling material for the work, the finished article has been completed without help or participation of any other person (other than, in group assignments, other members of the same group).
- 2. The work contains no material drawn from unattributed sources.
Student Signature
Date Signed
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HA3032 AUDITING AND ASSURANCE SERVICES
$30.00HA3032 AUDITING AND ASSURANCE SERVICES
INDIVIDUAL ASSIGNMENT
Assessment Value: 20% Instructions:
ASSIGNMENT QUESTION
Question 1
You are the audit senior responsible for the audit of Sampson Limited. You are currently planning the audit for the year ended 31 December 20X7. During your initial planning meeting held with the financial controller, he told you of the following changes in the company’s operations.
(i) Due to the financial controller’s workload, the company has employed a treasurer. The financial controller is excited about the appointment because in the two months that the treasurer has been with the company he has realised a small profit for the company through foreign-exchange transactions in yen.
(ii) Sampson has planned to close an inefficient factory in country New South Wales before the end of 20X7. It is expected that the redeployment and disposal of the factory’s assets will not be completed until the end of the following year. However, the financial controller is confident that he will be able to determine reasonably accurate closure provisions.
(iii) To help achieve the budgeted sales for the year, Sampson is about to introduce bonuses for its sales staff. The bonuses will be an increasing percentage of the gross sales made, by each salesperson, above certain monthly targets.
(iv) The company is using a new general ledger software package. The financial controller is impressed with the new system, because management accounts are easily produced and allow detailed comparisons with budgets and prior- period figures across product lines and geographical areas. The conversion to the new system occurred with a minimum of fuss. As it is a popular computer package, it required only minor modifications.
(v) As part of the conversion, the position of systems administrator was created.
This position is responsible for all systems maintenance, including data backups and modifications. These tasks were the responsibility of the accountant.
(vi) The managing director has returned from the USA, where he signed a contract to import a line of clothing that has become the latest fashion fad in the USA. The company has not previously been engaged in the clothing industry.
Required:
For each of the scenarios above, explain how the components of audit risk (inherent, control or detection risk) are affected.
[10 marks]
Question 2
You are the audit senior on the audit of EasyFit Pty Limited, a large manufacturer of shoes. EasyFit Pty Limited’s main market lies with 18 to 24 year olds.
This is the first year in which your firm has performed the audit. As part of the planning work, you have performed analytical procedures on an annualised basis and compared the results to industry averages and last year’s audited financial information. The results are given below:
Industry average EasyFit Pty Limited
1 Ratio Current ratio
20X7 2.84
20X6 3.27
20X7 1.89
20X6 2.24
2 Receivables turnover ratio 4.9 4.6 6.3 7.0 3 Inventory turnover ratio 3.7 3.8 5.0 5.5 4 Return on total assets 7% 5% 13% 11% 5 Net profit ratio 0.06 0.06 0.04 0.04 6 Gross margin 0.20 0.26 0.20 0.18 Required:
Explain the general meaning of each of the above ratios, discuss the conclusions that you can draw about EasyFit’s financial position and identify potential audit risks to be investigated further.
[10 marks]
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Obesity Case Study (Cholelithiasis) – What is Mrs AC’s BMI and discuss how this is determined…
$20.00Instruction:
It has a strict limit of 1000 words, not including any inserted items (table, diagrams) or references, and please use using various sources (i.e. not just text books, but also journal articles). .
Case study:
Mrs AC is a 38 year old female, who used to work in a catering business as a chef. She calls into your pharmacy regularly for her medication but has increasingly become aware of her weight problem affecting her mobility. She notices that you have a range of information and support material regarding this condition and asks for assistance.
On examination: Weight 113kg; Height 1.62m
Social history: Married with 2 children; Smoker; Obese
Past medical history: Diabetes; Osteoarthritis
Current Medications: Microgynon 50®; Fenofibrate; Celecoxib; Metformin
Elevated triglycerides: 159 mg/dL (40 to 150 mg/dL)
Questions:
- What is Mrs AC’s BMI and discuss how this is determined and what health risks are associated with obesity?
- What dietary advice can you offer Mrs AC to assist her with her condition?
- Discuss what therapeutic options could be considered for Mrs AC’s weight problem and their respective benefits along with any practical issues.
- A few months later Mrs AC presents to the ED with right upper quadrant pain radiating to the right shoulder, it appears to be increasing in severity and she is also complaining of nausea. Other episodes have resolved after about 60 minutes or so. Her weight is now 77kg as she has recently been a contestant on a TV reality program where she lost 36kg over 12 weeks. The following investigations were noted:
LFTs:
Bilirubin normal
Alkaline Phosphatase 350 U/L (25 to 100u/L)
Aspartate Aminotransferase (AST) 50u/L (5-45u/L)
Alanine Aminotransferase (ALT) 60u/L (< 36 u/L)
- What could Mrs AC’s presenting condition be and what other factors could be involved knowing her medication profile?
- What therapy could have been considered for Mrs AC to reduce the risk of developing gall stones?
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Banks do not adjust their lending rates
$40.00Assessment details
Objectives
This assessment item relates to the course learning outcomes 1-5, as stated in learning outcomes.
This assessment is designed for you to develop knowledge and skills on contemporary issues of the Australian and Global Financial Systems. The assessment item is designed for you to develop knowledge and skills on issues related to the Australian and Global Financial Systems.
Critically analyze the following research question:
“Banks do not adjust their lending rates immediately when the Reserve Bank reduces the interest rate. This action suggests that commercial banks are attempting to increase their profits.” Critically analyze the statement, commenting on the Australian banks current position on interest rates. Include a discussion on the recent Murray inquiry (2014) into the financial system. The size of this assignment should be a maximum of 2500 words
