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BUS103 Accounting for Managers Assignment: Accounting Assignment

   

Added on  2020-05-28

9 Pages1184 Words76 Views
Running head: ACCOUNTING FOR MANAGERSAccounting for ManagersName of the StudentName of the UniversityAuthor’s Note

1ACCOUNTING FOR MANAGERSTable of ContentsPart A...............................................................................................................................................2Answer to Question 1..................................................................................................................2Answer to Question 2..................................................................................................................2Answer to Question 3..................................................................................................................2Answer to Question 4..................................................................................................................2Answer to Question 5..................................................................................................................3Part B...............................................................................................................................................4Answer to Question 1..................................................................................................................4Requirement A.........................................................................................................................4Requirement B.........................................................................................................................5Requirement C.........................................................................................................................5Requirement D.........................................................................................................................5Requirement E.........................................................................................................................6Requirement F.........................................................................................................................6References........................................................................................................................................7

2ACCOUNTING FOR MANAGERSPart AAnswer to Question 1Harvey Norman is a large Australia-based multinational organization. As per theprincipal activities, it needs to be mentioned that Harvey Norman is a major retailer of bedding,furniture, computers, and communications and consumer electrical products(harveynormanholdings.com.au 2018).Answer to Question 2Harvey Norman recognizes their revenue when there is a probability that there’re will bea flow of future benefits to the company or the consolidated firms of the company and at the timeof the receive, they need to be reliably measured. In addition, they are measured on fair value.This information can be found in note no. (xx) in 2016 annual report, page no. 75(static1.squarespace.com 2018).Answer to Question 3Harvey Norman values their property, plant and machinery (PPE) at historical cost afterdeducting accumulated depreciation and any accumulated impairment losses. The company doesthe valuation of PPE frequently in order to avoid any material gap in the carrying value and fairmarket value. This information can be found in note no. (vi) in 2016 annual report, page no. 69(static1.squarespace.com 2018).Answer to Question 4As per the annual report of 2016 of Harvey Norman, Ernst & Young (EY) wasresponsible for audit operations of the company (static1.squarespace.com 2018). It is required tohave auditors’ independence so that the audit report does not influence any biasness, conflict of

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