BUS103 Managerial Accounting Assignment | Accounting for Managers
Added on 2020-05-28
9 Pages1205 Words49 Views
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Running head: ACCOUNTING FOR MANAGERSAccounting for ManagersName of the StudentName of the UniversityAuthor’s Note
1ACCOUNTING FOR MANAGERSTable of ContentsPart A...............................................................................................................................................1Answer to Q1...............................................................................................................................1Answer to Q2...............................................................................................................................1Answer to Q3...............................................................................................................................1Answer to Q4...............................................................................................................................1Answer to Q5...............................................................................................................................2Part B...............................................................................................................................................2Question 1....................................................................................................................................2Requirement A.........................................................................................................................2Requirement B.........................................................................................................................3Requirement C.........................................................................................................................3Requirement D.........................................................................................................................3Requirement E.........................................................................................................................4Requirement F.........................................................................................................................4References........................................................................................................................................5
2ACCOUNTING FOR MANAGERSPart AAnswer to Q1Different stores of JB Hi-Fi offer various types of electronic products; like leading brandsof computers, TVs, Tablets, Speakers, Cameras, HI FI, Car Sound System, Home Theatre SoundSystem, Portable Audio systems and others. In addition, the company also offers various rangesof DVDs, games, Blu Rays, TV shows and others at cheap prices (jbhifi.com.au 2018).Answer to Q2JB Hi-Fi measures their revenue based on fair value of the received or receive baleconsideration. JB Hi-Fi recognizes their revenue in case they can be reliably measured and thersis probability that the future economic benefit will flow in favor of the company. It can be foundin page 87, note no. 27 (a) of 2016 Annual Report (jbhifi.com.au 2018). Answer to Q3JB Hi-Fi values their property, plant and equipment at cost by deducting accumulateddepreciation and impairment. Cost includes the direct expenses of the acquisition of assets. Inaddition, the company charges deprecation on property, plant and equipment on straight linebasis. It can be found in page 70, note no. 9 of 2016 Annual Report (jbhifi.com.au 2018).Answer to Q4Deloitte is responsible for performing the audit of the financial statement of JB Hi-Fi(jbhifi.com.au 2018). It is required for the auditors to be independent so that any relationbetween the auditor and the audit client will not influence the audit report. The external partymust audit the financial statements in order to find material misstatements in the unbiased way(Schmidt 2012).
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