ACC514 Financial Accounting Assignment 2: Problem Questions, 2019
VerifiedAdded on 2023/01/04
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Homework Assignment
AI Summary
This document presents a comprehensive solution to an ACC514 financial accounting assignment. The assignment consists of five problem questions that cover key areas of financial accounting. Question 1 focuses on financial statement disclosures, including accounting estimate changes, events after the reporting date, and error corrections, requiring the preparation of adjusting journal entries. Question 2 addresses share allotment adjustments and shareholder refunds. Question 3 involves calculating tax payable and preparing a deferred tax worksheet. Question 4 deals with the revaluation of equipment and the calculation of revaluation surplus or loss. Finally, Question 5 applies AASB 136 to determine impairment loss and revised carrying amounts of assets. The solutions include detailed workings, calculations, and references to relevant accounting standards, providing a complete and accurate response to the assignment requirements.
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