Assessment Item 2 | Bachelor of Accounting | Accounting Assignment

Assessment item 2   Task

Question 1 [7%]

Role of accountants 
Kate Jones has enrolled in a Bachelor of Accounting at Charles Sturt University for session two (2) 2018. She has also been offered a cadetships at a local firm, either as a management or financial accountant. Kate would like more information on the two (2) roles before making a decision and has asked for your advice. Kate has had previous experience in preparing budgets for her father's business, which she has enjoyed. 

Required

Write a brief report (500-600 words) and with reference (in APA 6th style) to at least two but not more than four sources of information outside the textbook. Your report must include:

• a table of contents;
• an executive summary;
• an overview of both roles;
• an outline of the information each role provides and the users who rely on that information;
• identification of any similarities and differences that exists between the two roles; and
• a conclusion, with references to your findings, which role you would recommend.

Question 2 [4%]

Ethics

Jess Newman has just accepted a graduate position with GGH Accountants, one of the largest firms in her home town. Jess noticed one of her family friends, Ruby Hudson, is an old client of GGH Accountants. On her first week, when Jess was lodging some tax returns for Ruby, she noticed two expenses that she knew were not real. Jess approached her supervisor, Jack, and was instructed to include the expenses as their amount was not considerable and Ruby was a good client. 

 
Required

Use the Langenderfer and Rockness model (p.60 in your text) to discuss the ethical dilemma. You must use the steps in the model as headings (Maximum 400 words).

                                                                                                   

Question 3 [4%]

Business Structures

 You work for Jason and David Partners, an accounting firm specialising in establishing businesses. Four clients have recently asked you for advice about the most appropriate business structure for their situation.

1. Alice and Sarah have been friends since childhood. Alice is a photographer and has many clients. Sarah is a well-established hairdresser. They want to go into business together to provide services for people who are planning to get married.
2. Hugh is a stay at home dad and has been making rocking chairs which he has been selling to his friends for fun. Hugh has been approached by a number of local stores who would like to stock his chair. Hugh would like to get more serious about his business but still keep his operation small so that he can be available for his children before and after school.
3. The Harold family, comprising 3 sisters and their adult children, are in the process of using a large inheritance to invest in property and shares for the benefit of all members of the family.
4. Julie and Robert have been running a garden hose manufacturing business for 5 years. Recently, demand has increased and they want to expand their operation. Julie and Robert expect that within the coming year they will need significant funds to purchase another warehouse and a large amount of equipment.

Required

For each client select and justify the most appropriate business structure from the following list:

• sole trader
  • partnership
  • company (include the type of company in your response)
  • trust.

You should make reference to the main features of your selection and explain why it is the preferred option over the alternatives (maximum 400 words in total).