ACC 3700: Financial Accounting Theory and Practice - Accounting and Finance Assignment Help

Assignment Task:

Task:

Question 5: Answer this question in Cadmus.

You have recently been appointed as a graduate accountant for a publicly listed firm. The firm is facing some temporary financial difficulties and your manager has asked you to investigate and prepare a discussion paper on what earnings management techniques the firm could carry out that would be less likely to be scrutinised by auditors, but would assist the firm meeting its earnings targets.
Required:
Discuss the earnings management techniques that you believe would meet your manager’s requirements. Include three examples to support your advice.

Question 6: Answer this question in Cadmus.
Marks: 6
“Because exploration and mining activities are inherently risky and uncertain, all exploration and evaluation expenditures should be expensed as incurred.”

Question 7: Answer this question in Cadmus.

AASB 121 mandates the immediate recognition method where exchange differences on monetary items are recognised in the profit or loss in the period of exchange rate movement. Other methods, such as the ‘defer and amortise’, or ‘recognition on realisation’ are not permitted.

Question 1: Answer this question in this Word document.

Marks: 18
On July 1, 2023, Air West Coast Ltd decided to lease an aircraft from Dubai Aerospace Enterprise, an enormous conglomerate in the aircraft leasing space who purchased the aircraft for cash. The term of the lease is 20 years. The implicit interest rate in the lease is 10 percent. It is expected that the aircraft will be scrapped at the end of the lease term. The fair value of the aircraft at the commencement of the lease is $2,428,400. The lease is non-cancellable, Air West Coast Ltd returns the aircraft to Dubai Aerospace Enterprise at the end of the lease, Dubai Aerospace Enterprise requires a lease payment of $300,000 on the inception of the lease on July 1, 2023, and lease payments of $250,000 on June 30 each year, starting on June 30, 2024. There is no residual payment required.

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