ACCT1008 : Magill Accountants Pty Ltd Case Study - Accounting Assignment Help

Assignment Task :

QUESTION 1: Accounting Concepts  

You have recently joined Magill Accountants Pty Ltd as an accountant after graduating from the University of South Australia. The CEO, Daniel Wright has asked you to review each of the following three separate cases where a client has violated at least one of the accounting assumptions, definitions or concepts of the accounting conceptual framework. He has asked you to prepare a formal business letter for him. If he is happy with your explanations, this letter will then be used as the basis of a response to these clients. In your letter, you are required to provide the following: 

a)  Explain which accounting definition, assumption or concept has been violated, and; 

b)  Describe what the correct treatment should be in each case. 

1. Matthew Shane, the owner of Magill Grain Stores, has recorded a written-off and out-dated ‘Plant and Machine’ as an asset.  

2. Andy, the sole proprietor of Hope Valley Fruits and Veggies, has recorded the sale of a delivery truck as a cash sale revenue for the year. 

3. Christopher, the owner of Stylish Furniture Factory, has not recorded the depreciation expense on Property Plant and Equipment for the year to report a higher profit for the year.

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