Statement of Changes in Equity - Balance Sheet - Finance Assignment Help

Assignment Task :

Introduction
Assessment 1 provides you with the opportunity to compile a set of financial reports based  on a scenario requiring greater engagement in senior management meetings. You will develop your financial literacy by applying the accounting equation, compiling an income statement, statement of changes in equity, balance sheet, and appending notes to the financial statements.
Questions can be posted to the Assessment 1 Discussion Board and you should consult the assessment rubric when preparing your submission.

Purpose
The purpose of this assessment is to:
• demonstrate your familiarity with the typical financial accounting reporting statements used by managers in organisations
• demonstrate your ability to define, recognise, measure, and classify assets and liabilities, and define the nature and classification of owners’ equity account categories
• demonstrate your ability to define, recognise, classify and measure revenue and expense
• assess typical decisions around the impact of transactions on the organisation’s financial performance and financial position through application of the accounting
equation.
 
This task addresses the Program Learning Outcomes:
PLO 1: Integrate a range of complex concepts of leadership and core management disciplines to influence internal and external stakeholders.
PLO 2: Generate and execute socially responsible, ethical, and future-focused management and leadership solutions in ambiguous situations.

This task addresses the Course Learning Outcomes:
CLO 1: Integrate ethical, compliance and governance obligations of managers in organisations to contextualise managerial roles and responsibilities.
CLO 2: Investigate the nature and application of the four principal financial statements (i.e. the Income Statement, Statement of Financial Position, Statement of Cash Flows, and Statement of Changes in Equity) to inform managerial decision-making.

Scenario
You have recently been promoted to a senior managerial position of Blue-Sky Distribution Pty Ltd. As head of division you are now required to attend the weekly operations meeting of divisional/department heads of the organisation. At this meeting the chief financial officer (CFO) typically hands everyone a current trial balance and then discusses operational issues relating to the next week.
You are aware that the company has recently emerged from challenging trading conditions. It has been made clear that all divisional heads should become more aware of how their divisional activities will impact the overall financial performance and position of the company.
As your first operations meeting is coming up in a week’s time, you decide to prepare the best you can in order to be able to deal with possible questions relating to your division.
You consider that the best way to achieve this is to request copies of the minutes of the meeting of 24 December 2019 and to prepare draft financial statements at year end 31 December 2019.
On receiving these minutes, you find:
• a copy of the trial balance presented by the CFO on 24 December 2019

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