Accouting Assignment

ACCT 2105 Introductory Accounting
Assignment - Semester 2, 2013

This assignment is designed to get you to locate the Annual Report for a company and become familiar with its contents, particularly the financial statements and the notes to the financial statements. While we have looked at very basic formats of the financial statements, the financial statements for a company contain more detail and information on some items you may not have been introduced to as yet. Pay particular attention to the information provided in the notes to the financial statements as you will find a lot of useful information in them that may help with some of the questions.

REQUIRED:
You are required to obtain the 2011 and 2012 Annual Report for Nick Scali Limited. Answer the following questions in Part A using the 2012 Annual Report.
PART A – THE COMPANY (11 marks)

Question 1
The principal activities of the company is the ___________and _____________.
(1.5 marks)

Question 2
Nick Scali’s Board consists of _________________, ______________ and ______________________. (1 mark)

Question 3
How much is the profit after tax for June 2012? (1 mark)

Question 4
With reference to the 2012 Annual Report, identify the note (number) that deals with the summary of Statement of Significant Accounting Policies.

Review this Note and identify the specific depreciation method applied and the specific policy the company uses to depreciate their leasehold improvements assets
(1.5 mark)

Question 5
Define the revenue recognition criteria of the company and identify the notes (number) that deals with it. (15 Words)
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
(2 marks)

Question 6
Name the Auditor responsible for performing the audit of the financial statements of Nick Scali……………… (1 mark)

Question 7
Identify the regulations for which the financial statements should comply with as outlined in the Director’s declaration?