Accounting for Business

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HI5001 Accounting for Business Decisions

Due Date: 29 May 2012, 12 p.m.

Total Mark: 20 points

General Rules and Requirements:

The report should be prepared in a group (minimum 3 students in a group and maximum 4). Reports must be confined to 2,500 words. A title page, table of contents (based on your report headings), introduction, body of the report, conclusion and list of the references actually cited should be included in your assignment paper. Font type should be Times New Roman (size 12), paragraph spacing should be equal to 1, 5.

Chapter 7 (Please refer to the case study located at the end of Chapter 7 in the textbook)

p.335

SILVERTAIL PETROLEUM LTD (8 points)

Required

You have been asked for an opinion on the accounting system which would be most suited to the needs of this company. Give your response to the following queries:

A. Should the company use a sales journal? Why or why not? If a sales journal should be used, what procedures would you recommend to record entries in it and to despatch invoices to customers as soon as possible after deliveries?

B. Is a purchases journal needed, or could all purchases be recorded in the general journal? Explain.

C. Should the company use a cash receipts journal considering that some 30 to 50 cheques are received by mail each week? If so, what special columns would you use?

D. Should the company use a cash payments journal? Explain.

Chapter 4 (4 points) (Please refer to the case study located at the end of Chapter 4 in the textbook) p.175

|Ethical Issues | |The impact of a bonus incentive scheme on the | | | | | |financial statements | | | | |

Required:
A.Who are the stakeholders in this situation?
B.Why do you believe Freda asked Lucia to do this?
C.What are the ethical...
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