Aab 136 Includes Some External Indicators Of Impairment Of An Asset

Submitted By JohnnyYs
Words: 578
Pages: 3
Open Document
PART ONE Proforma

|

SPECIAL INSTRUCTIONS:

* Part 1 must be completed and submitted on this proforma. * Please ensure that you understand the University rules on plagiarism – it must be your own work. * Include your answer in sections provided (see headings in following sections) but include WORKINGS on the LAST PAGE. * You can create more lines on the journal entry tables etc. by placing the cursor at the and of a row and pressing return. * Insert your name and Student ID in the footer. * You are NOT to submit a hard copy (online submission only). * Upload into in the Part 1 Dropbox. * Due date: Monday 26 August 2013 before 11.59 pm.

Question 1

1. AASB 136 includes some external indicators of impairment of an asset. List three indicators of external impairment.

1. Adverse movements in market interest rates or other market rates of return.
2. Significant changes with an adverse effect on the entity include market, economic or legal environment in which the entity operates
3. An unexpected significant decline in the asset’s market value

Quest. 2(a) FURNITURE:
Journal entries for the year ended 30 June 2012
You are NOT required to record the purchase of the plant or furniture Date | Particulars | Dr | Cr | 2012 | Depreciation expense- furniture | 10,000 | | Jun 30 | Accumulated depreciation - furniture | | 10,000 | | | | | | Impairment loss-Furniture | 6,000 | | | Accumulated impairment losses-Furniture | | 6,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Quest. 2(a) FURNITURE -
Journal entries for the year ended 30 June 2013 Date | Particulars | Dr | Cr | 2013 | Depreciation expense- furniture | 14,000 | | Jun 30 | Accumulated depreciation- furniture | | 14,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Quest. 2(b) PLANT:
Journal entries for the year ended 30 June 2012 Date | Particulars | Dr | Cr | 2012 | Depreciation expense -plant | 30,000 | | Jun 30 | Accumulated depreciation- plant | | 30,000 | | | | | | Accumulated depreciation- plant | 30,000 | | | Plant | | 30,000 | | | | | | Plant | 22,000 | | | Revaluation surplus - plant | | 22,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Quest. 2(b) PLANT:
Journal entries for the year ended 30 June 2013 Date | Particulars | Dr | Cr | 2013 | Depreciation expense -plant | 62,316 | | Jun 30 | Accumulated depreciation
Show More

Related Documents: Aab 136 Includes Some External Indicators Of Impairment Of An Asset

financial accounting Essay

definition of financial accounting (2) Trends of financial accounting and business management (3) Thesis statement 2. Principles and standards of financial accounting (1) Consists of financial accounting (2) Principles of financial accounting (2) Standards of financial accounting 3. Financial accounting perform useful information to make decision (1) Introduction of users in financial accounting (2) Roles in business management (3) Importance of financial accounting…

Words 2250 - Pages 9

Essay on Financial Accounting

13/10/2014 Week 11 Measurement of Profit & Reporting Comprehensive Income Week 11 Lecture ACCT2011 Financial Accounting A › Text Readings: - Chapter 16: section 16.1 – 16.3.1 (to p.510) - Chapter 19: section 19.5 › Handbook Readings: - AASB 101 Dr Eagle Zhang 2 Week 11 Learning objectives 1. Understand different approaches to profit measurement and the approach adopted in Australia (Ch 16 LO 1 - 2) 2. Understand the requirements for the preparation of a statement…

Words 1814 - Pages 8

Essay Financial Accounting

Hari ,santosh ,prothsan ,prajjwal Financial accounting Introduction Accounting is a art of , recording ,reporting and analysis of financial transaction of a business . Also accounting is a language of business…

Words 3473 - Pages 14

Questions On Financial Accounting

DESCRIPTION This course provides a framework for financial accounting concepts and practices used by internal and external users in businesses. Topics presented include the accounting cycle, financial reporting, financial statements analysis, ratio calculation and interpretation, and management decision making based on financial results. INSTRUCTIONAL MATERIALS Required Resources Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Financial…

Words 6870 - Pages 28

financial accounting Essay

INTRODUCTION Boyce's (2008) paper identifies various key issues that are seen to have lead many corporate failures, accounting and ethical education. These failures, as seen by Boyce, have shifted the focus from the system in which we operate in to the behavior of individuals. Furthermore, he argues the neglect in the emphasis of change in the way accounting intellectuals educate students is adding to the core failures in identifying unethical behavior. Also, Boyce (2008) identifies the…

Words 375 - Pages 2

Notes On Financial Accounting

Financial Accounting Study online at q uiz let.c o m/_1b r2iw Accounting Sys tem that collects and proces s es (analyzes , meas ures , and records ) financial information about an org anization and reports that information to decis ion makers . Accounting entity Is the org anization for with financial data are to be collected. The four bas ic s tatements : 1. Balance Sheet 2. Income Statement 3. Statement of Retained Earning s 4. Statement of Cas h flows Balance Sheet Reports the amount of…

Words 5361 - Pages 22

Accounting And Financial Statements

Albright Business 101 10 June 2014 Chapter 14: Accounting and Financial Statements The Nature of Accounting: Accounting is the recording, measurement, and interpretation of financial information. Accountants: *Public Accountants include CPA’s which are individuals who have been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns, to the complex audits of corporate financial records. *Private Accountants are accountants…

Words 334 - Pages 2

Financial Accounting Essay

Classification of cash flows 6 3.Notes attached to the Cash Flow statement of Crown Plaza ltd. 7 NOTES : 7 Conclusion For Cash Flows of Crown Plaza Limited 10 Leases of Crown Limited 10 Reasons for Choosing Lease of Crown Plaza Ltd. 10 Accounting Standard for Lease 10 Compliance of Crown Plaza to this Standard AASB 117 11 Notes Attached Regarding Lease 11 Conclusion for Leases for Crown Plaza ltd. 12 Statement of Change in Equity for Crown Plaza ltd . 12 Reasons for Choosing Statement…

Words 4568 - Pages 19

Financial Accounting Essay

Financial Accounting Introduction: Definition: Accounting is the process of identifying, measuring and communicating financial information to help people make economic decisions. Accounting: Financial and Managerial Accounting Users of Financial Accounting: Shareholders to invest in the company, Creditors and Suppliers to determine loan terms and supply-chain relationships, Managers and Directors for incentive compensation, Financial Analysts (Credit Rating Agencies, Portfolio managers)…

Words 541 - Pages 3

Financial Accounting Essay

1. Financial Accounting is the process that culminates in the preparation of financial reports (balance sheets, income statements, cash flow statements, and shareholders equity statements) on the enterprise for use by both internal and external parties that include investors, creditors, managers, unions, and government agencies. In contrast managerial accounting is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and…

Words 314 - Pages 2