Accounting theory and practice. weekly homework. Please follow the homework marking criteria strictly. Strictly No plagiarism or copied work, own words only. (I had one of your writers who provided me...

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Accounting theory and practice. weekly homework.

Please follow the homework marking criteria strictly.

Strictly No plagiarism or copied work, own words only. (I had one of your writers who provided me with copied work and got me into trouble).

Answer all questions and look at all the documents attached for help and follow the word count requirement. Part A minimum of 100 words and part B is between XXXXXXXXXXwords.

Note: To make things easier, I have attached a copy of all last year's solutions to Part A questions. Now we cannot copy obviously but the writer can use that to good effect in terms of getting the right accuracy or even use their own words to answer in a similar manager. making their work easier.

Answered Same DayMay 18, 2022Griffith University

Answer To : Accounting theory and practice. weekly homework. Please follow the homework marking criteria...

Ayushi answered on May 18 2022
13 Votes
1
3101AFE Accounting Theory
Contents
Part A:    3
Question 1:    3
Question 2:    3
Question 3:    3
Question 4:    3
Part B:    4
Question 5:    4
1)    4
2)    5
References:    6
Part A:
Question 1:
A retrospective co
ection should be done i
n the financial statements of the e
or relating to the prior period. The comparison amount relating to the prior period should be recalculated due to which e
or took place. In case the e
or took place earlier period that is the first prior period then earliest previous period’s assets, liabilities and the related equity balances are repeated. In case it comes to the notice of the entity that any expenses which was related to the prior period and its recording was not done which means it got omitted unintentionally then such an expense is recorded in the retained earnings statement of the cu
ent year instead of income statement (2022). Therefore the prior period items which need co
ection are required to be adjusted in retained earnings. (129 words)
Question 2:
Scenario 1: a change in accounting policy is noticed in this scenario. Accounting policy can be described as principle which is used by a company for preparing the financial statements (Bragg & Bragg, 2022). If the accounting policy of fishfall ltd is changed from cost basis to the revaluation method, then the decision of changing the policy to revaluation model should be disclosed in the financial statements to make them more reliable (2022). In case there is no disclosure done by the company in accordance to the revaluation method then the impact is required to be traced.
Scenario 2: this scenario is a case of change in the accounting estimates, in the case of fishtail engine fleet ltd, a change in accounting estimates is noticed by the adjustment which is done in the assets and liabilities book value or we can also say the amount at which the assets were recorded ("30.5 Change in accounting estimate", 2022). The future consumption of the assets can be reflected in the better manner if straight line method is used before the impairment (2022). Due to impairment future periods would be affected. (176 words)
Question 3:
As per my opinion, although compliance with accounting standards is required in the reporting process but a discussion is also required for those items or...
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