Assessment Type: Mid-trimester test – individual assessment – invigilated open book. Students should havepens and a non-programmable calculator – no other aids will be permitted.Purpose: To allow...

Assessment Type: Mid-trimester test – individual assessment – invigilated open book. Students should havepens and a non-programmable calculator – no other aids will be permitted.Purpose: To allow students to demonstrate understanding of the subject content up to and including week 6,analysing corporate accounting and reporting issues and problems by applying appropriate problem-solvingprocesses. This assessment contributes to learning outcomes a, b, c, d.Value: 20% Due Date: Week 6Topic: Subject content weeks 1 – 4 inclusiveTask Details: The mid-trimester is a invigilated open book exam.Students are expected to bring a non-programmable calculator to the test. No other materials will bepermitted. The exam will consist of a mix of short and long answer questions where students will be requiredto apply relevant standards to given situations, and resolve issues and problems relating to these standards.Topics covered will include work from lectures weeks 1-4.Assessment 4Assessment Type: Assignment – individual assessment – short report on financial statements and calculationsPurpose: To allow students to demonstrate their ability to relate corporate accounting concepts and applyingtheir understanding of accounting standards AASB 3, AASB 10 and AASB 12. Students will be required tocomplete complex calculations and journal entries for business combinations, consolidation and other relevantaccounting standards covered in the lectures. This assessment relates to learning outcomes a, b, c and d.Value: 20%. Due Date: Week 10 Friday 11.59pmSubmission: Upload a soft copy – to Moodle by the due date and time.Topic: Consolidation Non-controlling InterestTask details: Sima Ltd purchased all issued shares of Nima Ltd for $............... on 1 July 2020 when the equityof Nima Ltd was as follows;Share capital $......…………………. $......…………………. $......At this date, Nima Ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded atfair value except for the followings;Account Cost Carrying Amount Fair valueFurther life(Years)Inventories ………………. ………………………………. ………………. ……………..………………… …………………. ……….. ………… …………………..Contingent Liability …………………………………………… …………………Unrecorded Asset …………………………………….. ………………..Unrecorded Asset …………………………… ……………Required if Tax rate is 30%:1. Prepare the acquisition analysis at acquisition date.2. Prepare the business combination valuation entries and the pre-acquisition entry at acquisition date.3. Prepare worksheet adjusting journal entries for the consolidation on 30 June 2021, considering ……%of inventories were sold by 30 June 2021 and no other changes in Nima's equity since the acquisitiondate.4. If Sima Ltd purchased just …….% of the issued shares of Nima Ltd on 1 July 2020, Prepare theacquisition analysis at acquisition date.5. Prepare worksheet adjusting journal entries for the consolidation at acquisition date.6. Explain in details;a) What is consolidation according to accounting standards?b) What are consolidated financial statements? How to prepare consolidated financial statements?c) Why is it necessary to make consolidated worksheet adjustments?d) How often is it necessary to make consolidated worksheet adjustments?e) Where should the consolidated worksheet adjustments be posted?f) Is there any difference between consolidation for wholly owned entities and NCI?Marking guide:Calculations 60%Analysis 25%Written presentation and referencing 15%The total mark will be scaled to 20 subject marks.