ACT505 Accounting Theory, Semester 1, 2021
Assignment 1 Marks – Weight 20%
ACT505 T1 2021 ACCOUNTING THEORY
Due Date: Sunday 18th April Midnight (week 6)
Instructions:
- This assignment consists of two questions. The due date and time are noted above.
- It is your responsibility to ensure you factor in any time difference between Darwin and other locations when submitting your assignment.
- Please upload your file using the submission point for the assignment on Learning.
- Assignments submitted via e-mail will NOT be accepted.
- There is no need to complete a university cover sheet but DO please include your
name, Student Number, and your tutor’s name.
ACT505 T1 2021 ACCOUNTING THEORY
Question One
What is regulation? How is the accounting profession in Australia regulated? (Marks:10)
ACT505 T1 2021 ACCOUNTING THEORY
Question Two
Refer to accounting standard AASB116 – Property Plant & Equipment (website aasb.gov.au)
Explain (in your own words) the main requirements of the standard that Australian companies have to abide by. This should cover the objective of the standard, its scope & definition, recognition criteria, measurement criteria, derecognition & disclosure requirements – with reference to ‘’For profit” entities only.
Please make references to clause or sub clause numbers to support your answers. (Marks:30)
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