Question 1: (Approximately 400 words) Queenslander Ltd operates a café and gift shop at Montville in the Sunshine Coast hinterland. You are the accountant for the company and the following items relate to the year ended 30 June 2016: (a) Queenslander Ltd is the guarantor for an employee's bank loan. As the employee is in serious financial difficulties, you think it likely that he will default on the loan. (b) As a gift from a very grateful and generous customer, Queenslander Ltd receives 500 shares in Walters Ltd which are currently trading at $2 per share. (c) The company’s directors believe that the panoramic views of the Sunshine Coast hinterland from the windows of the café attracts a large number of customers. Required: Explain how Queenslander Ltd should account for each of the above items. You should justify your answer by reference to the AASB conceptual framework's definitions and recognition criteria for assets, liabilities, income and/or expenses.1
ACC210 Assignment – Semester 2 2016
Due Date: Monday 10 October 2016 at 12 midnight
Word count: approx 1,500 words
The assignment requires you to prepare answers to the following 4 questions.
be your own individual work, i.e. it is
a group assignment. If it
is believed that a student has copied material from another student or any other
source without appropriate referencing, the necessary action will be taken under the
Student Academic Integrity - Governing Policy
). Therefore, it is critical that you provide complete referencing for
any and all sources of information that you use in preparing your assignment. This
includes both in-text references and a list of references at the end of your
assignment. Please contact your local campus lecturer/tutor if you have any queries
about referencing. Alternatively, you can post your query to the Discussion Board on
the course Blackboard site.
Other general points about the assignment:
The assignment should only be submitted electronically via Safe Assignment
on the ACC210 Blackboard site. If you wish to apply for an extension to your
submission date, please email Peter Baxter (
) to explain
the circumstances and attach any necessary supporting documentation.
Late penalties will be applied for assignments submitted after 12 midnight on
Monday 10 October without an approved extension. More details on late
penalties are provided in the course outline.
It is not necessary to include an overall introduction and conclusion for the
The suggested word count for each of the 4 questions provides you with a
guide to the approximate number of words that you should use in answering
each question. The suggested total word count is approximately 1,500 words.
But if your word count is above 1,800 words, we will not continue marking
your assignment after reading that number of words.