Homework: Process Costing
Learning Outcomes Addressed:
The purpose of this homework is to assess the following Learning Outcomes:
o Describe the financial accounting standard setting process of Australia.
o Discuss current issues and developments in accounting theory and financial reporting.
o Evaluate different accounting theories and their implication in policy choice bymanagers.
o Explain the Conceptual Framework and apply it to accounting activities, and identify strategies to meet accounting issues andproblems.
o Develop an ethical and social perspective on the use of accounting information.
Task
You are required to submit via the specific Turnitin submission link.
A key aspect in your choice of format/layout should be to ensure you impart your key messages effectively (i.e., complete the requirements) and efficiently (i.e., it should be succinct and take into account the word limit).
Make sure all pages are numbered, and the text fits within the margins of your pages. Make sure to include the relevant heading.
Description:
o Describe the components of the Other Comprehensive Income Statement (550 words only)
o What is the importance of an accounting policy & its relevance to users of general purpose financial statements?
o This is the Trial Balance of Al Capone Distilleries Pty Ltd (ACD) as of 30th June2020.
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Sales
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925000
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Interest revenue
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20000
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Gain on sale of plant & equipment (PPE)
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9000
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Cost of goods sold
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550000
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Financing expenses
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16000
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Selling and distribution expenses
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45000
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Administrative expenses
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28000
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Income tax expense
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72000
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Other details:
o Al Capone recognised a revaluation gain of $18 000 net of tax for available-for-sale investments the business held during2020.
o None of the available-for-sale investments were sold during2020.
o The business uses the single statement format for the income statement and other comprehensive income and classifies expenses by function - not bynature.
Format your homework according to the following formatting requirements:
o The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
o The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
o Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.