Measurement issues exist in accounting for property plant and equipment

Question 1: (1 Mark)
Briefly describe the main operations (activities) of Briscoe Group Ltd.
Question 2: (2 Marks)
According to accounting theory, for who is the annual report prepared. Provide specific referenced information here from the New Zealand Framework (give paragraph number) on why financial statements are prepared.
Question 3: (2 Marks)
a) Using group dollar figures for the 2014 year present the accounting equation ($ Assets = $ Liabilities + $ Equity)
b) Explain why the accounting equation always holds true.
BBSD 501 Introduction to Accounting 3
Question 4: (3 Marks)
a) Research and identify the international accounting standard (IAS or IFRS) for inventories and explain the measurement rule that applies in this standard.
b) Has Briscoe Group Ltd used this measurement rule? (Reference required to the paragraph in the report.)
Question 5: (2 Marks)
What is meant by the accounting concept of depreciation?
Question 6: (2 Marks)
What is amortisation? Has the group applied the concept of amortisation within the financial statements? Provide details and reference your source (paragraph in the annual report).
Question 7: (1 Mark)
Describe the accounting policies the group has chosen to account for current assets “Trade and other Receivables”. Reference your source. Hint; also look in the Significant Accounting policies and “Trade receivables”
Question 8: (4 Marks)
a) What is the 2014 total value of property plant and equipment (Carrying amount)?
b) What method of depreciation is used for property plant and equipment?
c) Why will the group have chosen this particular method of depreciation?
Question 9: (3 Marks)
a) According to accounting theory (standards), what is meant by the term contingent liability ?
b) Does the group have any contingent liabilities (contingencies)? Provide reference details.
Question 10: (1 Mark)
Details of all expenses are not listed in the group Income Statement (Statement of Comprehensive Income). Explain why this is and where other information can be found on expenses.
Question 11: (1 Mark)
Does the group have an overall positive or negative cash flow for the 2014 year? Explain your answer using the totals of the three main cash flow activities.
Question 12 Mini Analysis Report. (18 Marks)
You are required to formally report to Beverly White, on the following issues within the Briscoe group. Set this up as a formal report. See the Moodle site “Important course information” for guidance on this report. 3 marks
The issues to report upon:
o Operating revenues (sales) changes between 2013 and 2014. Identify this change and explain why revenues may have changed. You will need to refer to the chairman and Group CEO’s review. 4 marks
o Calculate the gross profit percentage for 2012 and 2013
Interpret the results on the gross profit %. Ie make comments on what has occurred. 4 marks
BBSD 501 Introduction to Accounting 4
o Comment on the group profit or deficit (after tax) for the 2014 year? State whether it is a deficit or surplus. Explain the reasons for the change from 2013 to 2014.
3 marks
o State the dividend yield for the Briscoe Group on Friday 3 October; at close on the NZX. Explain the ratio and interpret your results. 4 marks
PART C: ESSAY 40 marks
“Measurement issues exist in accounting for property plant and equipment.”
Required:
Discuss the above statement. Ensure you explain the following issues
o What the purpose of the balance sheet financial statement (refer specifically to the New Zealand Framework)?
o What is meant by measurement?
o What are the difficulties of measurement? Use the measurement policies adopted by the Briscoe Group for property plant and equipment to help explain your arguments.

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