2015 1 Accounting in organisations and society Assignment Essay

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Pages: 7

ACCT2213/2189 Accounting in organisations and Society

Assignment - Melbourne semester 1 2015

This assessment is to be submitted via Blackboard


This assessment needs to be submitted via Blackboard, no submissions will be taken in class or via any other means. A non-submission will result in a grade of zero (0)

All answers need to be recorded in Blackboard

The questions following give an indication as to the mode of answer that is to be given in blackboard. You will only be able to enter blackboard once, so ensure you have your answers prepared before you open the assignment portal.

You are required to access the website for Wesfarmers (www.wesfarmers.com.au) and then answer the following questions. You will need to locate the sustainability report and the annual report.
Within the annual report is pay particular attention to the information provided in the notes to the financial statements as you will find a lot of useful information in them that may help with some of the questions.

Use the formula sheet provided to prepare your ratio solutions, this ensures that you can maximise your results. Ratios taken from other sources may use different numerators or denominators.

The Due Date is Friday 8th May 2015 at 5.00pm

The submission portal in Blackboard will be opened from Thursday 7th May 2015, 7.00 am and will close at Friday 8th May 2015 at 5.00pm.

Question 1 (1 mark) (Multiple choice answer)
The concept of triple bottom line reporting refers to the reporting on
Corporate Governance, environmental and social performance
Economic, social and environmental performance
Employee, supplier and customer relations
Profits, cash reserves, economic performance

Question 2 (3 marks) (Multiple fill in the blanks)
Access the corporate sustainability report at www.wesfarmers.com.au Wesfarmers is committed to reducing the environmental impact their operations have on the environment. From the sustainability section of the website identify the areas of performance that Wesfarmers were “proud of the progress” they made in the 2014 financial year? Some of them are mentioned in the Managing Directors welcome. 1.

Question 3 (1 mark) (Multiple choice answer)
Corporate Governance is growing in focus for companies in Australia. Using your knowledge select the best definition of corporate governance.
Corporate governance refers to;
The adherence to the laws set down by the Commonwealth of Australia
The direction, control and management of an entity, which includes the rules, procedures and structure upon which the organisation seeks to meet its objectives.
Issues with the rights and responsibilities of the company’s management and its interactions with customers and external parties
The decision making responsibilities of all the employees that are associated with the company.

Question 4 (1 mark) (Multiple choice answer)
Who is ultimately responsible for the Corporate Governance of the Company?
The shareholders
The employees
The board of Directors
The Chief operating officer (CEO)

Turning your attention to the Annual report
Question 5 (1 mark)
An auditing firm will have received remuneration for their services. Who were the Auditing firm for Wesfarmers in 2014?
(Fill in the Blank) Ensure your spelling is correct

Question 6 (1 mark)
Describe the purpose of the external auditor’s report.
(Multiple choice answer)
To ensure the financial report is error free.
To determine if the business is solvent.
To give an assurance, that the reports represent a true and fair view of the financial activities of the business.
To ensure that there has been no fraudulent financial activities in the business.
To determine if the company is worth investing in.

Question 7 (1/2 mark)
Identify the method of depreciation the company uses to depreciate their tangible non-current assets. (Multiple choice answer)
Straight line method
Reducing balance method
Units of use
Accelerated depreciation

Question 8a