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ACCT1101 Accounting Statement Analysis

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ACCT1101 Accounting Statement Analysis

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Task:

1.(1) Complete the Premier Ovens Pty Ltd Accounting Practice Set online on LMS as per the general instructions.

2.(2) The Managing Director of Premier Ovens Pty Ltd, Mr. Scott Rose, has always admired the manner in which Wesfarmers Limited has been operated as a Public Listed Company and very impressed by the comprehensive Annual Report which they distribute to their diverse group of Shareholders. He has asked you to refer to the 2019 Wesfarmers Limited Annual Report (which is available on LMS and especially pages 111 -158) and write a report to him which addresses the following matters.  

i.(i) The management of Wesfarmers Limited has in the process of constructing the financial statements of the Company Group, applied several Accounting policies that involve material judgements and estimates. In what areas have these judgements and estimates been implemented in the accounts? Using examples, explain the concept of Materiality.

i.cuss the difference between a Provision and a Contingent Liability. Describe the different types of Provisions and Liability Contingencies that have been disclosed in the accounts of Wesfarmers Limited. 

(iii) Provide an explanation of the term, Intangible Asset. What types of intangible assets have Wesfarmers Limited recorded in their financial statements and how are these different intangible assets treated in the Income Statement and the Balance Sheet?

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