Conceptual Framework

Question 1 “ Conceptual Framework
1. Coglin Clothing Ltd discovers that a manager has stolen $20,000 worth of clothing over time. The manager s employment is terminated and the accountant decides that this should be covered up and omits the adjustment from the accounting records.

2. The company spent $50,000 on computer software development for a sewing machine and recorded the cost as an asset. As yet it is impossible to predict whether this cost will result in any future economic benefits to Coglin Clothing Ltd.

3. Coglin Clothing Ltd buys three manuals for the cutting machines. They cost $220 each and the accountant expensed them, even though they have a useful life of 5 years.

4. When preparing the final financial statements, it appears that the income statement will report a loss for the financial year if depreciation expense is recorded. The accountant decides not to record depreciation expense for the year.

For each of the above situations, discuss the accounting principle(s) or reporting characteristics (if any) that are not being correctly followed.
Information to assist in answering questions will be contained in chapter 17 of textbook. You may also want to look at chapter 20 “ Non- Current Assets as well as
AASB1031 Materiality, which can be found on the portal.

Tips on answering question:
Read facts and required 2-3 times
Highlight keywords in facts as we have in class
When answering question, please ensure that you refer to the conceptual framework and any relevent definitions and tests in your answer. I will be looking for keywords.
Tutorial questions are good starting points in answering question. Please think back to process we used in class to answer question.
Sentences do not have to be perfect and the use of bullet points may assist.
Do not panic “ you are all capable of successfully answering theory questions like this, it just takes practice!

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more