Accounting assessment activity on risk management

STD-AC-T2A-Risk Management WebQuest-(v1.0 Aug 20)-MARKING SHEET Page 1 of 3
ACCOUNTING ASSESSMENT ACTIVITY A – RISK MANAGEMENT WEBQUEST
FAMILY NAME: GIVEN NAME:
STUDENT CODE: CLASS NAME:
ASSESSOR’S NAME: DATE:
PC
Relevant part of
the activity
relating to the
criteria.
Above Satisfactory Satisfactory Not Yet Satisfactory
(U)3.1
(U)3.5 Business structures
comparison
• The student is able to make
relevant comparisons between
the ownership structures and
has included at least four (4)
points of comparison in the
discussion, two (2) of which
must be:
o The differences between
profit share (accounting
differences).
o Mandatory audit
requirements.
• The information provided is
accurate and detailed,
indicating a comprehensive
understanding of the issues.
• The student is able to make
relevant comparisons between
the ownership structures and
has included at least three (3)
points of comparison in the
discussion, two (2) of which
must be:
o The differences between
profit share (accounting
differences).
o Mandatory audit
requirements.
• The information provided is
accurate but some
explanations may lack clarity.
• The student is not able to
make relevant comparisons
between the ownership
structures or has not included
the following two (2) points in
the discussion:
o The differences between
profit share (accounting
differences).
o Mandatory audit
requirements.
• The information provided lacks
accuracy and clarity.
6 marks 5 – 4 marks 3 – 0 marks
No above satisfactory descriptor
required
One (1) relevant legal or
legislative requirement is
included in the discussion.
No relevant legal or legislative
requirement is included in the
discussion.
1 mark 0 mark
(U)1.5
(U)3.6
(U)3.7
Legislation &
Compliance
• The student is able to describe
accounting standards.
• Multiple purposes are
identified.
• The information provided is
accurate and clear.
• The student is able to describe
accounting standards.
• At least one (1) purpose has
been identified.
• The information provided is
accurate but some
explanations may lack clarity.
• The student has not described
accounting standards.
• The description provided is
unclear or inaccurate.
• The student has not provided
at least one (1) purpose in
business.
3 marks 2 – 1 marks 0 marks
• No above satisfactory
descriptor required.
• The student accurately
identifies the three (3)
professional associations for
accounting.
• The student does not
accurately identify the three (3)
professional associations for
accounting.
1 marks 0 marks
• The student has correctly
identified more than three (3)
ethical principles for
accountants.
• The explanation provided for
each is accurate and clear.
• The student has correctly
identified at least three (3)
ethical principles for
accountants.
• The explanation provided for
each is accurate but some may
lack clarity.
• The student has correctly
identified less than three (3)
ethical practices for
accountants, or
• The explanations are
inaccurate or
incomprehensible.
4 marks 3 – 2 marks 1 – 0 marks
No above satisfactory
descriptor required.
• The student has correctly
described an audit and
identified who performs it.
• The student has not correctly
described an audit or has not
correctly identified who
performs it.
2 marks 1 – 0 marks
STD-AC-T2A-Risk Management WebQuest-(v1.0 Aug 20)-MARKING SHEET Page 2 of 3
(U)2.1
(U)2.5
(U)3.3
(U)3.4
Legislation &
Compliance
• The student has provided at
least four (4) external control
compliance requirements
which are relevant to a chosen
business structure.
• The student has provided
logical links between the
external controls and the
choice of internal controls
used for the business, on at
least two (2) occasions.
• The student is able to
accurately describe the role of
ASIC. The response covers all
ASIC’s main functions.
• The student is able to
accurately describe the role of
ATO. The response covers all
ATO’s main functions.
• The student has correctly
identified at least two (2)
consequences of noncompliance to external
regulations.
• The student’s response
contains at least two (2)
relevant intext references.
• The student has identified at
least three (3) external control
compliance requirements
which are relevant to the
chosen business structure.
• The student has provided at
least one (1) logical link
between the external controls
and the choice of internal
controls used for the business.
• The student is able to describe
the main function of ASIC but
the response contains few
details.
• The student is able to describe
the main function of ATO but
the response contains few
details.
• The student has correctly
identified at least one (1)
consequence of noncompliance to external
regulations.
• The student’s response
contains at least two (2)
relevant intext references.
Minor non-systemic errors are
permissible.
• The student has failed to
identify three (3) external
control compliance
requirements which are
relevant to the chosen
business structure.
• The student has not provided
logical links between the
external controls and the
choice of internal controls
used for the business.
• The student has not been able
to describe the main function
of ASIC.
• The student has not been able
to describe the main function
of ATO.
• The student has not identified
any consequences of noncompliance to external
regulations.
• The student’s response does
not contain at least two (2)
relevant intext references. Or
if it does there are major nonsystemic errors.
12 – 8 marks 7 – 5 marks 4 – 0 marks
Conclusion
The student has demonstrated
the ability to take all important
relevant facts from the
comparisons and link these in a
convincing and logical manner to
a personal position.
The student has demonstrated
the ability to take some relevant
facts from the comparisons and
link these to a personal position.
The personal position is logical,
although some ideas may not be
well supported by the evidence.
The student has not
demonstrated the ability to take
relevant facts from the
comparisons and link them to a
personal position.
5 marks 4 – 3 marks 2 – 0 marks
Whole submission
No above satisfactory descriptor
required.
The student has demonstrated
effective planning and
organization skills by submitting,
by the due date, a memo which
follows the organizational
structure provided in the task
description and is relevant to the
task.
The student has not
demonstrated effective planning
and organization skills because
the memo was not submitted by
the due date, did not follow the
organizational structure provided
in the task or was not relevant to
the task.
1 mark 0 marks
References No above satisfactory descriptor
required.
The student has provided a
reference list with a minimum of
two (2) sources. Minor nonsystemic errors are permissible.
The student has not provided a
reference list. Referencing has
major errors in style.
1 mark 0 marks
Whole submission,
Technology,
Terminology
The student submitted a final
version of the memo to Turnitin.
No significant matches were
identified.
The student submission was
created using the Microsoft word
and followed all the formatting
requirements in the task
description.
The student submitted a final
version of the memo to Turnitin.
No significant matches were
identified.
The student submission was
created using the Microsoft word
and followed the formatting
requirements in the task
description. Minor deviations are
permissible.
The student did not submit a final
version of the memo to Turnitin.
Or
if a document was submitted,
significant matches were
identified.
The student submission was
created using the Microsoft word
but did not follow the formatting
requirements in the task
description.
2 marks 1 mark 0 marks
STD-AC-T2A-Risk Management WebQuest-(v1.0 Aug 20)-MARKING SHEET Page 3 of 3
TOTAL MARKS /38
Assessor’s Comments (Strengths/Areas of Improvement)

 

Don't use plagiarized sources. Get Your Custom Essay on
Accounting assessment activity on risk management
Just from $10/Page
Order Essay

STD-AC-AAA-Risk Management WEbQuest-(v1.0 Aug 20)-TASK SHEET Page 1 of 2
ACCOUNTING ASSESSMENT ACTIVITY A – RISK MANAGEMENT WEBQUEST
AUGUST STANDARD 2020
TASK DETAILS:
DUE DATE:
Assigned date: Monday, 19 October 2020
Due date: Friday, 20 November 2020
ASSESSMENT TYPE: Research Assignment
ASSESSMENT
WEIGHTING: 15% weighting of the subject grade
RESOURCES REQUIRED: Computer or laptop, Internet and Moodle Accounting access
TASK OUTLINE
Scenario
The owner of the VBeCommerce business, Mr. Ownereski informs you that he will be selling his business in six months, as he has plans
retire. He has offered you the opportunity to purchase the business for $50 000.
You and several other employees have been discussing whether or not buying the business would be a good investment. During your
discussion, you discovered the following information:
• Mike Jackson has $25 000 to put into the business as capital, but he has very little experience in the retail industry.
• Alan Prentice has $15 000 to put into the business, and has worked in the retail industry for over 20 years in various positions ranging
from adverting and marketing to sales.
• You have $10 000 to put into the business and have an accounting degree and access to a huge database of business contacts.
You need to decide whether or not you want to buy this business by yourself or go into business with Mike and Alan. To assist with your
decision-making, you now have a mission to complete a Webquest in fact-finding the following information:
1. What are the main business structures in Australia? And, considering the given scenario, which is the best option?
2. What are the relevant business legislation and compliance?
Guide:
1. Using the recommended resources for this Webquest, research and summarise the key features of the main business structures in
Australia.
2. Compose a memorandum (memo) to be sent to Mike and Alan outlining your findings about suitable business structures.
3. Your memo should include:
a. an introduction stating the purpose of your memo
b. the body consisting of a relevant comparison between sole trader, partnership and private company structures
➢ you must compare mandatory audit requirements of each business structure including the relevant legislation
➢ you must compare profit distribution of each business structure
➢ you must compare two (2) other features of each business structure
➢ Suggest a business structure that would be appropriate for the VBeCommerce you have been managing.
4. Research and select four (4) compliance requirements relevant to the business structure you have suggested. What are some of the
business legal requirements relevant to the business structure you have recommended and why is it important to comply with them?
Compliance requirements:
Corporations Act 2001
Anti-Discrimination Act 1991
Work Health and Safety Act 2011
Privacy Act 1988.
Competition and Consumer Act 2010
GST Act 1999
Record keeping requirements for ATO
5. Your answer must include:
a. Accounting standards requirements:
i. What are Australian Accounting Standards and provide two reasons why you should include them in your business.
ii. Identify three (3) main Accounting professional associations recognised in Australia.
iii. Identify and explain four (4) ethical principles for accountants.
iv. Discuss the purpose of an audit in accounting. Explain what an audit is; who would conduct an audit; what is the difference
between an external and internal audit; and provide one reason why you may want your business books to be externally
audited.
STD-AC-AAA-Risk Management WEbQuest-(v1.0 Aug 20)-TASK SHEET Page 2 of 2
b. Legal requirements:
External stakeholders have a significant influence on internal processes in a business organisation. If you take the time to
understand what is required, you can make the best decisions for your business.
i. What external control compliance requirements would you need to follow for the business ownership structure you have
chosen for your company? Make sure you read and research from the provided sources relevant to the ATO and ASIC.
ii. Discuss the internal controls you will establish for your business and how those will be influenced by the external controls
you have mentioned from the above question.
iii. Suggest two situations where your business could be found non-compliance. Next, discuss what are the possible
consequences of failing to comply with business legislation. Support your discussion with reference to two cases as
examples of consequences of non-compliance.
6. Write a conclusion by providing a recommendation of one (1) business structure for your business with reasoning to support your
recommendation. Your reasoning should refer to your evaluation of key findings relevant to business risks and business compliance
issues.
7. Include at least two (2) in-text references within the content of your memo, in which the sources should be presented as a reference
list on a separate page. Follow the Harvard referencing style.
Your response must:
1. Use the memo template provided on Moodle.
2. Use a formal memo structure.
3. Use at least two (2) in-text references and your reference list must be in Harvard-referencing style.
Submit your work to Turnitin Moodle.
TASK DOCUMENTS:
(on Moodle)
Moodle >Assessment >Risk Management Webquest
SUBMISSION METHOD: Submit the completed task to Turnitin by the due date
LATE SUBMISSIONS:
Written and oral assessment tasks submitted or performed after the due date without an approved
extension of time will ordinarily be met with a penalty of 5% of the percentage grade per working day
late up, to a maximum of five working days.
If the assessment is submitted/performed after five working days, a grade of 0% will be applied.
Requesting an assignment extension: if a student wishes to apply to an assignment extension, they
need to fill out and submit the “Assignment Extension Application” form found in Student Support
on Moodle at least 24 hours before the due date of their assessment item and provide any relevant
supporting evidence (e.g. medical certificate, letter from parent/homestay).

 

ACCOUNTING 2020

MEMORANDUM – RISK MANAGEMENT WEBQUEST

 

 

To: Mike Jackson and Alan Prentice
From:  
Date:  
Subject: Risk Management Webquest

 

 

Purpose of this Memorandum

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comparison between business Entities

 

Questions  Sole Trader  Partnership  Private Company 
1 Minimum # of owners?      
2 Maximum # of owners?      
3 Owners are known as…?      
4 How is profit distributed?      
5 Who pays tax on the profit – Business or owner?      
6 Is audit required according to ASIC rules. Yes or No      
7 Limited or Unlimited Liability?      
8 Advantages (at least two points) ·

 

·

 

·

 

·

 

·

 

·

 

9 Disadvantages (at least two points) ·

 

·

 

·

 

·

 

·

 

·

 

 

 

 

 

Choose ONE business structure appropriate for the VBeCommerce business you have been managing.

 

 

 

 

 

 

 

 

Select and explain 4 external compliance requirements relevant to the business structure you have suggested (With logical reasoning)

 

 

 

 

 

 

  1. 4.

 

 

 

 

 

Link 2 of the external compliance requirements you listed above to your internal controls to meet the requirements of legal obligations (as mentioned above)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purposes of Accounting Standards

 

 

3 main Professional Associations in Australia

Ethical Principles (List and explain)
 

 

 

 

 

 

 

  1. 4.

 

 

 

Auditing in Accounting (Refer to task outline)

 

 

 

 

 

 

 

 

The role and function of ASIC

 

 

 

 

 

The role and function of ATO

 

 

 

 

 

 

Consequence of non-compliance with ATO

 

 

 

 

 

 

 

Review the document on Moodle called “Compliance and Legislation ASIC Cases”.

 

  1. Explain two situations where your business could be found non-compliant.

 

 

 

  1. What are the consequences of your business not complying? (Support your       discussion with reference to 2 cases in the document on Moodle called          “Compliance and Legislation ASIC Cases”.

 

 

 

 

Conclusion 

 

(Choose ONE business structure appropriate for the VBeCommerce business you have been managing AND give 4 logical reasons for your choice. Refer to key findings relevant to business structures and compliance issues.

 

 

Reference List

 

  • Use the Harvard referencing system – see Moodle document called “UQ Harvard Referencing Guide.pdf”
  • Include at least two (2) different sources in your reference list
  • Your sources must match your in-text references
  • Place the sources in alphabetical order
  • Use single line spacing for each individual source
  • Enter twice between each source
  • DO NOT number the sources

 

Check you have completed the following before submitting your work:         

Written and oral assessment tasks submitted or performed after the due date without an approved extension of time will ordinarily be met with a penalty of 5% of the percentage grade per working day late up, to a maximum of five working days.

 

If the assessment is submitted/performed after five working days, a grade of 0% will be applied

 

 

When you submit your assignment, it is uploaded into a program that checks for plagiarism and alerts the teacher marking it. Have you completed this assignment BY YOURSELF? Plagiarising is a serious offence and will result in serious penalties in your score and possibly 0 marks.

 

If you referred to any PDF documents and have not paraphrased (express the meaning using different words) include in-text referencing. See Moodle document called “UQ Harvard Referencing Guide.pdf” on how to in-text reference. All websites and dates have been provided to you in the PDF documents on the first page.

 

Include at least two (2) different in-text references in this memo

 

REPLACE all red text with relevant information. There should be NO RED TEXT IN YOUR FINAL SUBMISSION

 

DO NOT change the font style, font size or line spacing provided

 

Provide a reference list that matches your two (2) in-text references

 

Start your reference list on a new page

Get professional assignment help cheaply

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason may is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Our essay writers are graduates with diplomas, bachelor, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college diploma. When assigning your order, we match the paper subject with the area of specialization of the writer.

Why choose our academic writing service?

  • Plagiarism free papers
  • Timely delivery
  • Any deadline
  • Skilled, Experienced Native English Writers
  • Subject-relevant academic writer
  • Adherence to paper instructions
  • Ability to tackle bulk assignments
  • Reasonable prices
  • 24/7 Customer Support
  • Get superb grades consistently

 

 

 

 

 

 

 

Order a unique copy of this paper
(550 words)

Approximate price: $22

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

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

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

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

Read more

Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

Read more

Privacy policy

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

Read more

Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

Read more

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:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Open chat
1
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 20% with the discount code VICTORY