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Task: This is an individual assignment in which ea

Task: This is an individual assignment in which each student is required to form a business and answer some accounting related questions. Value: 40 marks (40% of total assessment) Due date: Week 8 (Sunday the 17th of September 2017 at 23.59pm Darwin time) Length: Maximum of 2000 words. Preparation: Topics 1-7. Presentation: Online submission through Learnline. Assessment Criteria: This task will generally be assessed in terms of the following criteria: 1. Effectiveness of communication: readability, grammar, spelling, neatness, completeness and presentation. 2. Demonstrated competency and understanding: This will be evidenced by the student’s ability to be dialectical in the discussion of contentious issues. The marker will pay attention to the accuracy of the content, coverage of relevant issues, structure of argument, English expressions, absence of plagiarism, concise writing style, and referencing style. 3. Evidence of research This will be evidenced by the references used and the inclusion of a bibliography. Assignment Requirements: 1. The assignment requires you to form a new business and to write a brief introduction about it (name, services or products, legal form, merchandising or manufacturing, retail or wholesale, size, industry, etc) (4 marks) 2. In deciding on the legal form for your business, discuss the reasons for your choice. (4 marks) 3. There are different financing options that are available to you to finance your business. Provide a list of at least 3 financing options that are suitable and relevant to your business. (4 marks) 4. One of your financing options is to take a loan from the bank. Prepare a projected Balance Sheet and a projected Income Statement that you will be required to lodge with your loan application to the bank. (Use arbitrary numbers that correspond with your business plan). (12 marks) 5. Briefly define the role of accounting as it relates to your business (your answer should include accounting information, users of information, accounting process, financial accounting and management accounting, etc) (4 marks) 6. Discuss whether financial statement analysis would be useful for the managers of the business (include in your answer the types of analysis that can be used and how they are useful). (4 marks) 7. Discuss the considerations that the management of your business would take into account in deciding on whether to distribute profits or to retain them in the business. (4 marks) Please note that you will need to address these questions in a way that is specific, appropriate, and directly relevant to the business chosen. (I am not after general information. You will need to be specific and your answers should be relevant and suitable to the characteristics of the business you have chosen). Please note that the allocated marks above total 36 marks as there are additional 4 marks towards presentation, references, language expressions and critical thinking. Submission of Assignments Assignments must be submitted by the due date. Failure to submit an assignment on or before the due date will result in an academic penalty of 5 % of the marks allocated for the assignment each day the assignment is overdue. All assignments must be submitted online. Students should include their names and students’ numbers, campus name, and lecturer name clearly and without errors on the first page of the assignment. Assignment should be typed and submission file should be either word or pdf. The name of the file should include the following: ACT507AssignmentOneStudentnumberCampus Example: ACT507AssignmentOneS123456WFD Use WFD for Waterfront Students Use EXT for External students Use MELB for Melbourne students Use SYDN for Sydney students Assignment Extensions All requests for extensions must be in writing and received seven days before the due assignment submission date. All requests for extensions must be submitted to the Head of School. (Refer to Learnline for more details)

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