Finance questions

Your Aunt Naivety is a fashion designer who is relatively well-known in Europe.  She operates through an English limited company (called “company” from now on).  She has retained Mr. K Itall (called “KI” from now on) who has misled your Aunt into thinking that he “Knows it all” when it comes to accounting.  However your Aunt is becoming quite uneasy with him.  Therefore, she has presented the following situations and the advice she received from KI relating to her financial statements for the year ended 31 Aug 2019.  She knows you study finance and wishes to have your opinions and more importantly the reasons as to why you say what you say in the following matters:

  1. Your aunt has bought a nice table for £2,500 for her exclusive personal use. Kl has advised her to show this as a fixed asset in the company’s books as according to him there is no difference between her personal expenses and that of the company.
  2. Although your Aunt is a very gifted designer it is difficult to quantify this. However, KI has suggested that £10,000 is shown in the Statement of Financial Position (Balance Sheet) as an asset in your Aunt’s company. He argues that it should be more but that the Prudence Concept prevents him from increasing it.
  3. Your Aunt’s company prepares financial statements for the year ended 31st August 2019. On 29 August 2019, her company sold £10,000 worth of goods to X Ltd. X ltd paid for the goods on 5 September 2019. KI has ignored this transaction as a sale in preparing the financial statements since the money was received after the year-end.
  4. Your Aunt’s company prepares financial statements for the year ended 31st August 2019. On 29 August 2019, her company sold £10,000 worth of goods to X Ltd. X ltd paid for the goods on 5 September 2019. KI has ignored this transaction as a sale in preparing the financial statements since the money was received after the year-end.
  5. Your Aunt’s company was taken to Court as one of the hooks in a dress broke and seriously scarred a famous model. She has won damages of £25,000.  This was appealed but your Aunt’s Company lost the appeal on 10 August 2019.  The amount is payable by 10 November 2019.  KI says that this need not be included as the amount has not been paid.
  6. The depreciation for fixtures and fittings was set at 10% on cost for your Aunt’s company. For the past five years these were depreciated at that rate.  KI has suggested that the depreciation rate is reduced from 10% to 5% so that the profits would increase.
  7. Your Aunt’s company trades extensively in the EU Countries. She sells 95% of her designs in Paris, Milan and Frankfurt.    There is a possibility that the company may cease to trade if there is a “hard Brexit” due to WTO tariffs which will make her designs far less competitive as compared with EU designers.  Your Aunt understands that all 27 EU member countries will have to agree if there is to be a “soft Brexit”.  Someone has informed her that Spain will not agree to a “soft Brexit” unless they are given Gibraltar.  The UK government will never agree to this.  Therefore, it is more likely than not that there will be a “hard Brexit”.   KI says there is absolutely nothing to worry about in this situation and that the company can continue to prepare its financial statements the same as before.

Suggested answer format for each individual situation above] 

The applicable accounting concept for this situation is …………………………….

This accounting concept states that ……………………………………….

When this accounting concept is applied to this situation we find that………………………..

Therefore, KI is correct/wrong

Answer a question

To complete this project, you will answer one (1) question from each section of the Reflect, Connect, and Prepare sections below.

Your answers to these questions can be submitted in one of the following formats:

writing (1000-1500 words if written)

spoken via a video blog (7-9 minutes)

recorded podcast (7-9 minutes)

presented with PowerPoint/Prezi/Google Slides (10-15 slides)

through another medium that you and your instructor agree upon. (Must have instructor’s approval)

Your project will appear in your course portfolio, along with the other assessments you have completed in this course. Check with your instructor for other specific instructions.

QUESTIONS

Choose one (1) REFLECT question:

REFLECT: Review each of the assessments you have completed this semester. Which three (3) assignments in this class have been the most meaningful to you? Why?

REFLECT: Throughout the course we have practiced a variety of sound academic habits of mind that you can use in your academic career. Which three habits have been the most effective for you? Why? What is one habit you would like to learn more about or spend more time practicing?

Choose one (1) CONNECT question:

CONNECT: Describe how you have engaged with the Park University community in this course.

Name three people you met as result of taking this course (only one can be a classmate) and how they have impacted your academic or personal journey.

Name one department/Park resource you interacted with as a result of taking this course. What was the outcome of those encounters?

CONNECT: Identify one personal goal and one academic or professional goal you would like to accomplish over the next year. Based on what we learned about goal setting this semester:

Provide at least three next steps to accomplish those two goals.

Provide deadlines for each goal.

Provide a list of 2-3 people or departments that can assist you in meeting those goals along with their contact information and the date you will connect with them.

Choose one (1) PREPARE question:

PREPARE: Imagine you have a friend or family member who is interested in attending college but is nervous because college is a new experience for them. (Perhaps they are currently in high school, or perhaps they have worked for many years and haven’t been in school for a long time.) Based on what you’ve learned in this course, provide three (3) bits of advice for them as they start their academic journey.

PREPARE: Imagine we are 20 years down the road at an alumni banquet for Park University students. You are the lucky recipient of an alumni award for outstanding service to Park University. A current Park student will be reading aloud a brief statement about your character and contributions to Park over the past twenty years. Write out that statement for the student to read as they introduce you.

Questionnaire Design and Analysis of Survey Data

Please only use ASA Citations.

This is more or less a SOCIOLOGICAL Statistics paper; attached is the guideline. Guideline_

You will formulate a NEW original research question related to the topic of Gender and Behaviour/Attitudes Regarding Household Chores. You will need to use PSPP, statistical software.

In the guideline document, there are seven steps outlined, you will start at step three. Step three references a survey that was completed, I attached a few pictures of questions that were created there for reference.

Discuss Subsystems of the Criminal Justice System

Subsystems of the Criminal Justice System

There are three major subsystems with a criminal justice system – the police, the courts, and corrections. Selecting the United States, one country from List A, and one from List B, in a 750 to 1,000-word paper, compare the interrelationship between the various subsystems in each country. For example, if the police develop a program to arrest more offenders, how would the increase in arrests affect the court and/or corrections subsystem?

List A: Any country that is part of the United Kingdom, Australia, Canada (excluding Quebec), Hong Kong, or Botswana

List B: France, Germany, Italy, Norway, Turkey, or South Korea