Unit code:<\/strong> HI5001 This task tests your understanding of the core financial accounting concepts introduced in Weeks 1 to 5 and your ability to apply them to structured tutorial-style questions that mirror examination conditions. It assesses the following Unit Learning Outcomes:<\/p>\n ULO 1:<\/strong> Analyse how transactions affect the accounting equation, balance sheet and income statement and communicate outcomes to different stakeholders.<\/p>\n<\/li>\n ULO 2:<\/strong> Apply, analyse, synthesise and evaluate information from multiple sources to make decisions about financial performance including assets, liabilities, equity, revenue and expenses.<\/p>\n<\/li>\n ULO 3:<\/strong> Employ information technologies such as spreadsheets to analyse transaction data and financial statements to support data-driven decisions.<\/p>\n<\/li>\n ULO 4:<\/strong> Assess the impact of taxation and other liabilities, relevant legislation and industry codes on business, and outline appropriate management strategies.<\/p>\n<\/li>\n<\/ul>\n The questions replicate the pattern used in recent Holmes Institute tutorial-question assessments where students compile selected weekly questions into a single submission for individual marking.<\/p>\n Each teaching week you have been provided with three interactive tutorial questions of increasing difficulty in the Blackboard Tutorial Folder. Your assignment is to select and answer the prescribed questions from Weeks 1 to 5 and present them in one document. Show all calculations and journals in good format. Use headings such as Week 1, Week 2 and so on, and label each required part clearly.<\/p>\n Question:<\/strong> Guidance<\/strong><\/p>\n Refer to a textbook or professional body definition that includes terms such as identifying, measuring, recording and communicating economic information to permit informed judgments and decisions.<\/p>\n<\/li>\n Focus on explaining why qualitative aspects including judgement, relevance, faithful representation, ethics and user needs mean that accounting is not simply mechanical number-crunching.<\/p>\n<\/li>\n Maximum length is 250 words. Answers beyond this limit will not be read for marking.<\/p>\n<\/li>\n<\/ul>\n Question:<\/strong> Required<\/strong><\/p>\n Prepare an income statement for the month of June.<\/p>\n<\/li>\n Prepare a balance sheet in account format as at 30 June 2019.<\/p>\n<\/li>\n<\/ul>\n Presentation requirements<\/strong><\/p>\n Use correct titles and headings such as Safety Hire, Income Statement for the month ended 30 June 2019, and Balance Sheet as at 30 June 2019.<\/p>\n<\/li>\n Classify items correctly into assets, liabilities, owner\u2019s equity, revenues and expenses.<\/p>\n<\/li>\n Show subtotals and final profit or owner\u2019s equity clearly.<\/p>\n<\/li>\n<\/ul>\n Scenario:<\/strong> Required<\/strong><\/p>\n General journal entries (6.25 marks)<\/strong><\/p>\n Record each transaction in the general journal with date, accounts, explanations and debit and credit amounts.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n Posting to general ledger (2.75 marks)<\/strong><\/p>\n Post journal entries to T-accounts or running-balance ledger accounts for each listed account.<\/p>\n<\/li>\n Include posting references from journal to ledger and ledger to journal where appropriate.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n Trial balance (1 mark)<\/strong><\/p>\n Prepare a trial balance as at 31 July 2018 to verify that total debits equal total credits.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n Scenario:<\/strong> Required<\/strong><\/p>\n Prepare the adjusting entries needed at 30 June. Narrations are not required.<\/p>\n Use the standard date format 30 June 20XX.<\/p>\n<\/li>\n Compute accrued interest expense on the bank loan from 15 February to 30 June.<\/p>\n<\/li>\n Calculate insurance expense and remaining prepaid insurance for both the one-year and three-year policies.<\/p>\n<\/li>\n Record wages payable for the last three days of June for two employees at 220 dollars per day each.<\/p>\n<\/li>\n Recognise the earned portion of previously unearned dry cleaning revenue for the Highup Hotel prepayment.<\/p>\n<\/li>\n Adjust the Supplies and Supplies Expense accounts for supplies used during the year.<\/p>\n<\/li>\n<\/ul>\n Scenario:<\/strong> Required<\/strong><\/p>\n Complete the worksheet (6 marks)<\/strong><\/p>\n Extend each account balance to either the income statement or balance sheet columns and both where necessary for profit and drawings.<\/p>\n<\/li>\n Calculate total debits and credits for each pair of columns ensuring the worksheet balances.<\/p>\n<\/li>\n Determine the final profit or loss figure and place it in the appropriate columns.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n Prepare closing entries (4 marks)<\/strong><\/p>\n Close all revenue and expense accounts to the Profit or Loss Summary and then close Profit or Loss Summary to F. Elliot Capital.<\/p>\n<\/li>\n Close the drawings account to capital.<\/p>\n<\/li>\n Use formal general journal format with proper account titles and debit and credit layouts.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n Prepare your work in a single Microsoft Word document in .doc or .docx format.<\/p>\n<\/li>\n Use 1.5 spacing, 12-point Arial or Times New Roman font, and standard margins of 2 to 2.5 centimetres.<\/p>\n<\/li>\n Include a cover page with your full name, student ID, unit code, assessment title and word count for Week 1.<\/p>\n<\/li>\n Label each section clearly such as Week 1 Question and Week 2 Question.<\/p>\n<\/li>\n Upload the final file via Blackboard under Tutorial Questions 1. Only one submission is allowed so check the file carefully before submission.<\/p>\n<\/li>\n<\/ul>\n All work must be your own. You may discuss tutorial questions with peers but answers submitted must not be copied or shared.<\/p>\n<\/li>\n Assignments with identical or near-identical workings or wording will be treated as academic misconduct under Holmes Institute policy with penalties ranging from mark deductions to suspension of enrolment depending on severity and history.<\/p>\n<\/li>\n Where you refer to definitions or explanations from the prescribed textbook or lecture notes, acknowledge the source briefly in-text and in a short reference list even if formal referencing is not heavily weighted.<\/p>\n<\/li>\n All submissions are automatically checked using originality detection tools.<\/p>\n<\/li>\n<\/ul>\n Week 1 conceptual explanation (10 marks):<\/strong> accuracy of definition, depth of evaluation, clarity, structure and adherence to the 250-word limit.<\/p>\n<\/li>\n Week 2 financial statements (10 marks):<\/strong> correct classification, accurate totals, proper formats and neatness.<\/p>\n<\/li>\n Week 3 journal, ledger and trial balance (10 marks):<\/strong> correct debits and credits, posting accuracy and balanced trial balance.<\/p>\n<\/li>\n Week 4 adjusting entries (10 marks):<\/strong> correct calculations, appropriate adjusting accounts and correct dates and formats.<\/p>\n<\/li>\n Week 5 worksheet and closing entries (10 marks):<\/strong> proper extension of balances, correct profit placement and complete and accurate closing entries.<\/p>\n<\/li>\n<\/ul>\n Many students describe accounting as just numbers, yet standard textbook definitions show that accounting is a structured process of identifying, measuring and communicating economic information for decision makers rather than simple arithmetic. A useful way to respond is to argue that numbers are only one part of a broader information system that requires judgement about which events to record, how to classify them and which measurement bases to apply, especially when estimates such as depreciation or doubtful debts are involved. Ethical considerations, such as avoiding earnings manipulation or misclassification, highlight that accounting relies on professional values as well as technical skills. Decision usefulness, which is the idea that accounting information should help investors, lenders and managers make better choices, further illustrates that relevance and faithful representation matter as much as numerical accuracy. Language, layout and disclosure also influence how well stakeholders interpret figures, which means communication skills are integral to good accounting practice. A succinct conclusion can therefore state that accounting uses numbers extensively, although it is more accurately described as an information and decision-support discipline grounded in principles, judgement and clear reporting. A standard text such as Hoggett, Medlin and Chalmers emphasises these points when it defines accounting as a process that helps users make informed decisions rather than a narrow record-keeping function.<\/p>\n A further dimension to consider is the role of the conceptual framework in guiding accounting practice and decision making. Modern accounting systems operate within a structured framework that sets out objectives of financial reporting, qualitative characteristics of useful information and principles for recognising and measuring financial elements. Understanding this framework helps students appreciate why accountants make particular choices about measurement bases, estimates and disclosures. The framework demonstrates that accounting decisions are guided by principles and professional judgement rather than by mechanical calculation alone (International Accounting Standards Board 2018).<\/p>\n Hoggett, J, Medlin, J, Chalmers, K, Hellmann, A, Sue, W & Fayyaz, A 2021, Accounting<\/em>, 11th edn, Wiley, Milton, QLD.<\/p>\n Kimmel, PD, Weygandt, JJ & Kieso, DE 2020, Accounting: tools for business decision making<\/em>, 8th edn, Wiley, Hoboken, NJ.<\/p>\n Deegan, C 2022, Australian financial accounting<\/em>, 10th edn, McGraw-Hill, North Ryde, NSW.<\/p>\n Horngren, CT, Harrison, WT, Oliver, MS, Best, P, Fraser, D, Tan, R & Willett, R 2018, Financial accounting<\/em>, 8th edn, Pearson, Frenchs Forest, NSW.<\/p>\n Warren, CS, Reeve, JM & Duchac, JE 2020, Financial and managerial accounting<\/em>, 15th edn, Cengage, Boston, MA.<\/p>\n International Accounting Standards Board 2018, Conceptual framework for financial reporting<\/em>, IFRS Foundation, London.<\/p>\n","protected":false},"excerpt":{"rendered":" HI5001 Accounting for Business Decisions \u2013 Tutorial Questions 1 (2026-style Brief) Unit and Assessment Overview Unit code: HI5001Unit name: Accounting for Business DecisionsAssessment title: Tutorial…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4163,2496,4010],"tags":[4543,4545,4541,4542,4546,4544],"class_list":["post-1871","post","type-post","status-publish","format-standard","hentry","category-holmes-institute-assignments","category-accounting-for-business-decisions","category-australian-university-assessments","tag-accounting-for-business-decisions-holmes","tag-adjusting-entries-drip-dry-cleaning-services","tag-elliot-painting-services-worksheet-closing-entries","tag-hi5001-tutorial-questions-1","tag-holmes-institute-introductory-accounting-assessment-brief","tag-journal-entries-and-trial-balance-assignment"],"_links":{"self":[{"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/posts\/1871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/comments?post=1871"}],"version-history":[{"count":1,"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/posts\/1871\/revisions"}],"predecessor-version":[{"id":1874,"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/posts\/1871\/revisions\/1874"}],"wp:attachment":[{"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/media?parent=1871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/categories?post=1871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.essaybishops.com\/dissertations\/wp-json\/wp\/v2\/tags?post=1871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Unit name:<\/strong> Accounting for Business Decisions
Assessment title:<\/strong> Tutorial Questions 1
Assessment type:<\/strong> Individual assignment, problem-based short answers
Trimester:<\/strong> T1 2026
Weighting:<\/strong> 25% of total unit marks
Total marks:<\/strong> 50
Due date and time:<\/strong> 11:30 pm, end of Week 6 (exact Friday date to be advised in the unit outline)
Word or length limit:<\/strong> No overall word limit. Specific sub-questions have guidelines such as Week 1, maximum 250 words. Attach all working and clearly label each week\u2019s answers.<\/p>\n
\nPurpose and Unit Learning Outcomes Assessed<\/h2>\n
\n
\nTask Description<\/h2>\n
\nQuestions to Answer<\/h2>\n
Week 1 (10 marks, maximum 250 words)<\/h3>\n
Evaluate the statement \u201cAccounting is all about numbers.\u201d Use an accepted definition of accounting to justify your answer.<\/p>\n\n
\nWeek 2 (10 marks)<\/h3>\n
You are given financial data for Safety Hire as at 30 June 2019, supplied in the Week 2 Tutorial Folder.<\/p>\n\n
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\nWeek 3 (10 marks total)<\/h3>\n
On 1 July 2018, Nicole Andreou opened a beauty parlour. The Week 3 tutorial provides a list of transactions for July. Ignore GST. Use the following accounts and numbers: Cash at Bank (100), Accounts Receivable (101), Supplies (102), Equipment (103), Loan Payable (200), Nicole Andreou Capital (300), Nicole Andreou Drawings (301), Revenue (400), Rent Expense (500), Advertising Expense (501), Insurance Expense (502), Telephone Expense (503).<\/p>\n\n
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\nWeek 4 (10 marks)<\/h3>\n
Drip Dry Cleaning Services has a year-end of 30 June. Use the data provided in the question relating to interest on loan, insurance policies, unpaid wages, unearned revenue and supplies on hand. Ignore GST.<\/p>\n\n
\nWeek 5 (10 marks)<\/h3>\n
You are given a partially completed worksheet for Elliot Painting Services for the year ended 30 June 2019. Adjusted trial balance columns are fully populated while the income statement and balance sheet columns need completion.<\/p>\n\n
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\nFormatting and Submission<\/h2>\n
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\nAcademic Integrity<\/h2>\n
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\nIndicative Marking Guide (High Level)<\/h2>\n
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\u00a0References (Harvard Style)<\/h2>\n