Financial Accounting > ANSWERS AND COMMENTARIES > BEST REVIEW LATEST UPDATEASSESSMENT ITEM 2: INTEGRATED CASE STUDY (All)

BEST REVIEW LATEST UPDATEASSESSMENT ITEM 2: INTEGRATED CASE STUDY

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PART 1: Self-Reflection (10 Marks) This reflection asks students to attend to the following two (2) tasks: (i) Prepare a Professional Fee Prepare a professional fee to submit to Bike Galaxy P ... ty Ltd. The professional fee should include a description of each task undertaken in this case study (being Parts 2 to 4) as well as the number of hours taken to complete each task. Please use a charge-out rate of $200 per hour (exclusive of GST). Please ensure that the professional fee is placed on your group’s letterhead. Please use your firm’s letterhead to draft your professional fee on. You do not need to design a new letterhead. You can assume that your firm is registered for the GST. The ABN of your firm is 14 901 044 418. Please date your professional fee 16 September 2020. (4 marks) (ii) Strategies to Communicate Complex Technical Issues to a Client A professional advisor will often advise their clients on a range of technical accounting and tax matters. However, in many instances clients do not possess the necessary financial expertise or technical accounting or tax knowledge to completely understand the information/advice provided by the accountant. Throughout your degree, you have acquired a range of technical and disciplinary skills that will serve you well when advising clients. These clients will come from a variety of backgrounds and, in some cases, will not understand the ‘language and terminology’ that you would ordinarily use to explain (at times) complex technical accounting and taxation concepts. [Show More]

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