Part 1

Read the following information and answer the questions that follow.

You, and two other accounting students, were asked by a friend to assist with some basic financial accounting for a new business named Tasmanian Essential Oils in the Tamar Valley.  This business was opened by Dr Arthur Lavender, on the 1st of July 2020 and he is the sole owner of this entity. Tasmanian Essential Oils buys (in bulk) and then on sells essential oils mainly to local customers.   The owner has supplied you with the following information (note - It is assumed the Tasmanian Essential Oils is not registered for GST and it uses a perpetual inventory system):

Required:

Complete one Excel workbook with three linked worksheets (1. transactions, 2. Income Statement and 3. Balance Sheet) for the month of July 2020 using the information below.

Use formulas for all calculations and format the workbook to create a positive visual effect. 

During July 2020, the following transactions occurred at Tasmanian Essential Oils:

Part 2

Required: 

Use the Huon Aquaculture Sustainability Dashboard:

https://dashboard.huonaqua.com.au/

and other forms of Sustainability Reporting found on their website:

https://www.huonaqua.com.au/

1. To explain and apply the four parts of the accountability model:

You need to demonstrate an argument as to ‘what, how and why’ the organisation has applied for each part of the accountability model.  In your argument you will need to use evidence (other external sources of information) to help your readers understand ‘how and why’ the organisation came to some of the decisions made on accountability.

2. To assess the quality of this reporting by analysing the application of the accountability model in this organisation’s sustainability reporting. In other words, did this organisation respond to its stakeholders, ‘what, how and why’? You will again need to use the external information (media, government, any assurance reports, accreditation – these are examples only and may not all apply) to assess the quality of this report.

You will find more information about the accountability model and also information on assessing the quality of social and environmental reporting (p. 671-679) in your textbook, Deegan, C (2020) An Introduction to Accounting: Accountability in Organisations and Society, Cengage Learning Australia, Melbourne.

Both sections are to be completed in an essay style. If you require help, please refer to: 

https://www.utas.edu.au/students/learning  

https://writingcenter.fas.harvard.edu/pages/essay-structure.

Please remember the importance of academic integrity:

https://www.utas.edu.au/students/learning/academic-integrity