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On 1 October, Buyer saw a courier van parked in a carpark with a FOR SALE sign that included…
Question 1 (Contract Law)
On 1 October, Buyer saw a courier van parked in a carpark with a FOR SALE sign that included a telephone number and a price of “$25,000 cash.” That night, Buyer called Seller. Buyer explained that he would have to borrow the money to purchase the vehicle but could get it next week. Seller provided his address to Buyer and told Buyer, “If you want the van, mail me a cheque for $5000 today. Pay the balance by 1 November.” Later that same day, Buyer mailed Seller a $5000 cheque.
The next night, at Buyer’s 18th birthday party, Buyer discussed the deal with Investor. After buying the van, Buyer planned to start a document courier service.Since mailing Seller the $5000 cheque yesterday, Buyer had spent $1200 on business cards, flyers and a mobilephone. Buyer projected a profit of $50,000 in the first year. Investor was impressed with Buyer’s plans and agreed to loan Buyer $20,000 to buy the van.
On 25 October, Buyer called Seller to pick up the van. Seller refused and said someone had offered him $35,000 for the van. Seller had not cashed Buyer’s cheque as yet. Seller offered to deposit the cheque and give him the van if Buyer would pay Seller $20,000 now plus $400 a month for 25 months. Buyer laughed and said, “Yeah, right.” But without a van, Buyer would not be able to start his courier service.
Answer the following questions in detail, providing reasons for your answers. Refer to relevant case law to support your arguments:
1. What are Buyer’s potential claims against Seller? What are Seller’s potential defences? Who is likely to prevail should this case goes to court? (10 marks)
2. Assume Buyer prevails in his lawsuit against Seller. What remedy(s) is Buyer likely to receive from the court? (10 marks)
(Total marks: 20)
Question 2
Explain the meaning and implications of the following terms and concepts. In your answers, also identify and describe any legal framework(s) that affect or incorporate them (so, if you were asked to describe bills of exchange, you would define and explain a chose in action, negotiability and the Bills of Exchange Act 1909).
a. Chattel Mortgage
b. Perfection
c. Fixture
d. Torrens – System of registration for land rights and interests.
e. Leasehold
Attachments:
3081876_1_BULAW1502-Assignment-Sem-one-2019-Roop.docx -
Ravi isa first year student at USC andheis studyingBusiness, with a major in…
ATMC BUS503 PRINCIPLES OF COMMERCIAL LAW
ASSIGNMENT 2019
DUE DATE: Friday17 May 2015 (midnight) (Week 9)
TOTAL MARKS: 80 marks (40% of overall assessment)
WORD LIMIT:2000 words (+/- 10%)
SUBMISSION: Submit your work electronically in Black Board under the Assessment tab. Ensure that you include a cover page with your name, the name of your tutor and day and time of your tutorial.
QUESTION (80 marks/ 40% assessment)
Ravi isa first year student at USC andheis studyingBusiness, with a major in Accounting.Archanaand Raviare in the same Business law and Ethics class (Ravi thought the course might be too hard and left it ‘til his last year).ArchanalikesRavi. She thinks his clothes are a bitold fashioned and he seems a bit sleepy but still she likes him.
Archana knows thatRaviworks atMcDonald’sas a Manager. She decided tomeet her friends at McDonald’son her18th birthday and hoped thatRavi would be on duty … and he was.Ravi thinksArchana is nice but he’s rather more interested in her friendLakshmi, who is a bit older: she’s 19.
On the night ofArchana’s 18th birthday,Ravi was the manager on duty. It was a long and busy night andRavihad to help behind thecounter cooking the hamburgers and chips because one of the staff had called in sick. At around9:00 pm,Dara, who is employed at theMcCafe approached Ravi, who was tending the bar, and told him that someone had been sick near the main door.
“Have you cleaned it up, then?” yelledRavi over the noise of thecustomers.
“Yeah, yeah,” saidDara“But it’s an awful mess.”
Ravi thought he’d better go check but just thenLakshmicame up to thecounter to order.Ravi nudged past the othercounter attendant to serve her and completely forgot about the ‘awful mess.’
Archana could seeRavi smiling atLakshmi andate more chips plus somevodka she had brought into McDonald’s in her water bottle. By the end of theeveningArchana was very intoxicated.
About 10:00am,Archana was ready to head home. She stumbled toward the main door and, in a final attempt to gainRavi’s attention, turned to wave him goodbye. She slipped on the ‘awful mess’ and fell on her back with a thud.Archana was wearing the latest fashion in stilettos – shoes with two inch platforms and 5 inch, very narrow heals. As she fell the right heel of her shoe broke away from the sole causing a particularly twisted, heavy fall. It turns out that someone had spilt cream from the birthday cake onto the vomit on the floor creating a doubly slippery surface, according to forensic investigations.
Archana sustained a fracture to her lower back and will need surgery. She will have to lie in bed for some months in order to recover. She’ll have to give up her part-time job at Safeway. Fortunately no one else was injured. It was reported that the mess was seen and avoided by others at the party.
Archana’s interest inRavi has turned sour. She wishes to sueRavi in Negligence. Advise her as follows:
1.Did Ravi oweArchana a duty of care at the time of the incident?(15 Marks)2.CanArchana prove that Ravi breached a duty of care owed to her? (15 Marks)3.CanArchana prove the element of damage in an action against Ravi? (15 marks)4.Could Ravi raise any defences? (15 marks)5.What damagesArchana be entitled to if she is successful in her claim? (5marks)
•Provide an introduction and conclusion (5 marks).•Further marks will be allocated for structure, expression and referencing (10 marks)
You are asked to ignore any questions of vicarious or occupiers’ liability. Confine your discussion to a consideration ofRavi’s personal liability in negligence.
Assessment Criteria:
1.Demonstrate knowledge of current legal principles relevant to a critical analysis of the problem scenario.2.Demonstrate creative problem solving by applying relevant legal principles through a synthesis of law and facts.3.Demonstrate professional research and communication skills by interpreting and transmitting knowledge of legal principles and skills in problemsolving.
INSTRUCTIONS:
•Use Times New Roman 12 or Ariel 12 font and 1.5 line spacing.•Answer the questions as posed.•Use the materials provided to you in BB in answering the questions, in addition to your textbook.•Refer to thelegislation relevant to your state as required and not to other legislation.•State the relevant law and apply it to the facts of the case study.•Do not make up facts. If you need more facts to resolve an issue indicate that more information is needed and explain what difference it would make to your conclusion.•Refer to the legal authority for each legal principle stated, whether a section/s of legislation or cases.•Use Harvard referencing by placing case names in the body of your text in brackets. Reference the full case citation at the end of your work.•State the title of the legislation in full when first referred to in your work. You may thereafter abbreviate it. You need only reference the legislation in full once in your end reference list.•Avoid spelling mistakes, particularly in relation to legislation and cases.•Avoid grammatical errors. Use full sentences and structured paragraphs. -
The accounting profit before tax of Baby Shark Ltd for the year ended 30 June 2019 was $92,550….
Task
This assessment consists of 4 questions. A total of 120 marks are allocated to the questions below, which will then be converted to
a mark out of 30%.
Please note the following:
1) All workings, where appropriate, must be shown to substantiate your answers.
2) Solutions should be rounded to the nearest dollar.
3) To assist the marker, narrations should be provided along with your journal entries.
Question 1 (30 Marks)
The accounting profit before tax of Baby Shark Ltd for the year ended 30 June 2019 was $92,550. It included the following revenue
and expense items:
a) In November 2018, the company received an amended assessment for the year ended 30 June 2018 from the Australian Taxation
Office (ATO). The amended notice indicated that an amount of $6,000 claimed as a deduction had been disallowed. Baby Shark Ltd
has not yet adjusted its accounts to reflect the amendment.
b) In the previous year, Baby Shark Ltd has made a tax loss of $17,000. Baby Shark Ltd recognised a deferred tax asset in respect of
this loss.
c) For tax purposes, the carrying amount of plant sold was $26,000. This sale was the only movement in plant for the year.
d) The tax deduction for plant depreciation was $28,800. Accumulated depreciation at 30 June 2018 for taxation purposes was
$156,480.
e) The tax deduction for equipment was $7,000. Accumulated depreciation at 30 June 2018 for tax purposes was $28,000.
f) The original cost of the land was $200,000.
g) Other creditors at 30 June 2019 include an accrual for accounting fees of $4,500 for work not yet performed. For tax purposes,
the accounting fees are deductible only if work has been performed.
h) Other debtors at 30 June 2019 include $41,200 relating to an insurance claim that is in process. Income is assessable for tax
purposes only a!er the insurance proceeds have been received.
i) No deduction is allowed for taxation purposes in relation to entertainment.
j) A tax deduction for development expenditure of 125% of the $45,000 spent during the year is available under the Tax Act. The
profit reflects the amount of development costs amortised in the current period.
k) No journal entries related to tax have been recorded for the year ended 2019. Assume the tax balances at 30 June 2018 are
correct.
l) The tax rate is 30%.
Required:
1. Prepare the journal entry necessary to record the amendment to the prior year’s taxation return. (1 Mark)
2. Prepare the current tax worksheet to calculate the current tax liability for the year ended 30 June 2019 (show all working). (15
Marks)
3. Prepare the deferred tax worksheet to calculate the deferred tax asset and liability balances and adjustments for the year
ended 30 June 2019. Include all accounts and net balances where appropriate. (12 Marks)
4. Prepare the journal entries to recognise the current tax liability, deferred tax assets and liabilities at 30 June 2019. (2 Marks)
(Source: adapted from Lo!us, J., Leo, K., Picker, R., Wise, V., & Clark, K. (2013). Understanding Australian Accounting Standards (1st
edition). Brisbane, Australia: John Wiley & Sons.)
Attachments:
3081892_1_company-Acc-ass-1.pdf
3081892_2_Marking-Guide.docx -
Raw facts that have little meaning unless organized and context provided. Information – Data that…
Enterprise Database Design
Key Terms
Week 1 Key Terms:
Data – Raw facts that have little meaning unless organized and context provided.
Information – Data that have been processed to provide context to increase the
knowledge of the person who uses it.
Database – An organized collection of logically related data.
Database management system – A software system that is used to create, maintain,
and provide controlled access to user databases.
Data governance – The management of the availability, usability, integrity, and security
of the data created and used in an enterprise. A robust data governance program
includes a governing, a defined set of procedures, and a plan to execute those
procedures.
IT governance – The management of IT projects, IT systems and IT strategy with the
organization’s business strategy, ensuring that companies stay on track to achieve their
strategies and goals.
Week 2 Key Terms:
Conceptual data model – A detailed, technology-independent specification of the
overall structure of organizational data. The conceptual data model is typically an Entity
Relationship Diagram showing all entities and relationships between entities.
Logical data model – The representation of data for a data management system. In
the case of a relational data model, elements include tables, columns, rows, primary
and foreign keys, as well as constraints.
Physical data model – A set of specifications that detail how data from a logical data
models are stored in a computer’s secondary memory for a specific database
management system. There is one physical data model for each logical data model.
Entity – A person, place, object, event, or concept in the user environment about which
the organization wishes to maintain data.
Associative entity – An entity that associates the instances of one or more entity and
contains attributes that are peculiar to the relationship between those entity instances.
Weak entity – An entity whose existence depends on some other entity.
1 of 4
Enterprise Database Design
Key Terms
Week 2 Key Terms Continued:
Entity-relationship model – A logical representation of the data for an organization or
for the business requirements.
Relationship type – A meaningful association between entities.
Attribute – A property or characteristic of an entity type that is of interest to the
organization.
Identifier – An attribute (or combination of attributes) that uniquely identifies individual
instances of an entity type.
Constraint – A rule that cannot be violated by database users.
Cardinality constraint – Specifies the number of instances of one entity that can (or
must) be associated with each instance of another entity.
Candidate key – A “candidate to be the primary identifier” of an entity.
Primary key – A primary key is a candidate key that has been selected as the identifier
for an entity type. The primary key uniquely identifies a row; cannot contain null values.
A primary key can be composed of multiple columns.
Foreign key – Column(s) whose values match the values in a candidate key of another
table.
Week 3 Key Terms:
Normalization – The process of decomposing relations with anomalies to produce
smaller, well-structured relations.
Determinant – The attribute on the left-hand side of the arrow in a functional
dependency.
Functional dependency – A constraint between two attributes or two sets of attributes.
Transitive dependency – A functional dependency between two (or more) non-key
attributes.
Normal form – A state of a relation that results from applying simple rules regarding
functional dependencies (or relationships between attributes) to that relation.
Partial functional dependency – A functional dependency in which one or more nonkey
attributes (such as Name) are functionally dependent on part (but not all) of the
primary key.
2 of 4
Enterprise Database Design
Key Terms
Week 3 Key Terms Continued:
1NF – No multi-valued attributes; no repeating groups that have assumed values rather
than real values; every attribute value is atomic; all relations are in 1NF.
2NF – Every non-key column depends on a entire primary key, not part of a key; no
partial functional dependencies; every relationship/table is in both 2NF and 1NF.
3NF – Every non-key column depends only on a key not on non-key columns; no
transitive dependencies; every relationship/table is in 3NF, 2NF and 1NF.
Week 4 Key Terms:
Conceptual data model – A detailed, technology-independent specification of the
overall structure of organizational data.
Logical data model – The representation of data for a particular data management
technology. In the case of a relational data model, elements include tables, columns,
rows, primary and foreign keys, as well as constraints.
Physical data model – A set of specifications that detail how data from a logical data
models is stored in a computer’s secondary memory for a specific database
management system. There is one physical data model for each logical data model.
Database – An organized collection of logically related data.
Database management system – A software system that is used to create, maintain,
and provide controlled access to user databases.
Structured Query Language (SQL) – This is the language used to retrieve and
manage data within relational database management systems. The language includes
groupings of the language such as DDL, DCL, and DML.
Data Definition Language (DDL) – These commands are used to create, alter, and
drop tables and other database structures. The commands include the CREATE,
ALTER, DROP, and TRUNCATE commands.
Data Manipulation Language (DML) – These commands are used to manipulate the
data within the tables. The commands include INSERT, UPDATE, DELETE, and
MERGE.
Data Control Language (DCL) – These commands are used to authorize users to
access various data and data structures. These commands use keywords GRANT,
DENY, and REVOKE.
3 of 4
Enterprise Database Design
Key Terms
Week 5 Key Terms:
Database management system – A software system that is used to create, maintain,
and provide controlled access to user databases.
Structured Query Language (SQL) – This is the language used to retrieve and
manage data within relational database management systems. The language includes
groupings of the language such as DDL, DCL, and DML.
Data Definition Language (DDL) – These commands are used to create, alter, and
drop tables and other database structures. The commands include the CREATE,
ALTER, DROP, and TRUNCATE commands.
Data Manipulation Language (DML) – These commands are used to manipulate the
data within the tables. The commands include INSERT, UPDATE, DELETE, and
MERGE.
Data Control Language (DCL) – These commands are used to authorize users to
access various data and data structures. These commands use keywords GRANT,
DENY, and REVOKE.
Join – Return rows when there is at least one match in both tables
Left Outer Join – Returns all rows from the left table, even if there are no matches in
the right table
Right Outer Join – Returns all rows from the right table, even if there are no matches in
the left table
Full Outer Join – Returns rows from both tables, even when the row is not matched.
In – Operates on any records in the containing command where the specified
expression appears in the subquery results.
Exists – Operates on any records in the containing command where the subquery result
has at least one row.
4 of 4
Attachments:
3081894_1_USW1-ITEC-6145-keyTerms.pdf
3081894_2_ITEC6140DatabaseTable-DT03.pdf
3081894_3_ITEC6140DatabaseTable-DT02.pdf
3081894_4_ITEC6140DatabaseTable-DT01.pdf -
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