Love

REQUIRED:
You are required to obtain the 2011 and 2012 Annual Report for Nick Scali Limited. Answer the following questions in Part A using the 2012 Annual Report.
PART A – THE COMPANY (11 marks)

Question 1
The principal activities of the company is the ___________and _____________.
(1.5 marks)

Question 2
Nick Scali’s Board consists of _________________, ______________ and ______________________. (1 mark)

Question 3
How much is the profit after tax for June 2012? (1 mark)

Question 4
With reference to the 2012 Annual Report, identify the note (number) that deals with the summary of Statement of Significant Accounting Policies.

Review this Note and identify the specific depreciation method applied and the specific policy the company uses to depreciate their leasehold improvements assets
(1.5 mark)

Question 5
Define the revenue recognition criteria of the company and identify the notes (number) that deals with it. (15 Words)
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
(2 marks)

Question 6
Name the Auditor responsible for performing the audit of the financial statements of Nick Scali……………… (1 mark)

Question 7
Identify the regulations for which the financial statements should comply with as outlined in the Director’s declaration? Give 3.
(1.5 marks)

Question 8
How does Nick Scali value all classes of property, plant and equipment? And identify the notes (number) this is stated?
(1.5 marks)

PART B - ANALYSIS OF FINANCIAL INFORMATION (19 marks)

Question 1 (3 marks)
Using the reported figures for Nick Scali, calculate the following ratios for the year 2012. Ratios are to be shown at one decimal place. You must show all your workings. (Where no workings are shown you will receive zero for this section): 2012
i. Current ratio ii. Acid Test ratio