ACCT13017 - Assignment One - Step Eight - Feedback given to other students

Feedback From: Kayla O’Carrigan

Feedback To: Daniel Rehbein - 12051783

Steps 1, 2 & 6 - KCQ’s

I understand that steps 1, 2 and 6 have already been uploaded and marked so I will just provide some overall comments on these steps.

I thoroughly enjoyed readying these three steps and found that you really seemed to have connected quite well to the readings. Your paragraphs flowed really well and I thought it was great that you had highlighted the important words in each section, rather than just a heading. This still allowed the reader to quickly glance over the paragraphs and to hone in to the correct section if required but flowed much better than if all of the sections were separated out.

Step 3 – Background information, comments, KCQ’s & comments on other blogs

Wow, what an interesting company you have! You seem to have gone in to great detail about who your company is and who is in charge. It was also interesting to read your thoughts on BOD’s business strategy; you seem to have determined what direction they need to head in to meet their goals in the future.

It was interesting to read that BOD has rapidly increasing losses. The changes in the Research and Development Expense account make sense, and should hopefully lead to more business, and higher revenue earned in the future if their clinical trials are a success. I agree with you in relation to your worry about BOD spending an astronomical amount of money on marketing a product that they have yet to sell on a full scale – this could quite quickly become a difficult situation and put them in a tricky position.

I too found that time constraints greatly affected my assessment piece, and I also unfortunately did not engage in as many peer discussions as I would have liked either.

Overall, I think you have done a fantastic job on step 3 of this assignment. I honestly enjoyed reading through it all and found it quite interesting. So far the only ‘error’ I can see in your assignment is that the image on page 7 looks like it may have moved from where it should have been.

As a side note, my dad actually moved in with my husband and myself a few weeks ago (this is a large part of why I am so far behind with assessments as I am his main carer, I’m working from home full time and also completing my last two Uni subjects). He has end stage brain and lung cancer and has been using medicinal CBD tinctures from another Australian company. He said that it reduces his pain better than the other ‘traditional’ drugs that he has also been prescribed, such as targin, endone and morphine. I understand that there has been quite a lot of controversy regarding ‘medical marijuana’ lately but I have seen the effects it has on my father and I am 100% for it in cases like his.

Steps 4, 5 & 7 – Company’s financial statements, restating and ratios

I could not see any mistakes when you input your Profit & Loss statement and Balance Sheet, however the actual financial statements confused me as the year’s appear to be incorrect! (insert image)

It was also interesting to see that the expenses in the 2019 year had not been dissected like the previous years. I can certainly see and understand why you called the “rapidly increasing losses” just that. I was expecting a rather large amount, but definitely not more than double the 2018 figure. I agree with the way you have dissected your operating and financial income and expenses, assets and liabilities.

You explained your struggles with restating your financial statements well and I can certainly see why you had some issues. I think you have done a great job with these steps.

It was interesting to see that both of our financial structure ratios are very similar (large negative in 2016 and similar figures in 2017, 2018 and 2019). I also noticed that you have numbers for your first few ‘ratios based on reformulated financial statements’ whereas I have used percentages. This is something I will have to look at further.

My only suggestion for your ratio’s tab is to fix the formatting on some of your cells so that they are the same size. (insert image)

Overall a really great assignment Daniel, well done!

Feedback From: Kayla O’Carrigan

Feedback To: Harwinder Kaur Dhaliwal - 12072525

Step 1 – KCQ’s

Not found.

Steps 2 & 6 - KCQ’s

You summarised the main points of the study guide chapters well. You provided some good explanations, such as the practical and theoretical work and how a company can determine to spend their money. To make this even better you could have provided more of your own reactions and past experiences. You also described how a firm cannot rely on their past to predict their future very well.

Step 3 – Background information, comments, KCQ’s & comments on other blogs

The graph you provided effectively shows the comparison between the sales and net assets for the past four years. You outlined your company’s strategy well but it might have good to provide your thoughts on how well you think your company will be able to meet their challenges of reducing their expenses. You provided some good reasons on why you chose your top three blogs.

Steps 4, 5 & 7 – Company’s financial statements, restating and ratios

A suggestion I have to aid in the presentation of your spread sheet is to ensure that all of your formatting is the same. For example, showing all negative numbers as either ‘-100’ or ‘(100)’, and ensuring that the colour formatting is the same throughout (ie every second line is blue, and every other line is white). From my very brief review of your spread sheet you appear to have allocated your operating and financial sections properly, and your totals appear to match the financial statements of your company. I can see that you have also linked your figures to your original financials which is great.