What are the important business and accounting problems that Good Grains Inc. is dealing with?… 1 answer below »

The length of this assignment is limited to 2,500 wordsor around 6 pages.
You are required to analyse a designated caseon Earnings Management. Retrieve the following journal article from Curtin Library website and read p. 115 – 121.
Answer the following questions:

1 What are the important business and accounting problems that Good Grains Inc. is dealing with? How does the Company solve the problems?

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2

Describe a superior alternative course of action that Good Grains could have made to solve the problem. Explain how your proposed course of action is superior to Rebeca’s and David’s course of action.

3 Consider Figure 1 (p. 118). Based on the Australian Accounting Standards, how should the R&D costs in Step 1 and the R&D costs in Step 2 be accounted for?

Explain your answer by referring to the relevant AASBs and the Conceptual Framework as appropriate.

4 Do you believe that the expense reclassification entries comply with the Australian Accounting Standards and the Conceptual Framework? Why or why not? Explain your answer by referring to the relevant AASBs and the Conceptual Framework as appropriate.

5 Do you think that the expense reclassification practice conducted at Good Grains is ethical? Why or why not? Explain your answer.

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