FPC009_AI1_v11 Instructions
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Document classification: Confidential FPC009 Complex Financial Planning Assignment 1 Instructions Assignment 1 marks: 95 | Referencing and presentation 5 Total marks: 100 Total word limit: 3,000 words Weighting: 40% Download and use the Assignment Answer Template provided in KapLearn to complete your assignment. Your assignment should be loaded into KapLearn by 11.30 pm AEST/AEDT
on the due date. Refer to ‘Time remaining’ on the ‘Assignment’ page in KapLearn to ensure you submit your assignment by the specified due date and time. Learning outcomes (LO) mapping Marks LO1 Engage clients in an ethical and professional manner to determine client needs and priorities through the financial planning process. 44 LO2 Interpret client behaviour through the application of client engagement methodologies. 8 LO3 Identify and critique strategies and formulate solutions for complex client situations. 27 LO4 Construct a comprehensive client record including appropriate advice and other documents relevant to the financial planning process. 16 Referencing and presentation 5 Total marks 100
Document classification: Confidential FPC009_AI1_v11 2
© Kaplan Higher Education Assignment 1 details •
This assignment covers Topics 2 to 4 and accounts for 40% of your final grade. •
There are six (6) questions in this assignment. Answer all
questions. •
Your overall mark for this assignment will be rounded to the nearest whole number. •
Refer to the Criteria-Based Marking Guide
for guidelines on what is expected for each question. •
Full workings must be shown for all calculations. Show all
calculations in the text of your assignment and not
attached as an appendix. Appendices to the assignment will not
be read. •
Indicative weightings are noted beside each question. Use these weightings to assist you with your allocation of time and resources. The weightings indicate the relative importance of each question. •
State all
assumptions used in providing your answer. Policies •
Marks will only be awarded for answers up to the word limit (plus 10%) for each question
. Any material written after this will not be counted towards your mark for that question. Headings, quotes and references within the body of the answer are included in the word count. Numerical tables, calculations and reference lists are not included. For more information on word counts and their rationale, go to Assessment →
Assignment 1 →
Assessment Preparation Guide
. •
The Assessment Preparation Guide
contains information about format and presentation, word limits, citations and referencing, collusion, plagiarism and other policies, useful resources, submitting your assignment and accessing your results. •
Answers are to be in your own words. Reference and cite all your sources (within the text of your answer) when quoting or using material from external sources. Include a reference list at the end of your assignment. •
Use of the Harvard referencing style is recommended (as per Kaplan Australia: Harvard Referencing Guide,
available from the ‘Referencing
and Research’ section of the ‘Build Your Skills’ hub in
KapLearn), but the consistent application of any
other referencing style will also be accepted. •
Requests for special consideration or information pertaining to special consideration written in the body of the assignment will not be considered by the assessor. Refer to the ‘special
consideration’ section of the Assessment Policy on Kaplan’s website for more information.
Document classification: Confidential FPC009_AI1_v11 3
© Kaplan Higher Education Part 1: Instructions for completing Assignment 1 Background to the assessment tasks As a financial adviser, you must provide advice to your clients which is in their best interests and demonstrate that the advice will place them in a better position. The assignments in this subject are designed to enable you to critically assess these aspects of advice when the advice has been provided by another financial adviser and to apply this critical thinking when providing your own advice to clients. In Assignment 1, you will be assessed on your ability to critically analyse the advice provided to Paul and Sue Dee, and to assess whether: •
the advice provided satisfies the key elements of the financial adviser’s best interests duty owed to their client •
it is likely to put them in a better position if implemented •
in addressing the previous two points, there are errors or omissions in the advice, when compared to the information gathered about the clients. A ‘file’ of materials relating to the advice provided to Paul and Sue is included as part of this assignment. This material is contained in Part 3. The following documents are included in the file: •
a client data form completed by the financial adviser following discussions with Paul and Sue Dee •
file notes created by the adviser •
a completed statement of advice (SOA) that you can assume was presented to the clients. Required tasks Following your analysis of all the materials in the file, you are required to respond to six (6) questions about the advice provided in the SOA which Paul and Sue Dee may rely on. Some questions have multiple tasks. Note: You will need to compare information collected about the clients during the fact-finding exercise and meetings (file notes) to statements (or omissions) in the SOA.
Document classification: Confidential FPC009_AI1_v11 4
© Kaplan Higher Education The questions You shou
ld read all the materials provided with the assignment carefully, so you understand the clients’
financial situation, attitudes, goals and values. Read the assignment questions in Part 2 and start to make your own notes on where you believe a potential conflict or error seems to have arisen and, correspondingly, where you believe the advice provided appears valid. In responding to each of the assignment questions, you will need to refer to the ‘safe harbour’ requirements that a financial adviser should adhe
re to, pursuant to the ‘best interests duty’ obligations.
When you begin to compile your responses to each of the questions, make sure you read each one carefully because the wording will provide guidance on what is required. For example, where you are asked to provide an answer and reasons for your answer, marks will be allocated to both the answer and the reasons. If you only address part of a question or your answer is deemed inadequate, marks will be deducted. Word count Word limits for responses are provided for each question. The total word limit for this assignment is 3,000 words. Your responses should be clear and concise yet comprehensive enough to satisfactorily answer each question, while remaining within the word limits for each question. Some questions require only short answers while others may require more detail. You will need to refer to ASIC regulatory guides and information papers, and research websites in preparing responses to some of the questions, for example, ASIC’s Regulatory Guide RG 175 and Information Sheets INFO 205 and INFO 206. You should also ensure you refer to the obligations imposed by the Financial Planners and Advisers Code of Ethics 2019 (Code of Ethics). The following required readings, which are included in your topic notes, will also assist in understanding these obligations: 1. Financial Adviser Standards and Ethics Authority (FASEA) 2019, Financial Planners and Advisers Code of Ethics 2019
, Australian Government, 8 February, retrieved 1 November 2022, <
https://www.legislation.gov.au/Details/F2019L00117
>. 2. Financial Adviser Standards and Ethics Authority (FASEA) 2019, Financial Planners and Advisers Code of Ethics 2019 –
Explanatory Statement
, Australian Government, 11 February, retrieved 1 November 2022, <
https://www.legislation.gov.au/Details/F2019L00117/Explanatory%20Statement/Text
>. 3. Financial Adviser Standards and Ethics Authority (FASEA) 2019, FG002 Financial Planners and Advisers Code of Ethics 2019 guidance
, FASEA, retrieved 1 November 2022, <
https://www.afa.asn.au/wp-
content/uploads/FASEA-Financial-Planners-and-Advisers-Code-of-Ethics-2019-Guidance.pdf
>.
Document classification: Confidential FPC009_AI1_v11 5
© Kaplan Higher Education Part 2: Assignment questions Question 1 (5 marks | Word limit: 150 words) The personal details collected about the clients are recorded in the SOA: ‘Section 1: Where you are now
’.
Describe at least one (1) piece of relevant information relating to the data collection process for Paul and Sue Dee that should have been referred to in Section 1 (2 marks). Briefly describe a consequence this omission or error may have on the appropriateness of any advice provided to the client (3 marks) Criteria-Based Marking Guide for Question 1 Excellent (Range: 4
–
5 marks) Satisfactory (Range: 2.5
–
3.5 marks) Unsatisfactory (Range: 0
–
2 marks) •
answer exceeds satisfactory standard with more than one (1) relevant piece of information •
comprehensive reasoning for why the information should have been included, such as considered discussion of the consequences of its omission •
at least one relevant piece of information is identified •
adequate reasoning for why it should have been included and discussion of the consequences of its omission •
incorrect information or no relevant pieces of information provided •
irrelevant or no consequences discussed Question 2 (10 marks | Word limit: 400 words) The following questions relate to the development of an appropriate investment strategy for a client, which can be affected by their attitude to investment risk. (a) Describe whether ‘Section 3: Your risk profile’
of the SOA correctly reflects both clients’ attitudes to risk. (4 marks)
(b) What (if anything) should the SOA in Section 3 have stated about the clients’ risk profile? Explain your answer. (3 marks) (c) Should the clients’
risk profile be the key factor in the construction of an appropriate asset allocation model? Why or why not? (3 marks) Criteria-Based Marking Guide for Questions 2(a)
–
(c) Excellent Satisfactory Unsatisfactory (a) (Range: 3
–
4 marks) (Range: 2.0
–
2.5 marks) (Range: 0
–
1.5 marks) (b) (Range: 2.5
–
3 marks) (Range: 1.5
–
2 marks) (Range: 0
–
1 mark) (c) (Range: 2.5
–
3) marks (Range: 1.5
–
2 marks) (Range: 0
–
1 mark) •
answer comprehensively addresses all components of the question(s) and provides well-articulated, valid and relevant supporting reasons •
answer adequately addresses all components of the question(s) and provides valid and relevant supporting reasons •
does not adequately address the components of the question(s) with no valid or relevant supporting reasons
Document classification: Confidential FPC009_AI1_v11 6
© Kaplan Higher Education Question 3 (40 marks | Word limit: 1,200 words) ‘Section 4: My advice to you and why it is appropriate’ of the SOA
details the course of action the Dees should be considering (i.e. the financial adviser’s recommendations).
The recommendations the Dees should consider are summarised in Section 4. (a) Describe at least three (3) technical statements made in Section 4 of the SOA that are incorrect. Explain your answer. (9 marks)
(b) In S
ection 4 under ‘Superannuation advice’, the financial adviser has recommended that Paul and Sue establish an SMSF to roll over existing superannuation balances and to undertake the purchase of a property with borrowings. Identify five (5) key disadvantages of commencing and operating an SMSF that the adviser has omitted. (10 marks) (c) ‘Insurance advice’ in S
ection 4 addresses the clients’ insurance needs. (i) Is the needs analysis undertaken and described appropriate to the clients’ circumstances?
Give reasons for your answer, including amounts where appropriate. Note that tables do not count towards the word limit.
(8 marks)
(ii) Are there any inconsistencies between the needs analysis and the insurance recommendations? (3 marks) (d) Consider ‘Investment advice’ in Section 4.
(i) What statements made under ‘Investment advice’ appear to be inconsis
tent with information that has been collected about the clients and their circumstances? Explain your answer. (5 marks) (ii) What are the key advantages and disadvantages of the ‘Investment advice’
recommendations (you may need to consider best interests obligations)? (5 marks)
Criteria-Based Marking Guide for Questions 3(a)
–
(d) Excellent Satisfactory Unsatisfactory (a) (Range: 7
–
9 marks) (Range: 4.5
–
6.5 marks) (Range: 0
–
4 marks) (b) (Range: 7.5
–
10 marks) (Range: 5
–
7 marks) (Range: 0
–
4.5 marks) (c) (Range: 9
–
11 marks) (Range: 5.5
–
8.5 marks) (Range: 0
–
5 marks) (d) (Range: 7.5
–
10 marks) (Range: 5
–
7 marks) (Range: 0
–
4.5 marks) •
answer comprehensively addresses all components of the question(s) and provides well-articulated, valid and relevant supporting reasons •
answer adequately addresses most components of the question(s) and provides valid and relevant supporting reasons •
does not adequately address the components of the question(s) (with no valid or relevant supporting reasons)
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The following amounts summarize the financial position of Little Black Dog Inc. on May 31, 2021:
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Liabilities
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Salaries
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Common
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Retained
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Payable
Payable
Payable
Payable
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Earnings
Balance 1820
700
70
8400
5600
2800
2590
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Changes in Current Operating Assets and Liabilities-Indirect Method
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
ASSET
Sales Revenue
10.000.000.000
Cash
550.000.000
700.000.000
Cost of Good Sold
6.400.000.000
Marketable Securities
500.000.000
300.000.000
Gross Profit
Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
Total Currevt Assit
2.500.000.000
2.200.000.000
Operating Expenses
Selling Expenses
200.000.000
Gross Fixed Asset
3.000.000.000
General & Administrative Expenses
150.000.000
4.000.000.000
Less : Accumulated Depreciation
Depreciation Expenses
250.000.000
500.000.000
200.000.000
Nett Fred Assit
Total Operating Expenses
3.500.000.000
2.800.000.000
600.000.000 Operating Profit
TOTAL ASSET
6.000.000.000
5.000.000.000
3.000.000.000 Interest Expenses
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Select whether each of the following acCcounts normally has a debit balance or a credit balance:
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FINANCIAL MANAGEMENT 1.docx -
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Problem 1.
2.
Odette Electronics has 90 operating plants in seven southwestern states. Sales for
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Statement of Financial Position
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d) Suppose you begin making a monthly payment of $75.00. Fill in the table.
Current
Month
balance
Interest
Рayment
Amount applied to principal
$2750.00
$45.38
$75.00
$29.62
$75.00
3.
$75.00
4.
$75.00
$75.00
$75.00
$75.00
8.
$75.00
9.
$75.00
10
$75.00
$75.00
11
12
$75.00
e) Will you ever be out of debt? Explain.
Calculation:
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con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapp
Given the following:
29 day billing cycle
4/17 Billing date previous balance $1,100
4/27 Payment
4/29 Charge
5/7 Payment
2$
700
2$
300
24
50
The average daily balance is:
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$810.43
None of these
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2 Project: Company Accour X
D21. 7-1 Problem Set: Module Sev X
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Current Position Analysis
The following items are reported on a company's balance sheet:
$365,600
Marketable securities
285,700
Accounts receivable (net)
254,900
Inventory
236,400
Accounts payable
394,000
Determine (a) the current ratio and (b) the quick ratio. Round to one declmal place.
a. Current ratio
b. Quick ratio
Check My Work
a. Divide current assets by current liabilities.
b. Divide quick assets by current liabilities. Quick assets are cash, temporary investments, and receivables.
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View Assessment
se data from Rollaird
Live balance sheets, perform a
Use Chapter 13 "Financial
ture" as a guidance.
g your numbers, use whole
ation, and one decimal point
een in the example below. The
ht red if incorrect after clicking
bottom right corner).
Terminology Matching - Academic Resources
EHCS380 Week 4 Horizontal and Vertical Analysis
00
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b Answered: Terminology Matching Independent... | bartleby
Accounts Receivable
Inventory
Total Assets
DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a vertical
analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance.
Dec. 31, 2022
460,000
780,000
3,164,000
Example:
Dec. 31, 2021
Accounts Receivable 2022
400,000
650,000
2,800,000
NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point
for the answer, as seen in the example below. The text box will highlight red if incorrect after
clicking the Submit button (bottom right corner).…
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Quick ratio
Adieu Company reported the following current assets and current liabilities for two recent years:
Dec. 31, 20Y4 Dec. 31, 20Y3
Cash
$830
$1,090
Temporary investments
1,200
1,500
Accounts receivable
820
910
Inventory
2,100
2,500
Accounts payable
1,900
2,500
a. Compute the quick ratio on December 31 for each year. Round to one decimal place.
20Υ4
20Υ3
Quick Ratio
b. Is the quick ratio improving or declining?
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$37,200/52 = $715.38 weekly
$715.38/35 = $20.44 hourly
$20.44 x 1.5
$30.66 overtime
$1,550.00 (semimonthly pay) + (7 x $20.44) + (1 x $30.66) = $1,723.74
Sheila Williams, a medical secretary, earns $3,575 monthly for a 35-hour week. For overtime work, she receives extra pay at the regular hourly rate
up
to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, Williams worked 10 hours overtime. Only 2
hours of this overtime were beyond 40 hours in any one week. Compute the following amounts.
Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the
nearest cent.
a. The regular semimonthly earnings
1,787.50
b. The overtime earnings
186.78
c. The total earnings
1,474.28 X
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1- Evaluate the following projects using the payback method assuming a rule of 3
for payback.
years
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-10,000
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wio a https//alternativet
A SQUCOFFEE - Goog A BCOM2911-Busines O Sultan Caboos Univ.
G Trading Platform C.
Accounting Club
DEMIC)
E-LEARNING SERVICES- SQU LIBRARIES - SQU PORTAL ATTENDANCE
Time left 1:46:33
An allocation base:
O a can be units of output if the company has a single product
O b. All the given answers are NOT correct.
Oc is determined at the end of the period.
O d. isameasure used to assign conversion costs to products and services
O e isameasure used to assign prime costs to products and services
ר
A Company uses job order costing and has chosen direct labor hours to allocate its manufacturing overhead. The company estimates
that total direct labor hours to be operated next year are 250,000 hours. The estimated variable overhead is $15 per hour and the
estimated fixed overhead costs are $750,000. The predetermined overhead rate is:
O a $6
O b. None of the answers given
Oc $45
Od. $3
Oe $18
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Perez Company reported the following operating results for two consecutive years:
Required
Compute each income statement component for each of the two years as a percentage of sales
due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be e
PEREZ COMPANY
Vertical Analysis of Income Statements
Percentage of
Sales
Percentage of
Sales
Year 4
Year 3
Sales
1,077,500
00S'000'L
Cost of goods sold
550,275
000 Z09
Gross margin on sales
450,225
475,500
Operating expenses
130,500
149,800
319.725
325,700
Income before taxes
79.700
81,800
Income taxes
240.025
243.900
%
Net income
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A compound journal entry involves
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three accounts only.
two accounts.
three or more accounts.
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
000'080
Determine the return on total assets. If required, round the answer to one decimal place.
Average total assets
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Problem 13-05A
Z Your answer is partially correct. Try again.
Fouts Corporation purchased 2,000 shares of its $10 par value common stock for $130,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation
sold 1,200 shares of treasury stock for cash at $72 per share.
Journalize the treasury stock transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do
not indent manually.)
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Date
Account Titles and Explanation
Debit
Crea
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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On June 30 a designer received a check in the amount of $7,500 from a customer for design services to be provided after the
customer chooses a color scheme for the first floor of her house. Complete the necessary journal entry. (If no entry is required for a
transaction/event, select "No Journal entry required" In the first account fleld.)
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
Average total assets
Determine the return on total assets. If required, round the answer to one decimal place.
1.8
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ISBN:9781111581565
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