Accounting Cocepts

THE UNIVERSITY OF THE SOUTH PACIFIC

FACULTY OF BUSINESS AND ECONOMICS

SCHOOL OF ACCOUNTING AND FINANCE

Semester I, 2013: On Campus Mode

AF101: INTRO. TO ACCOUNTING & FINANCIAL Mgt

MAJOR ASSIGNMENT – COVER SHEET

Due Date: Thursday, 2nd May

8.00 am – 12 midday SOAF Office

Total Marks: /100 |

Note: Any discrepancy or error in marking should be brought to the notice of the lecturer/tutor immediately on the receipt of the marked manuscript.

PLEASE ENSURE YOU COMPLETE THIS SECTION BEFORE YOU ATTACH THE COVER SHEET TO YOUR ASSIGNMENT |

Students Names | Raewyn Avantika NaiduShaneel Sami |

Students ID Numbers | S11096469S11096470 |

Tutorial Day | MondayFriday |

Tutorial Time | 10am – 12pm1pm – 3pm |

Tutor’s Name | Mrs. Maselina TuiloaMs. Anjani Mala |

Executive Summary

This report provides an insight into the continuity of operations at the mine located at Wainivesi by the Asia Pacific Resource Limited. This, with regards to the concerns of managing director Mathew Huggan, related to the underlying ‘accounting assumption’ of going concern, the reasons for his concern about how the extension of the mining lease could benefit the various parties associated with the Wainivesi mine and the situation that could arise if the mining lease is not extended.

It also evaluates whether ‘exploration costs’ for mining companies’ are assets or not and the reasons of classification. The report determines if the land on which the Wainivesi Mine sits, is an asset of Asia Pacific Resource Limited or the landowners and whether the company would have a liability in regards to the damages to the environment as a result of mining.

Methods of collecting information include the use of accounting texts, online research and knowledge gathered from the interview of managing director of APRL Mathew Huggan situated in the stimulus article.

The report finds out that the prospects of the company in its current position are very positive up until July 2013...