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ASSIGNMENT # 1Introductory Financial AccountingSTEP 3: BACKGROUND INFORMATION ON COMPANYcenter26574800ABOUT CROWN RESORTSCrown Resorts is one of Australia's largest gaming and entertainment groups. Crown Resorts owns and operates two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, which together attracted approximately 31 million visits during the period. It also owns and operates Crown Aspinalls in London, one of the highend licensed casinos in the West End entertainment district. left13779500Crown Melbourne is Australia’s leading integrated resort, featuring luxury accommodation and award-winning dining, world-class gaming, conferencing, shopping and entertainment facilities. It is licensed to operate 2,628 gaming machines and 540 gaming tables.2790825444500Crown Perth is one of Western Australia’s largest tourist destinations, featuring three hotels, world-class convention and gaming facilities, restaurants and bars, a 2,300-seat theatre, and shopping and entertainment facilities.It has approval to operate 2,500 gaming machines and 350 gaming tablesDEVELOPMENT PROJECTSWork continues the Crown Sydney Hotel Resort at Barangaroo. Crown Sydney, which is expected to be completed in the first half of calendar 2021, will be Sydney’s first six-star hotel and a landmark building with views of some of Australia’s most celebrated icons, the Sydney Harbour Bridge and the Sydney Opera House.Crown Melbourne’s proposed fourth hotel, One Queensbridge, is a joint venture with the Schiavello Group. The proposed project includes a landmark luxury hotel and apartment development that received conditional planning approval from the Victorian State Government in February 2017 and was recognised as a project of State significance. The project remains subject to MENTS/KCQsThe company that is assigned to me is Crown Resorts and I am very much happy about it. for the reasons that Crown Resorts is well-known in Australia and the business nature is easy to understand (from the name of the company itself lol). I have provided above the information about the company. I have checked and scan through the company’s annual report and I figured that the company has made profit for 3 years consistently. Although, the last year (2018) profit has declined more than half of the previous 2 years (2017 & 2016) profit. Out of curiosity, I compared the company’s 3 year financial statements and found out that the company did not gain on sale of MRE which made a huge difference for the profits. I don’t know what does gain on sale of MRE means though. Lemme do a quick research…. MRE stands for Melco Resorts & Entertainment which is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Crown Resorts sells entire stake in Melco Resorts & Entertainment - (Article Link). I wonder why Crown Resorts did not gain sale on MRE last year or maybe they did, it was just not stated on the financial statement which I don’t also know the purpose of it. Nevertheless, I can say that the company is competitively doing a great performance for over 3 years.Moving on to the risks and strategies of the company. The Crown group is exposed to a number of economic, environmental and social sustainability risks. Crown has established a framework for the oversight and management of material business risks and has adopted a formal Risk Management Policy. Risk management is an integral part of the industry in which Crown operates. Management is charged with monitoring the effectiveness of Crown’s risk management systems and is required to report to the Board via the Risk Management Committee. The Board convened Risk Management Committee administers Crown’s Risk Management Policy. The policy sets out procedures which are designed to identify, assess, monitor and manage risk at each of Crown’s controlled businesses and requires that the results of those procedures are reported in a Risk Profile to the Crown Board.ANNUAL REPORT LINKS:2018: : : 4: RECORD PROCESSINGAt first, I thought I will be having a difficulty in doing step 4 since I don’t have a list of my daily transactions and I thought I don’t really make transactions everyday (as I’m always at home playing computer games). But guess what? I find this step easy and fun to do. Responses to the questions: Chart of account is a list of the accounts to define each class of items for which money or the equivalent is spent or received. I have pasted my char of accounts (see image below). It is almost the same with the example provided, I just have changed the order according to extended accounting equation. center571500The level of detail I would possibly focus on changing is the transaction’s headers. As you can see on my chart of accounts, I have provided a mini explanation of what they consist and provided a different number for same transaction but different way. Sub-headers could be important. Through this exercise I can figure out easily where I spend most of my money and this could also help in budgeting. I realised that other than school supplies expenses (which are necessary), I am spending most of my money in eating outside and shopping online.I am not sure, but I think 5-6 Mobile Data Expense is that account that is accrual. Because I am enjoying the service though I haven’t paid for it yet. I thought that 5-4 Entertainment – Spotify / DotA2 is accrual account as well but I realised that I can only enjoy their services after paying the subscription fee.STEP 5: TRIAL BALANCEPlease check the attached excel file.STEP 6: FEEDBACK ................
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