QUESTION 3: Accounting Concepts (11 marks) No specific word count is prescribed. However, given the nature of the questions, it would be expected that the entire letter (including address and sign-off) should require no more than a single A4 page. You are a graduate accountant working for Stone & Co Accounting Specialists Pty Ltd. One of their new clients is Ms Sabca Ong, who owns and operates Vacation'. Vocation specialises in bespoke fashionable beachwear that has a high SPF rating. Ms Ong has had a meeting with the Managing Partner of Stone & Co today, and you were invited to attend the meeting After the meeting, the Managing Partner tells you she is extremely busy with a number of clients at the moment and asks you to prepare a letter to Ms Ong which covers the points listed below. Reference List Please list any references used to complete this assignment. Harvard referencing principles must be followed. Please see this link for more information: Harvard Referencing Guide - UniSA (current as at December 2018) REQUIRED: Please write a letter in your own words addressed to Ms Ong explaining the following: Ms Ong has recently interviewed and hired Mr Zha a well known designer to assist her with the next range of beachwear. Mr Zha signed an employment contract to the effect that he would not disclose any of the Vacation' beachwear designs/patterns to anyone outside of Vacation'. Ms Ong is delighted that Mr Zha has accepted the position of designer for Vacation' as not only will he be of great assistance but when it becomes known that he is a designer at Vacation' she is sure it will boost sales. Ms Ong would like to list Mr Zha as an asset in the Balance Sheet. Using the appropriate element definition, apply the facts provided and explain to Ms Ong whether or not she can list Mr Zha as an asset in the financial statements (8 marks) -element - asset, liability, income, expense *****the explanation must be tailored to Vacation' and the facts provided. Generic answers will not be awarded more than half marks for this question. The answer must refer to the three components of the element definition and a conclusion must be clearly stated. Up to an additional 3 marks will be awarded for adhering to the following the formatting requirements. Formatting hints: Date your letter the 3rd June 2020 Address your letter to Ms Ong, Vacation', 4a Lane Court, Pt Shortz, 5111 Any formal business letter format is acceptable (a templote has not been provided - students are expected to research business letter formats themselves). Consider an appropriate way to sign off your letter Set out your letter with subheadings to separate each part of your letter as you address the criteria required QUESTION 3: Accounting Concepts (11 marks) No specific word count is prescribed. However, given the nature of the questions, it would be expected that the entire letter (including address and sign-off) should require no more than a single A4 page. You are a graduate accountant working for Stone & Co Accounting Specialists Pty Ltd. One of their new clients is Ms Sabca Ong, who owns and operates Vacation'. Vocation specialises in bespoke fashionable beachwear that has a high SPF rating. Ms Ong has had a meeting with the Managing Partner of Stone & Co today, and you were invited to attend the meeting After the meeting, the Managing Partner tells you she is extremely busy with a number of clients at the moment and asks you to prepare a letter to Ms Ong which covers the points listed below. Reference List Please list any references used to complete this assignment. Harvard referencing principles must be followed. Please see this link for more information: Harvard Referencing Guide - UniSA (current as at December 2018) REQUIRED: Please write a letter in your own words addressed to Ms Ong explaining the following: Ms Ong has recently interviewed and hired Mr Zha a well known designer to assist her with the next range of beachwear. Mr Zha signed an employment contract to the effect that he would not disclose any of the Vacation' beachwear designs/patterns to anyone outside of Vacation'. Ms Ong is delighted that Mr Zha has accepted the position of designer for Vacation' as not only will he be of great assistance but when it becomes known that he is a designer at Vacation' she is sure it will boost sales. Ms Ong would like to list Mr Zha as an asset in the Balance Sheet. Using the appropriate element definition, apply the facts provided and explain to Ms Ong whether or not she can list Mr Zha as an asset in the financial statements (8 marks) -element - asset, liability, income, expense *****the explanation must be tailored to Vacation' and the facts provided. Generic answers will not be awarded more than half marks for this question. The answer must refer to the three components of the element definition and a conclusion must be clearly stated. Up to an additional 3 marks will be awarded for adhering to the following the formatting requirements. Formatting hints: Date your letter the 3rd June 2020 Address your letter to Ms Ong, Vacation', 4a Lane Court, Pt Shortz, 5111 Any formal business letter format is acceptable (a templote has not been provided - students are expected to research business letter formats themselves). Consider an appropriate way to sign off your letter Set out your letter with subheadings to separate each part of your letter as you address the criteria required