assignment
ACC6010 Accounting Concepts and Principles Assignment – MYOB Practice Set with Report Students will be required to complete the assignment as a group. The group will consist of 4 students. Students are required to complete the computerised accounting practice set - Part B of Let it Snow - by Pabst and Perrin (2013) on an INDIVIDUAL basis for accounting transactions up to Period 1 (1 August to 10 August 2013). The transactions can be found on page 93 to 97 Appendix 3 of the practice set. Students MUST print all their INDIVIDUAL Session Reports and follow the additional instructions listed below. Additional Instructions for MYOB Practice Set 1) When setting up the company, students are required to enter their own names and student numbers into the address section. Refer to page 17 of the ‘Let it snow’ practice set. Currently says For example, replace with Falls Creek Road Falls Creek VIC 3699 Tricia Ong (put your own name) Student Number: 20181234 (put your own student number) 2) Students MUST print out Session Reports at the completion of ALL MYOB sessions and include these in an Appendix to the final report. A session report is different from a MYOB financial report. A sample copy of a proper SESSION REPORT can be found on Blackboard. A session report should indicate the student name and student number. It has the title ’Session Report’/ ‘Journal Security Audit’ (name of report may differ, depending on MYOB version used) and will indicate the date and time when the transactions are keyed into MYOB. 3) For those using the MYOB version that generates session reports, the audit trail function is not automated, so please follow the following steps below. Steps to turn on the audit trail function in the MYOB program: a) Select ‘Set Up’ b) Click ‘Preferences’ c) Check the box that says ‘Use Audit Tracking’ Students will be asked prior to exiting MYOB if they want to print a Session Report. You can print these reports immediately or saved as a PDF file to be printed later. Please note that Session Reports that are not saved CANNOT be recalled and reprinted at a later date as they record only the current session. 4) Students must keep a copy of an electronic MYOB data file of the transactions that are keyed in individually (Period 1) and for the group (Period 2 to 4). This data file is to be presented upon request. Failure to produce the electronic MYOB data file when requested for verification may be deemed as insufficient document to verify that the assignment has been completed by the student individually and/or by the group. Hence, a grade of zero may be awarded for the assignment. Failure to complete or adhere to any of these additional instructions may result in a grade of zero for the assignment. 2 After completing all the transactions detailed in the MYOB practice set up to Period 4, students are required to prepare a detailed report on the financial performance of Let it Snow as a GROUP. The report should be written as though you are an accountant preparing the monthly financial reports for the sole trader of Let it snow. The owner is concerned about good business operations such as improving profitability and the market share, paying the bills on time, making sure the debtors pay in a timely manner, as well as managing the tax obligations and inventory. Students should refer to analytical techniques to assess the profitability, liquidity, performance and financial position of the business using available accounting information after completing accounting transactions in the practice set. When preparing the report, students should take into consideration the nature of the business and identify what the business has done well as well as what could be improved. After a detailed analysis of the financial statements of Let it snow, students should include in their report to the sole trader feasible recommendations that could help the business improve the business operations. Details relating to the proposed recommendations should be included in the report. The report should be presented in a professional manner. Students can refer to Crosling, G.M., Murphy, H. M., Cotesta, P. V., & Sands, J. (2005). Writing and presenting in accounting. (2nd ed.). Sydney, LexisNexis for a sample of the structure and format of a formal written report. Students are required to submit a self-reflection summary and a team evaluation form individually. Details of these requirements can be found in the table of ‘Submission information’ and in the marking guide. As stated in the unit plan, this assignment, may, at the unit coordinator’s discretion, be extended to require an oral examination to clarify and support the written submission. The oral examination will normally be held in person with the Unit Coordinator but may be conducted by telephone or other means at the Unit Coordinator’s discretion. The oral examination should be conducted as soon as possible after the assessment but may be deferred if the student is unable to attend and can provide supporting evidence. The oral examination will be able to override the original assessment of the written submission. If a student fails to attend the oral examination it may result in an Academic Misconduct investigation. English Language Proficiency (ELP) ECU has implemented a raft of procedures and supports to assist all students to develop and demonstrate appropriate standards of English language proficiency. As part of the process, staff will provide students with feedback on the ELP demonstrated in their written assessments (other than examinations) using the ECU ELP Measure. The ECU ELP Measure shows a student’s written ELP against the ECU standards. The ECU minimum standard for written ELP which all students should demonstrate is moderate proficiency (at least) in both the areas of Sentence Structure and Word Use. The feedback you will receive will indicate your demonstrated level of written ELP in any assessment (other than examinations). You will also receive information describing the various supports and resources you can access should you need to further develop your ELP. Low proficiency Developing proficiency Moderate Proficiency High Proficiency Sentence Structure X Word Use X Desired ECU Standard for English Language Proficiency on graduation 3 Submission information Weighting This assignment accounts for 25% of the assessment in this unit. Week / Date Assignment due: Week 10, 8 May 2018 (Tuesday) – Printed copy (Submit to Tricia, latest by 08/10/18 to JO 2.146, 5.30pm) – Electronic copy (Submit via Turnitin in Blackboard, latest by 08/10/18, 11.59pm) Self –reflection and Team Evaluation Form: Week 10, 11 May 2018 (Friday), 11.59pm via Blackboard ‘Assignments’ folder. Time/ Place/ Format Required: A completed assignment coversheet should be stapled to the front of the group’s submission. The declaration is required to be signed by all group members indicating that the work submitted is their own work. University policies and procedures for academic misconduct and plagiarism will be applied. A Typed Report per group is to be submitted (an electronic copy through Turnitin via Blackboard and a printed copy to the lecturer during lecture). Final report must be typed in 11 point font and presented in proper business report format with MYOB reports and session reports as Appendix. The report should include an Executive Summary at the beginning and sub-headings in the main body of the report. The MYOB reports listed in the marking guide and all INDIVIDUAL students’ MYOB Session Reports should be included as Appendix. The suggested word length is approximately 1,500 words, excluding executive summary, references and self-reflection. Business report should be clear and concise and written in grammatically correct English. Marks will be awarded for clarity of expression, conciseness and cohesion. Repetition and excessive wordiness will be penalised. Team Evaluation Form: A completed form per student is to be submitted via Blackboard, stating clearly their group number. Self-reflection: Reflect critically on what you have learnt from the assignment, including your contribution to the team. In approximately 300 words, describe what technical skills and knowledge you have developed and acquired through this project, as well as what and how you have contributed to your team in this group assignment. You can write this section in first person. You will not be assessed on the technical content, but will be assessed on your written communication skills including clarity and grammar. Please note that your contribution to the group recorded in this summary may be used to assess your contribution to the group in the event of any dispute in the final score due to the results collected from the team evaluation forms received. 4 Assignment Marking Guide Group Assessment Marks Marks Awarded Report Executive Summary (250 – 350 words) Presentation & Layout / Spelling and Grammar Content of Report* – refer below for detailed breakdown Correct Profit figure Correct Balance Sheet figures 10 5 30 3 2 50 Marks Appendix Included the following for Period Four only: Trial Balance (as at 31/08/13) Profit and Loss (for period 01/07/13 to 31/08/13) Balance Sheet Reconciliation Report Inventory Items list summary report Aged Receivables summary report Aged Payables summary report Journal Records of balance day adjustments Included Session Reports of Period Two to Four as a GROUP Reports presented in a correct order as per this list 4 3 3 10 Marks Total for group (Raw Score) 60 Marks Individual Assessment Self-reflection and individual contribution to the group Included Session