ACT102 S1 2018 Assignment Task: This is an individual assignment in which you are required to form a business and answer some accounting related questions. Value: 20% Due date: Week 10 (Sunday...

ACT102

S1 2018

Assignment

Task:
This is an individual assignment in which you are required to form a business and answer some accounting related questions.

Value:
20%

Due date:
Week 10 (Sunday the 13^th
of May 2017 at 23.59pm Darwin time)

Length:
Maximum of 2000 words.

Presentation: Online submission through Learnline.

Assessment Criteria:

This task will generally be assessed in terms of the following criteria:

1. Effectiveness of communication: readability, grammar, spelling, neatness, completeness and presentation.

2. Demonstrated competency and understanding: This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. The marker will pay attention to the accuracy of the content, coverage of relevant issues, structure of argument, English expressions, absence of plagiarism, concise writing style, and referencing style.

3. Evidence of research - This will be evidenced by the references used and the inclusion of a bibliography.

Assignment Requirements:

Answer the following questions:

1. You are required to form a business and to write a brief introduction about it (name, services or products, legal form, merchandising or manufacturing, retail or wholesale, size, industry, etc…)

2. In deciding on the legal form for your business, discuss the reasons for your choice.

3. Discuss the different financing options to set up your business and the reasons for your choice (s).

4. Briefly define the role of accounting as it relates to your business (your answer should include accounting information, users of information, accounting process, financial accounting and management accounting, etc...)

5. Develop a chart of accounts for your business.

6. Will there be a need to use special journals and/or subsidiary ledgers in your business. Discuss (whether your answer is yes or no).

7. As it relates to your business, when is it suitable to do the adjustment of the accounts and the closing and why.

8. Discuss the considerations that the management of your business would take into account in deciding on whether to distribute profits or to retain them in the business.

Please note that you will need to address these questions in a way that is specific, appropriate, and directly relevant to the business chosen. (I am not after general information. You will need to be specific and your answers should be relevant and suitable to the characteristics of the business you have chosen).

Submission of Assignments

• Assignments must be submitted by the due date.

• Failure to submit an assignment on or before the due date will result in an academic penalty of 5 % of the marks allocated for the assignment each day the assignment is overdue.

• All assignments must be submitted online. (Assignments submitted via email will not be accepted).

• Students should include their names and students’ numbers, clearly and without errors on the first page of the assignment.

• Assignment should be typed and submission file should be either word or pdf. All of your assignment should be on ONE file only.

• Your assignment file name should be your campus name followed by your student number only (example: WFD990040.doc). Use WFD for waterfront; SYDN for Sydney, MELB for Melbourne, and EXT for external.

Assignment Extensions

All requests for extensions must be in writing and received seven days before the due assignment submission date. All requests for extensions must be submitted as per instructions posted on Learnline (Refer to Learnline for more details).