HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HC1010 Unit Title Accounting for Business Assessment Type Group Assignment...

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HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HC1010 Unit Title Accounting for Business Assessment Type Group Assignment Assessment Title Providing Business Acquisition Advice To a New Client (Accounting for Business Decisions) Purpose of the assessment (with ULO Mapping) Students are required to apply knowledge learned in class and perform independent research of the key Accounting topics. Learning Outcomes: • Obtain and contextualise business information for business accounting to explain and apply different concepts of costs to business decisions; • Apply, analyse, synthesise and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses; • Prepare, analyse, and interpret transaction data and financial statements for data driven decision-making; • Evaluate the complex concepts of accounting such as roles and purposes of accounting and preparation of worksheets; and • Communicate accounting information in writing professionally. Weight 30% of the total assessments (20% for assignment and 10% for video presentation) Total Marks 30 marks (20 marks for assignment and 10 marks for video presentation) Word limit 1500 words Due Date 11.59pm Friday, 15th of May 2020, Week 8 (This due date is only for Block Mode 1, i.e., Week 1-5 & 12 class) Page 2 of 10 HC1010 Accounting for Business Submission Guidelines • All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page. • The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. • Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list using Harvard referencing style. Assignment Specifications Purpose: This assignment aims to reinforce and extend students’ knowledge and understanding of key topics in this course (HC1010) including: Overview of Accounting, Organisational Structure & the Reporting Environment, Statement of Financial Position, Statement of Financial Performance, Cash Flow Statement, Financial Statement Analysis, Accounting for Business Transactions, Cost Concepts & Behaviour, Preparation of Budgets, and Cost-Volume-Profit-Analysis through independent research and application of knowledge and skills. Assignment details: Knowing that you have some accounting experience, your friend David has sought your advice regarding a business that he intends purchasing. The balance sheet for the business shows total assets of $170 000 and total liabilities of $100 000, out of which $40 000 is a bank loan. A review of the business operations show that a considerable portion of the inventory is obsolete stock for which there is limited demand. Further, many of the accounts receivable are overdue by more than 60 days. The accounts receivable and inventory are carried at their gross amount and cost value respectively on the balance sheet. As you are an Accounting student, you have been asked to advise the following: a. Explain to David the form of organisation he can adopt for the business? Briefly discuss the advantages and disadvantages of each form of organisation. b. David has a very limited understanding of the terms Assets and Liabilities. Explain to David the three essential characteristics necessary to consider an item either as an asset or a liability. c. On the basis of the information provided, David believes the business is worth $70 000. Advise him on the accuracy of his assessment. d. Explain to David how the accounts receivable and inventory should be valued on the balance sheet. If the business was to apply the correct measurement basis, determine the effect on: (1) profit and (2) assets. e. If David decides to buy the business explain to him the impact of business’s financing decision Please outline your responses to the above issues and provide your advice and recommendations to David in a report. Resources and links: 1. www.business.gov.au 2. www.business.nsw.gov.au http://www.business.gov.au/ http://www.business.gov.au/ http://www.business.nsw.gov.au/ http://www.business.nsw.gov.au/ Page 3 of 10 HC1010 Accounting for Business 3. www.business.vic.gov.au 4. www.business.qld.gov.au 5. Textbook: Hancock, P., Robinson, P., and Bazley, M. 2019. Contemporary accounting: a strategic approach for users. Cengage Learning Group Formation and Group Assignment: Students are required to work on the assignment in groups of 2 - 4, produce and submit the following: • a group report, and • a short video presentation of approximately 8 - 10 minutes. Group membership will need to be communicated to the local campus lecturer in writing by Lecture Session 4. To ensure that all students participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. Each group needs to complete the group assignment completion table provided on Blackboard which identifies which student/students are responsible for the various sections of the assignment. Both assessment items (the report and the presentation) must be submitted on Blackboard. The written assignment must be in a report format and should have the following structure: a. Assignment cover page clearly stating the names and student numbers of all group members b. Abstract (one paragraph) c. Table of contents d. A brief introduction or overview of what the report is about. e. Body of the assignment with appropriate section headings f. Conclusion g. List of References. *Please note the assignment is to be submitted through SafeAssign final submission link and only one member of the group is to upload the assignment. Video Presentation Each group must produce a video presentation and PowerPoint slides with clear dot-points and noting key information. They should post the video on YouTube and submit the video link only and PPT slides via the “video presentation submission link” on Blackboard. The video presentation should be considered a professional business presentation. All students in the group must participate in the video or marks will be deducted. Video presentations should not exceed the 10 mins time limit or marks will be deducted. Impressive video presentations may be played in class provided that consent is given. http://www.business.vic.gov.au/ http://www.business.vic.gov.au/ http://www.business.qld.gov.au/ http://www.business.qld.gov.au/ Page 4 of 10 HC1010 Accounting for Business Marking Criteria Marking Criteria Report Weighting Documented responses with explanations provided to each of the following 5 questions. Use of appropriate and effective examples to accompany explanations. Report: 16 marks in Total a. Explain to David the form of organisation he can adopt for the business? Briefly discuss the advantages and disadvantages of each form of organisation. 4 marks b. David has a very limited understanding of the terms Assets and Liabilities. Explain to David the three essential characteristics necessary to consider an item either as an asset or a liability. 2 marks c. On the basis of the information provided, David believes the business is worth $70 000. Advise him on the accuracy of his assessment. 3 marks d. Explain to David how the accounts receivable and inventory should be valued on the balance sheet. If the business was to apply the correct measurement basis, determine the effect on: (1) profit and (2) assets. 4 marks e. If David decides to buy the business explain to him the impact of business’s financing decision 3 marks Overall Presentation & Referencing, including format, structure, sentence organisation, academic writing, wording, referencing etc. 4 marks Weight 20% 20 marks Video Presentation Marking Criteria Weighting Effective verbal communication of the key content in a professional manner. 4% Effective use of power-point slides with clearly legible text in concise statements and effective coverage of the content in a professionally produced presentation, which is engaging and logically structured. 4% Total length of the video presentation is within the 10 mins limit and effective participation of all group members is noted. 2% Weight 10% 10 marks Total Weight 30% 30 marks Assessment Feedback to the Student: (Note - Students will be provided with detailed feedback on Blackboard. Students may also make an appointment with their respective lecturer for more feedback if required. Students should always review the feedback comments provided and view the assessment as a learning opportunity.) Page 5 of 10 HC1010 Assignment Marking Rubric Section Excellent Good Average Poor a . a) The forms of organisation that David can adopt for the business? Briefly discuss the advantages and disadvantages of each form of organisation. 4 marks •  Demonstrates a thorough understanding of the context of the assignment topic.  Exemplary demonstration of knowledge of different business structures.  Substantial relevant research using correct referencing conventions.  Application and proficient use of analytical skills in discussing advantages and disadvantages that demonstrates critical thinking ability.  Very clear explanation and in-depth discussion. • • •