Part B: After completing the above reports, you are required to identify area/s of
improvement for this business and provide a recommendation on how the business
could make its processes more efficient and effective. To do this, you are required to
explore the Xero App Market Place (https://apps.xero.com/au) and identify three
applications (within the same category) that the business should adopt. Your evaluation should include a comparison of the various features of these applications
and a summary of the expected annual cost. You must also provide a final
recommendation. You are required to deliver a 5-minute in-class presentation. (5-6 slides of Power Point Presentation)
Balance Sheet Jingle Sara Lins (1822495) -ACCM4000 Balance Sheet Jingle Sara Lins (1822495) -ACCM4000 As at 31 July 2022 31 JUL 2022 Assets Bank Business Bank Account 15,653.10 Business Tax Saver 1,568.48 Total Bank 17,221.58 Current Assets Accounts Receivable 204.00 Prepayments 437.81 Total Current Assets 641.81 Total Assets 17,863.39 Liabilities Current Liabilities Accounts Payable 1,698.92 GST 1,355.41 Owner A Drawings (4,588.20) Owner A Funds Introduced (15,384.00) Total Current Liabilities (16,917.87) Total Liabilities (16,917.87) Net Assets 34,781.26 Equity Current Year Earnings 10,659.44 Owner A Share Capital 25,000.00 Retained Earnings (878.18) Total Equity 34,781.26 Profit and Loss Jingle Sara Lins (1822495) -ACCM4000 Profit and Loss Jingle Sara Lins (1822495) -ACCM4000 For themonth ended 31 July 2022 JUL 2022 Trading Income Sales 19,195.24 Total Trading Income 19,195.24 Cost of Sales Cost of Goods Sold 5,372.03 Total Cost of Sales 5,372.03 Gross Profit 13,823.21 Operating Expenses Insurance 52.16 Rent 2,000.00 Subscriptions 244.75 Telephone & Internet 940.82 Travel - National 170.88 Total Operating Expenses 3,408.61 Net Profit 10,414.60 Trial Balance Jingle Sara Lins (1822495) -ACCM4000 Trial Balance Jingle Sara Lins (1822495) -ACCM4000 As at 31 July 2022 ACCOUNT CODE ACCOUNT ACCOUNT TYPE DEBIT - YEAR TODATE CREDIT - YEAR TO DATE 30 JUN 2022 200 Sales Revenue 19,195.24 - 310 Cost of Goods Sold Direct Costs 5,372.03 - 408 Cleaning Expense - 478.18 412 Consulting & Accounting Expense - 400.00 433 Insurance Expense 52.16 - 469 Rent Expense 2,000.00 - 485 Subscriptions Expense 244.75 - 489 Telephone & Internet Expense 940.82 - 493 Travel - National Expense 170.88 - Business Bank Account Bank 15,653.10 - Business Tax Saver Bank 1,568.48 - 610 Accounts Receivable Current Asset 204.00 - 620 Prepayments Current Asset 437.81 - 800 Accounts Payable Current Liability 1,698.92 (966.00) 820 GST Current Liability 1,330.93 87.82 880 Owner A Drawings Current Liability 4,318.88 - 881 Owner A Funds Introduced Current Liability 15,384.00 - 960 Retained Earnings Equity 878.18 - 970 Owner A Share Capital Equity 25,000.00 - Total 47,225.09 47,225.09 - ACCM4000 Assessment Outline T1 2023 - A3 Page 1 of 3 ACCM4000 Assessment 3 Outline ACCM4000 Financial Accounting Assessment 3 Information Subject Code: ACCM4000 Subject Name: Financial Accounting Assessment Title: Xero Assignment Assessment Type: Simulation Weighting: 40% Total Marks: 40 marks Part A: Xero reports – 25 marks Part B: Xero pitch – 15 marks Submission: Part A: Xero Reports submitted via Turnitin on MyKBS Part B: Xero pitch: in-class presentation Due Date: Part A: Xero Reports: Tuesday of Week 13 at 7:55 pm AEST Part B: Xero pitch: Conducted in class in Week 12 Assessment Description You are required to record transactions for a fictitious business for one month and prepare the necessary reports. You are also required to conduct an in-class pitch to a prospective client, demonstrating how the accounting process can be more efficient and effective. Assessment Task This assignment has two parts: • Part A: Enter all the transactions on Xero for one month for a fictitious business: Happy Café. You must carefully read the case study documents available on MyKBS and follow all the instructions. You must also watch the videos provided. Once you have entered all the transactions, you must prepare the following reports and submit a PDF copy on MyKBS (via Turnitin). ▪ Accounts Transactions Report for July 2022 ▪ Trial balance as of 31 July 2022 ▪ Profit and Loss Statement for the month ending July 2022 ▪ Balance Sheet as of 31 July 2022 ▪ Screenshot of the assurance dashboard • Part B: After completing the above reports, you are required to identify area/s of improvement for this business and provide a recommendation on how the business could make its processes more efficient and effective. To do this, you are required to explore the Xero App Market Place (https://apps.xero.com/au) and identify three applications (within the same category) that the business should adopt. Your https://apps.xero.com/au Page 2 of 3 ACCM4000 Assessment 3 Outline evaluation should include a comparison of the various features of these applications and a summary of the expected annual cost. You must also provide a final recommendation. You are required to deliver a 5-minute in-class presentation. Getting started: • You must create a free trial account on Xero (Sign up for free trial | Xero AU) and send an invite to
[email protected] to activate your subscription. If you do not send this invite, your Xero subscription will expire in 30 days, and you not be able to enter any transactions on Xero. You are also at risk of losing all your data that might have already been entered on Xero. • You must attend the Xero workshop in Week 7. Your facilitator will explain the essential requirements of this assessment, highlight the pitfalls to avoid and discuss how to conduct the Xero pitch. https://www.xero.com/au/signup/ mailto:
[email protected] Page 3 of 3 ACCM4000 Assessment 3 Outline Important Study Information Academic Integrity Policy KBS values academic integrity. Students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy. • What are academic integrity and misconduct? • What are the penalties for academic misconduct? • What are the late penalties? • How can I appeal my grade? Click here for answers to these questions: http://www.kbs.edu.au/current-students/student-policies/ Word Limits for Written Assessments Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded. Study Assistance Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page https://elearning.kbs.edu.au/course/view.php?id=1481 http://www.kbs.edu.au/current-students/student-policies/ https://elearning.kbs.edu.au/course/view.php?id=1481