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Step 1 involves you writing down some of your ideas, reflections and reactions to reading Chapter 1 Sections 1.1 – 1.3 in the Study Guide.
Step 2: (2 marks) Step 2 involves you writing down some of your ideas, reflections and reactions to reading Chapter 1 Section 1.4 and Chapter 2
in
the Study Guide.
Step 3 involves you identifying your own company, posting on your blog some background information on your company and its industry, and commenting on other people’s blogs.
Step 4 involves you
practising
the recording process
Step 5 involves you creating a Trial Balance in a spreadsheet, using your company’s financial statements.
Step 6 involves you providing (and receiving) feedback to three other students in our unit on their draft ASS Steps 3-5.
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UTDC 501 – Foundations of higher Education Learning and Teaching Page 1 of 16 ACCT11081 INTRODUCTORY FINANCIAL ACCOUNTING ASSIGNMENT DUE: 11.00am Tuesday (Week 11) Step 1: Due 11.00am Sunday (Week 1) Step 2: Due 11.00am Tuesday (Week 3) Steps 3-6: Due 11.00am Tuesday (Vacation Week) Step 6: Post draft by 5.00pm Friday (Week 4) Step 6: Give feedback to others by 5.00pm Thursday (Week 5) Steps 7-11: Due 11.00am Tuesday (Week 11) Step 11: Post draft by 5.00pm Friday (Week 9) Step 11: Give feedback to others by 5.00pm Thursday (Week 10) Estimated (max.) time required: Step 1: about 2 hrs Step 2: about 3 hrs Steps 3-6: about 16 hrs Steps 7-11: about 26 hrs Find Your Firm’s Annual Reports and Spreadsheet The assignment for this unit is made up of eleven (11) steps. As you complete these eleven steps, you will find your company’s annual reports and have a look at them. You will then practice aspects of the recording process using Excel. You will also create a Trial Balance from your company’s financial statements, and explore its Inventory and Depreciation policies. You will also have the opportunity of creating a set of business transactions for your company, recording these in MYOB software and producing a set of financial statements using MYOB. As well, you will have the opportunity to experience how interacting with others in the unit may be able to help you to better understand the concepts we will be studying. Introduction It is expected everyone will have already set up your personal profile on Moodle and your blog (which you will have done in ACCT11059 Accounting, Learning & Online Communication). This will help others in the unit to get to know you, as we all work together to learn and develop further our own personal insights into the world of accounting. If you have not done this already, you will need to set up your personal profile on Moodle and your blog now. To do this, please follow these instructions. https://martinturneraccounting.com/setting-up-your-personal-profile-on-moodle-your-blog/ Page 2 of 16 ACCT11081 Introductory Financial Accounting – Assignment Step 1: (2 marks) Step 1 involves you writing down some of your ideas, reflections and reactions to reading Chapter 1 Sections 1.1 – 1.3 in the Study Guide. Read Chapter 1 Sections 1.1 – 1.3 in the Study Guide. Read it like you would a novel or any book, actively seeking to engage with the author (who is Dr Martin Turner) and to understand what you are reading. What is the author trying to say? Let the author take you on a journey: go with him and see what you think of some of the key ideas and concepts being discussed. And while you do this, note down key concepts that occur to you. That’s right; just write them down as you go along. Write them in your own words. Also, include any questions that occur to you as you are reading. What do you find confusing, difficult to understand or believe, boring, exciting or surprising? Include some of your key concepts and questions (KCQs) in a Word document. Your personal engagement with the reading is what I am interested in. Do not simply summarise the readings. I will say it again, do not simply summarise the readings. I am interested in your reactions, understanding, and questions from the readings. I know what the readings say. So simply giving me a summary of the readings will not be telling me anything I do not already know. Use the words “I” and “me” in your Step 1. Different people will have different reactions to the readings. Tell me what your reactions are. This is what I am interested in. Do not tell me what you think I might want to hear. Be genuine and honest in your reactions to the readings. Give me something of yourself in your Step 1. Please allow up to about 2 hours to complete Step 1 (if you have English as your second language, it may take you more time). Step 2: (2 marks) Step 2 involves you writing down some of your ideas, reflections and reactions to reading Chapter 1 Section 1.4 and Chapter 2 in the Study Guide. Read Chapter 1 Section 1.4 and Chapter 2 in the Study Guide. Read it like you would a novel or any book, actively seeking to engage with the author and to understand what you are reading. What is the author trying to say? Let the author take you on a journey: go with him and see what you think of some of the key ideas and concepts being discussed. And while you do this, note down key concepts that occur to you. That’s right; just write them down as you go along. Write them in your own words. Also, include any questions that occur to you as you are reading. What do you find confusing, difficult to understand or believe, boring, exciting or surprising? Include some of your key concepts and questions (KCQs) in a Word document. Page 3 of 16 ACCT11081 Introductory Financial Accounting – Assignment Your personal engagement with the reading is what I am interested in. Do not simply summarise the readings. I will say it again, do not simply summarise the readings. I am interested in your reactions, understanding, and questions from the readings. I know what the readings say. So simply giving me a summary of the readings will not be telling me anything I do not already know. Use the words “I” and “me” in your Step 2. Different people will have different reactions to the readings. Tell me what your reactions are. This is what I am interested in. Do not tell me what you think I might want to hear. Be genuine and honest in your reactions to the readings. Give me something of yourself in your Step 2. Please allow up to about 3 hours to complete Step 2 (if you have English as your second language, it may take you more time). Step 3: (3 marks) Step 3 involves you identifying your own company, posting on your blog some background information on your company and its industry, and commenting on other people’s blogs. Find your Firm’s Annual Report and Spreadsheet Go to the list of companies on Moodle called ‘Find Your Company’. This will be available in the top central panel in Moodle from 5.00pm Friday (Week 1). For those not enrolled in our unit by then (and we should, of course, be enrolled in our units no later than two weeks before term starts), you will need to email your Unit Coordinator to be allocated a company. Find the company you have been given and click on its URL. This will take you to your firm’s website, where you should be able to find your firm’s annual reports under the Investors or Investor Relations section. This section might also be called Shareholders’ Information, Financial Information or something similar. For some companies, in the ‘Find Your Company’ list there is a comment in the Notes section to help you navigate your firm’s website. Save a soft copy of the Annual Report for your firm for each of the last three years. For example, if your firm’s latest Annual Report is for the year ended 31 December 2016, save your firm’s Annual Reports for 31 December 2016, 31 December 2015 and 31 December 2014. Only save your firm’s Annual Reports. Do NOT save its interim or half-yearly reports; also, do not save its concise annual reports. You can ignore these. Only save its full Annual Reports (with its full financial statements) for each of the last three years. I also suggest you have a quick browse through your firm’s website. This will give you some initial insights into your firm’s operations and activities. A key initial step for you to achieve in your Assignment is to make sure you have got hold of your firm’s Annual Reports for the last three years. As each Annual Report will Page 4 of 16 ACCT11081 Introductory Financial Accounting – Assignment have two years of financial statements, this will mean you will have the financial statements for your firm for the last four years. The other key thing for you to do is to check that your firm has inventory in its balance sheet; and that it has depreciation in its financial statements. Note: If your firm does not have inventory or does not have depreciation in its financial statements, please email your Unit Co-ordinator for a new company. Read Your Firm’s Annual Report: Identify Clearly What Your Firm Does Carefully and thoughtfully read through your firm’s latest Annual Report. For example, your firm’s latest Annual Report may be for the year ended 31 December 2016. While you do this, note down key concepts and questions (KCQs) that occur to you. Identify areas of your firm’s financial statements you are having difficulty understanding, areas of its business that seem most important or critical to you, key challenges the firm appears to be facing, how successful it appears to be in meeting these challenges and its apparent strategy. Some people’s companies may have very long annual reports. There is no need to read every word (or page) of your firm’s Annual Report. Simply seek to gain an initial familiarity with your firm and its latest Annual Report. Discuss your KCQs with other people in our unit, for example with those at your own location, or online on the forums on Moodle, or through our various blogs or by email. What similarities or differences are there between your firm and the firms of other people, and in the way they present their financial statements? Are you happy with the firm you have been given, or would you have preferred to be given a different company? What concerns, if any, do you have at this stage? How have