Reference no: EM132409248

ACC566 Acc Systems and Processes Assignment

Session 2 2017 - Faculty of Business, Justice and Behavioural Sciences

School of Accounting and Finance - Charles Sturt University, Australia

Learning outcomes - On successful completion of this subject, you should:

- be able to apply conceptual and technical aspects of accounting and prepare relevant business financial statements;

- be able to discuss the historical development of accounting;

- be able to appraise the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource;

- be able to demonstrate relevant business communication skills including report writing;

- be able to contextualise and evaluate accounting information for decision making purposes;

- be able to explain the importance of ethics in accounting.

Assessment Item 1 - Task

Q1. Plagiarism

Define plagiarism? Reference Internet sources. Why is plagiarism/collusion unfair to honest students?

Q2. Pasting spreadsheets in doc files

How can computer spreadsheets (e.g. Excel) be pasted into a word document showing rows and column headings? Formula views? Demonstrate copy and paste methods. TWO different Paste two of each method in your assignment showing row and column headings, the normal simple examples view and the formula view.

Q3. Accounting resources on the Internet

List five web sites relevant to accounting together with their URLs. how is each relevant to Explain accounting.

Q4. Professional accounting bodies

Find online an Australian professional accounting organisation. Describe a resource within this website (apart from ABC Learning), relevant to this subject. Explain why you chose this resource.

Q5. Work Integrated Assessment (about 300 words)

Describe the computing environment in your current or previous workplace or home office; equipment, software, processes etc. Or answer this question in relation to a possible future workplace position.

The above five questions are designed to assess your ability to use and evaluate digital resources for accounting and can be answered from any source including the computer sections of magazines and newspapers or by access to the Internet. If using the Internet include the URL reference. For the purposes of this subject we do not require the date of access of the URL. Use APA referencing.

Q6. ABC Learning and ethics - ABC Learning Case Study

Watch the six CPA ABC Learning movies.

Prepare a business report covering the following (about 500 words).

Check the Internet for advice on business report structures.

1. What are the major financial reports? What is the purpose of each?

2. Briefly summarise the key lessons from the ABC Learning case study.

3. Identify and discuss 3 ethical issues from the case study.

Q7. PALER

A. See the problem data below. The requirements are shown in the problem template. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Spreadsheet this problem - check the assignment and spreadsheet requirements.

DATA

The assets, liabilities and owner's equity, revenues and expenses of Amy Design Studio have the following balances at 31-Dec-16 the end of its first year of operation. During the year, the owner invested $15,000.

	$			$
Loan payable	12,300		Office furniture	28,000
Rent expense	33,000		Electricity and gas expense	6,500
Cash	6,500		Accounts payable	2,400
Office supplies	3,300		Amy Capital	42,900
Salary expense	49,000		Service revenue	155,800
Salaries payable	2,400		Accounts receivable	9,200
Property tax expense	1,700		Supplies expense	33,600
Prepaid expenses	8,000		Investment	5,000

Requirements -

1. What type of account is each of the above accounts?

PALER Proprietorship P; Asset A; Liability L; Expense E; Revenue R

2. Prepare the income statement for the year ended 31-Dec-16. What is the result of operations?

3. What was the amount of owner drawings for the year?

4. Prepare a balance sheet as at 31-Dec-16.

Q8. Balance Sheet Equation

For each of the following independent cases, calculate the amounts (in thousands) for the items indicated by letters.

Note that Interact2 resources including the Spreadsheet Advice PDF and the worksheet video may assist in completing this assignment question.

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

For each number calculated, briefly explain how you derived the answer.

B. Create a spreadsheet solution. In this case, the Report section will look just like the data section but will contain only formulas. In some cases, the cells in the report will be, for example =D8. The yellow highlighted cells will contain the answers. See the Spreadsheet Advice PDF in Interact2 Resources.

Q9. Debit and credit balances

List four accounts with normal debit balances. List four accounts with normal credit balances.

Q10. Trial balance

A. Create a manual solution using pen and paper. Scan or take a photo with your mobile phone and paste in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Create a spreadsheet solution. Paste normal and formula views.

C. Change 3 numbers such that the trial balance still balances. Paste this new normal view. There should be no need to paste a new formula view. Ensure that you choose the 3 changes yourself. Highlight the data changes with the yellow highlighter in Excel.

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

DATA

The accounts of Croatia Deliveries follow with their balances at 30 June 2017.

The accounts are listed in no particular order.

Require - Prepare the trial balance.

Q11. Crossword

See page 92 and 93 of your text. Create your own simple crossword using at least 5 accounting terms and . Hint: there are free crossword creation apps online. Make two copies of your crossword - clues one blank and one completed.

Q12. Types of adjusting entries

List two types of period end adjusting entries and give journal entries examples of each.

Q13. Current and non-current liabilities

Distinguish between current and non-current liabilities. Give two examples of each.

Q14. Ratios

Explain the current ratio. Create your own numerical example.

Q15. Worksheet and financial reports

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

A. Create a manual solution using pen and paper. Scan or take a photo with your mobile phone and paste in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

Add a ten column worksheet beneath the following data. Below that report, create the three financial reports

B. Create a spreadsheet solution. Paste normal and formula views.

C. In a second spreadsheet, make three changes to the data such that a loss is reported. Paste the second normal view.

Ensure that you choose the 3 changes yourself. Highlight the data changes with the yellow highlighter in Excel.

Required -

1. Spreadsheet a ten column worksheet.

2. Also spreadsheet the Financial Reports.

3. Make three changes to the data such that a loss occurs.

Quality of presentation including complete referencing. Use complete APA referencing.

Assessment Item 2 - Task

Q1. Naming cells in spreadsheets

Why replace cell references with names? Create a simple spreadsheet and paste Owners Equity plus Liabilities = Assets.

Q2. Negative numbers

How can negative numbers be displayed in brackets? Why do accountants display negative numbers in brackets? Paste a simple spreadsheet example.

Q3. Separation of data and report areas

Explain why an accountant should design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example. Show normal and normal views.

Q4. IF functions

Find a relevant Youtube and explain the 'IF' statement (function)? Provide a simple spreadsheeted accounting example for a trial balance. Show normal and normal views.

Q5. Periodic systems

Explain periodic inventory systems. Give examples. (Watch the 3 videos on Inventory in Interact2 Resources).

Q6. Worksheet and financial reports

Watch the Foot Worksheet movie in Interact2 resources. Download the relevant word file also on Interact2 resources. This Word file has a template.

A. Create a handwritten solution showing the worksheet and the financial reports. Paste images of your handwritten report in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens, Google Drive or search for an app. Let us know which app you chose.

B. Create a spreadsheet solution following all the usual spreadsheet requirements.

Follow all the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. As usual, paste the normal view and the formula view.

C. Write a business report evaluating spreadsheets as a tool for accounting. You may wish to search the Internet with terms such as "advantages of spreadsheets". Use Internet resources to help you prepare and format your business report.

Q7. Application of Inventory flow assumptions

Using the template provided, create a well-designed spreadsheet to solve the problem below. Make several of your own changes to the original data and create a new solution. In this second version, create prices that decline throughout the month. Paste the two solutions and one formula view. Highlight your changes. Explain the significance of the changed results,

Requirement 1 - Determine the ending inventory and cost of goods sold amounts for the October financial statements using the average cost, LIFO, and FIFO methods.

Requirement 2 - Compute the gross profit for October using each method.

Q8. Bank Reconciliation

Prepare a Bank Reconciliation Statement from the following data.

A. Create a handwritten solution. Paste images of your handwritten report in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

B. Spreadsheet. Paste the normal and formula views. Use an IF function. Then in a second version change all the data and paste a new normal view. Ensure your bank reconciliation still balances.

Q9. Journalising accounts receivable entries

Using your text as a resource, show the journal entries needed to show sales on credit, the collection of part of the amount owing, the write off of accounts receivable, the reinstatement of an amount written off and the collection in full of the amount owing. Create your own numbers. A spreadsheet is not required.

Q10. Estimating bad debts

Contrast two different methods of estimating bad debts. Create simple examples.

Q11. Evaluation of a firm's financial position

How can we use receivables to evaluate a firm's financial position? Give numerical examples.

Q12. Dishonour of a note receivable

Write a scenario which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Show the journal entries. Create your own simple numbers.

Q13. Work Integrated Assessment case study

Wesfarmers Annual Report 2016

Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability.

Resources for this task include the 2016 Annual Report for Wesfarmers.

Your friend Vikram is studying architecture at another University and knows very little about accounting and annual reports. His uncle gave him $50,000 recently to invest. Vikram knows you have begun studying accounting and is considering buying Wesfarmers shares. He has some questions for you.

Present your answers concisely in a business report format.

Questions:

1. Identify and describe some of the businesses which are part of the Wesfarmers group.

2. Examine, define and comment on the Statement of Comprehensive Income.

3. Using the Internet and the Wesfarmers Annual Report, examine, define and comment on Dividends, Earnings per Share, Return on Equity, Risk and Mitigation, Sustainability, Corporate Governance, Income Statement and Balance Sheet.

4. Calculate and comment on the Working Capital ratio.

5. Create two charts in Excel from Net Profit after Tax (see page 16) showing 3D columns. Paste the spreadsheet graphs in your assignment. Also, paste the graph data area.

6. Summarise your advice to Vikram re the investment decision.

Find the Wesfarmers 2016 Annual Report on the web.

Note - Need Only Assessment Item 2 and all required information are in attached file.

Attachment:- Acc Systems and Processes Assignment File.rar