Reference no: EM132809375

AYB221 Accounting Systems and Analytics - Queensland University of Technology

Learning Outcome 1: Incorporate the use of technology appropriate to the discipline and content.

Learning Outcome 2: Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.

Assessment Purpose

This assignment is an individual assessment assessing your learning from the MYOB tutorials and Pabst & Perrin text by completing the February transactions and end of month processing. Accuracy of accounting information is important and the marking will be based on correct entries. This assessment will assist you to develop problem solving and judgement skills.

PART A: PROCESSING TRANSACTIONS

You do not need to create a MYOB file for this assignment. Download and use the ETB Electronics.MYO file that is provided to you on Blackboard under Assessment.

1. When you log into ETB Electronics for the first time you will need to use "Administrator" as the user ID. Then immediately create a new user ID with your student number (see Tutorial Activity 1). Use your student ID the next time you log in and ensure audit trail tracking is ticked under security preferences (see Tutorial Activity 1)

2. Enter the February 2019 transactions

3. Prepare End of Month Adjusting Entries for 28 February 2019

4. Perform the Bank Reconcilation at 28 February 2019

5. Once you have entered all the assignment transactions for February 2019, import the budget data text file in the same manner as what you did in the tutorial. You have been provided a different budget text file on Blackboard under Assessment (DO NOT USE THE BUDGET DATA TEXT FILE FROM THE TUTORIALS)

February 2019 Adjusting Entries:

Record the following adjusting entries on 28 February 2019 and include your detailed calculations in the memo field of each entry. For help on recording adjusting entries in MYOB, refer to the GL & Reporting Lecture which discussed end of month reporting.

Note:
1. There is no GST applicable for any of the adjusting entries.
2. Calculations for depreciation, interest and superannuation should be rounded to 2 decimal places.
3. Base your calculations on months (hint: divide by 12), not days except for wages accrual and items that have been purchased during the month. (Hint -you can refer to an ATO calculator for calculating the number of days).

1. Your final completed ETB Electronics MYO data file AND audit trail report
(Do not submit or use the tutorial e_Generation MYO file.

Ensure the Audit Trail Report is dated from 1/1/2019 until 31/12/19
(Accounts >>Audit Trail >>Audit Trail Report) select Customise to enter the date range -> Print -> Send To -> PDF

Your submission is not complete and therefore will not be marked if you don't provide the two files (.myo file and audit trail.pdf)

2. Enter the required $ amounts from specified accounts online at the time of submission through the Blackboard Quiz tool.

Note: It is recommended you have the PDF versions of the following MYOB reports with you whilst entering the amounts: These reports DO NOT need to be submitted.

1. February 2019 Trial Balance
2. Reconciliation Report for the St George Business Saver Account, as at 28th February 2019
3. Detailed Ledger ONLY for Account 1-1180 Undeposited Funds for February 2019 (Accounts >>General Ledger (Detail))
4. Transaction Journal for General Journal for February 2019 (Accounts >>Transaction Journals >>General Journal)
The Memo field for each entry should show how the figures were calculated.
5. Budget Analysis Report for February 2019 (Accounts >>Profit & Loss >>Budget Analysis)

3. Submit the Business Performance Report (see page 11) as per the proforma to Turnitin.

PART B: BUSINESS PERFORMANCE REPORT

Christian has asked you to write a business performance report of 375 words (maximum), reviewing the following:

February's overall profitability and a discussion on the cash flow position: (Hint: use the Budget Analysis Report to discuss the profitability).

Product profitability and Pricing Analysis (Hint: use the Inventory Price Analysis Report and Analyse Sales Report)
Report on the revenue and gross profit of significant products; strong/weak inventory items

Outline 4 major issues and provide recommendations
• Identify 4 major issues occurring in this business (you may have already mentioned some above and you can explain them here);
• Explain why the issues are problematic;
• How the issues arose; and,
• Provide 4 recommendations to the owner as to how he can reduce the impact of these issues based on the facts of the case.

Attachment:- Accounting Systems and Analytics.rar

Attachment:- Requirements.rar