Reference no: EM132373128
Introductory Financial Accounting Assignment - Practice Set
Background Information - Michael Brown decided to leave his employment and start his own business in providing catering supplies to food outlets. He had worked in the industry for a number of years and had established a wide range of contacts both as suppliers of catering needs and customers who required catering supplies. He plans to start small and only trade in a few products at first. THE BUSINESS IS NOT REGISTERED FOR GST, accordingly, there is no requirement to account for or include GST in any transaction.
You're required to input the relevant transactions and adjustments for the first two months of MBB Catering Services Pty. Ltd into Xero, and produce 4 financial statements, which are
- Statement of Financial Performance for the month of January AND February 2019.
- Statement of Financial Position as at 31 January 2019 AND 28 February 2019.
About Xero
Xero is a cloud-based accounting software, which is widely used by small and medium- sized businesses in Australia and New Zealand. Ability to use Xero has become not only a critical employability skill required from an accounting major graduate if they are to look for jobs within the accounting profession, but also a great addition if one is to start their own business after graduation.
Xero Assignment requires students to use Xero online accounting software, but no formal instruction in use of the software will occur - this is a self - guided study activity. We acknowledge the fact that it can be quite a challenge to learn an accounting software from scratch, so we will provide you with several learning resources, including
- Xero consultation (Time and location will be posted on LMS)
- a series of Xero tutorial videos available both on LMS and on Xero's official YouTube channel. The videos on LMS are tailored to the assignment, so we highly recommend that you watch all the videos before commencing the assignment, and always refer to the videos for answers whenever you encounter any problem. We know where you may get stuck and have addressed all the common mistakes in the videos, therefore you can expect to find answers to 90% of your questions in the videos!
- Within the source documents file, we have also added 'Xero tips' under some of the source docs, and hopefully this is works well as a guidance for you to work through this Xero assignment.
Please note that if you have difficulty using Xero, you should in the first instance, watch the videos again. If still in doubt, you should be able to search related resources online, discuss with your peers, and make use of the Xero consultation hours. Please note the cut-off for email enquires will be 3pm 22nd September (please do not leave this assignment to the last minute - there will be no support available after COB 22nd September).
Once again, we hope that you can develop an important work skill of using Xero through this assignment. We understand that sometimes you may feel frustrated or stressed, because it is never easy to learn a software that's new to you. However, please be assured that we will provide all the assistance we can to help you. In the meantime, we hope that you can proactively look for solutions whenever you get stuck, because the ability to search for resources online and problem solving are also key graduate skills that we hope you can build through this Xero assignment.
Attachment:- Financial Accounting Assignment Files.rar