Reference no: EM133124727
ASSESSMENT: MYOB PRACTICE TESR
Learning outcome 1: Identify and apply principles and practices of financial reporting in different social, institutional, and regulatory environments
Learning outcome 2: Analyse financial statements to evaluate organisational operations and make recommendations for changes in practices
Learning outcome 3: Critically analyse and evaluate transactions to prepare basic financial statements of different types of entities (or reporting entities)
Learning outcome 4: Undertake research to evaluate alternative local and global financial reporting practices
ASSESSMENT ITEM: DESCRIPTION
Aims
In this assignment, you will learn transaction processing skills, from the initial recording of transactions through to the preparation and presentation of financial reports, in a computerised accounting system environment, using the MYOB software. All enrolled students in this subject are required to use the MYOB software to process the business transactions of Sports station(a case study book), a small business (a proprietary or sole trader firm), for July 2019. Please be aware that it may take up to twenty-five (25) hours to complete this assignment (including learning to use the MYOB software).
Useful information
• After entering period two and period three transactions, please compare your results with the check figures provided on page 63. No check figures are available for the transaction in period four. Please read additional resources in Appendix 2-4 for processing difficult transaction items and their processing in MYOB).
Required tasks: After processing all the transactions for July 2019 above, in the MYOB software, you are required to produce the following outputs (page 64 of the case study book) for submission through LearnJCU assignment Dropbox:
Prepare general journal entries for the end of month adjustments, recording each of the adjustments separately. • Prepare the end of month bank reconciliation using the bank statement shown in appendix 1. (See appendix 4 for help with the bank fees.) • Prepare, view, and print the following reports for July:
? Sales - Accounts Receivable Ageing Summary
? Purchases - Accounts Payable Ageing Summary
? Inventory - Items List Summary
? GST [Summary - Accrual]
? Banking - Reconciliation Report
? Accounts - Trial Balance
? Accounts - Profit & Loss [Accrual]
? Accounts - Standard Balance Sheet
• Journalising:
o Identify and establish opening account balances in the general and subsidiary ledgers.
o Classify and record transactions in the specialised and general journals.
• Posting to relevant ledger accounts
o Process journals to the general and subsidiary ledgers.
• Preparation of reports:
o Prepare a schedule of accounts as required on page 69 of the case study book and reconcile these with the check figures provided.
o Prepare a trial balance for 31 July 2019 (screenshot on page 68).
o Record and post balance daily adjustments in general journals; and
o Prepare and present the financial statements: Income Statement, and Balance Sheet
Attachment:- Practice set.rar