Preparation and analysis of financial statements

Reference no: EM132297280

This assignment is designed to give you an opportunity to:

1. Understand and apply accounting concepts to transactions and accounting cycles using a computerised accounting systems (Objective 1).

2. Critically evaluate output from an accounting information system (Objective 2).

3. Use and understand the applications of software for preparation and analysis of financial statements (Objective 3).

Assignment Requirements:

Part A

1. Using the information provided set up a company in Xero using your USQ paid access Xero account.
Details of how to access this account will be emailed to students from Xero.
2. Record the opening balances.
3. Record June's transactions in Xero.
4. Prepare the following reports from Xero:
a. Aged Accounts Receivable
b. Aged Accounts Payable
c. Profit and Loss Statement (30 June 2018)
d. Balance Sheet (30 June 2018)

Tips For Setting Up Your Company

• You will need to edit the default chart of accounts in Xero.
• You will need to add a bank account (do not use your own account details). Use the following information):

Bank - NAB BSB: 084000
Account: Your student ID number.
• Remember Xero only has one GST account.

Part B

There are four inventory costing methods: specific identification, first in first out (FIFO), last in first out (LFIO), and weighted average.

Provide an analysis of the advantages and disadvantages of each method. Explain what types of organisations might use which method and, when and if they are able to choose between them. Explain what a company must do if they change their inventory measurement method.

Compare the four methods and critically analyse why they are different and what differences they are likely to produce both in the short term and long term.

Determine (in your opinion) which of them is the most reliable, and which most accurately present relevant information. You must explain why you have come to this decision.

Minimum word count for this section is 750 words. Maximum word count is 1000 words. You MUST provide at least 7 academic references using peer reviewed journal articles. You will lose the marks for referencing if you do not provide sufficient academic references. Note: Please ensure you know what peer reviewed journal articles are. Please contact the library if in doubt. Text books are NOT academic references.

Note: Only Part-A The project is to be done in Xero

Attachment:- Assignment.rar

Reference no: EM132297280

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Reviews

len2297280

5/1/2019 3:50:31 AM

Please follow these instructions: 1. The assignment is to be submitted electronically. Submit the assignment using the link on the study desk. File types allowed include doc and docx (2MB max). Only one file will be accepted. If more than one file is uploaded, only the first file listed will be marked. Do not submit a cover sheet. 2. Use the following naming protocol: [firstnamesurname_ACC5000_Assignment2.docx]. For example: gregoryjones_ACC5000_Assignment2.docx 3. You should copy your reports from Xero into your Microsoft word file (the easiest way is via Excel). Details of how to access this account will be emailed to students from Xero. 4. Answer each question using a heading indicating the question number. Full referencing is required in accordance with the USQ preferred Harvard Referencing style

len2297280

5/1/2019 3:49:59 AM

Part B Marks Available Advantages/ Disadvantages of inventory costing methods. Critical analysis of inventory costing methods including differences and their effect on relevant and reliable information. 15 7 academic references. No marks if 7 academic references not provided. 5 Total part B 20 Total Assignment Mark 60

len2297280

5/1/2019 3:49:51 AM

Part A Marks Available Aged accounts receivable report from Xero 3 Aged accounts payable report from Xero 3 Profit and loss statement from Xero 13 Balance sheet from Xero 16 Overall presentation (including correct report titles, correct company name) 5 Total part A 40

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