Reference no: EM13937787
Accounting practice set:
An accounting practice set is a real world simulation of a single month in the accounting cycle of a small business. In this context, the word "practice" does not mean "a casual attempt" but rather an opportunity to demonstrate your accounting skills in your own simulated "accounting practice". This particular practice set will give you practical experience in using your MYOB software by taking you through all of the steps involved in the accounting cycle for a small electronics store called "The Digital Village".
This practice set adopts a computerised approach. This means it requires you to complete the accounting cycle using the well-known accounting software package referred to as "MYOB". NOTE that Perdisco website is not the MYOB software. The MYOB software is not on the internet but is a separate program that you must install on your own computer (or gain access to by some other means such as Federation University's computers). Perdisco website is just a learning tool designed to give you direct experience in using MYOB. To allow your progress to be regularly monitored, you will be required to transcribe your results from MYOB (on your own computer) into this website (on the internet).
Perdisco can then give you feedback that will help you identify and fix your mistakes as early as possible to prevent those mistakes being carried forward throughout the rest of your practice set. By the conclusion of the practice set you will have obtained real-world experience in using MYOB to:
• create and setup a company;
• record transactions;
• prepare a number of financial reports; and
• understand the benefits of using a computerised accounting system which include the automatic posting of transactions and the built-in internal control measures that prevent records from being deliberately modified.
To begin, you will be provided with information about the company and you will use this information to:
• create the company file for "The Digital Village" in MYOB;
• record the given transactions in the company's accounts;
• perform a bank reconciliation;
• record adjusting entries;
• generate an adjusted trial balance; and
• prepare the financial statements.
This practice set is a very large activity that continues over lots of web pages and that will take you many study hours to complete. More details of the structure of this activity and the time it will take to complete are provided in the following table.
|
Section
|
Approximate study time: Up to
|
Maximum points
|
|
Conversion to MYOB
|
2.78
|
hours
|
24
|
|
Company setup
|
5.55
|
hours
|
54
|
|
Practice transaction
|
0.93
|
hour
|
11
|
|
First transaction
|
0.46
|
hour
|
8
|
|
Transactions: Early January
|
5.09
|
hours
|
77
|
|
First trial balance
|
|
Finding and fixing errors
|
1.85
|
hour
|
20
|
|
Transactions: Mid January
|
2.78
|
hours
|
46
|
|
Transactions: Late January
|
2.78
|
hours
|
32
|
|
Bank reconciliation
|
3.70
|
hours
|
37
|
|
Adjusting entries
|
2.78
|
hours
|
41
|
|
Inventory, receivables and payables
|
1.85
|
hour
|
23
|
|
Financial statements
|
2.78
|
hour
|
36
|
|
Printouts
|
1.85
|
hour
|
*
|
|
Total
|
Up to: 35
|
hours
|
409
|
Please read all of the instructions carefully and ensure you allow enough time to complete the above listed activities. Before you start, we suggest that you download and read the STUDENT COMPANION & HELPFUL HINTS document which is provided on your practice set home page. This document provides you with a comprehensive overview of what to expect as you complete this practice set including how this practice set is graded and gives you some hints to maximise your chance of success.
|
Write recursive function for binary search tree
: Write a recursive member function level() for class template BST(Binary Search Tree) that determines the level in the BST at which a specified item is located. The root of the BST is at level 0, its children are at level 1, and so on.
|
|
How does the graph display this information
: How it is possible for the price of the superstar's autographs to be higher than the price of the teammate's autographs even though the supply of superstar autographs is larger than the supply of teammate autographs? How does the graph display thi..
|
|
What was the gain or loss on the sale
: What was the gain or loss on the sale? On which financial statement would the gain or loss appear? What information does this accounting calculation provide for future decisions?
|
|
Type of structure-frame structure system
: There are different types of frame system which are having combination beams(which is called horizontal element) , column (which is called vertical element) and slab to hold the lateral and gravity, types of frame structure:-
|
|
Prepare a number of financial reports
: Perdisco can then give you feedback that will help you identify and fix your mistakes as early as possible to prevent those mistakes being carried forward throughout the rest of your practice set.
|
|
Relationship between the theory and the behavior
: Imagine you are creating a lesson on your specific theory. Provide an example of a situation that demonstrates the relationship between the theory and the behavior
|
|
Approach to systems development
: What are the primary functional requirements for the system in the case study? What are the non-functional requirements for the system in the case study?
|
|
What amount of the acquisition cost has already been expense
: What amount of the acquisition cost has already been expensed? What is the book value (carrying value)? Are any of the assets listed not being depreciated?
|
|
What is direct recursion
: suppose hat intArray is an array of integers, and length specifies the number of elements in intArray. Also suppose that low and high are two integers such that 0
|