Reference no: EM132372063
Accounting Applications Assignment -
This assignment is designed to give you an opportunity to:
1. Understand and apply accounting concepts to transactions andaccounting cycles using a computerised accounting system.
2. Critically evaluate output from an accounting information system.
3. Use and understand the applications of software for preparation and analysis of financial statements.
Company - Fizzy Soft Drink (FDS)
Assignment Requirements -
Part A -
1. Using the information provided enter the transaction in the company in Xero Learn using your USQ paid access Xero account. Details of how to access this account will be emailed to students from Xero Learn.
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 2019)
d. Balance Sheet (30 June 2019)
5. These reports must be identical to the reports in the Xero learn platform so that we can accurately mark your assignment.
Tips For Editing 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 -
Evaluate the advantages and disadvantages of the Principles vs. Rules based approach to accounting.
Discuss and critically analyse which of these is more appropriate. 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 800 words. Maximum word count is 1200 words.
You MUST provide at least 7 academic references. Note: Please ensure you know what academic references are. Please contact the library if in doubt. Text books are NOT academic references.
Attachment:- Accounting Applications Assignment File.rar