Reference no: EM132450920

ACC100 - Introduction to Accounting - King's Own Institute

Group Project

Purpose: To allow students to demonstrate their ability to research, critically analyse trends and issues in accounting and solve standard accounting problems as would arise in the modern accounting environment. The assessment also allows students to further develop their team working and professional communication skills.

Group Project Topic: Accounting Issues analysis

Background: In accounting, we learn not only how to record and report transactions, but also the purpose for the information created and the many uses of accounting information in everyday living and business. Accounting provides users with financial information to guide them in making decisions such as planning a business. An understanding of accounting and its various roles in decision making will equip you with some important tools and techniques for understanding a broad range of accounting and business issues.

Basic information: You are a fresh graduate and an associate member of CPA Australia, and started to work as an assistant accountant in a small family owned proprietary company. The company's financial year end is 30th June. As the family members are trying to sell the company, you have been asked by your supervisor to finalise the financial statements ended 30 June 2019 with a very short deadline. You think you need additional supervision or support to complete it before the deadline. However, the supervisor appears unable to offer the necessary supervision nor support.

The owners (family members) of the company are planning to use the financial statements to calculate the value of the company for the sale. You are worried that the deadline for the completion of the financial statements is unrealistic. Further, you think that your completed work cannot be robust enough to be used for such an important business decision. However your supervisor is putting you under a lot of pressure to complete the financial statement as soon as possible.

Go online to job outlook and analyse the details of tasks required by accountants. With this information, search for accountancy jobs in the market such as, Seek website, Indeed website, and match the level of experience required for specific work positions and titles.

Your group report should cover the following:

Part 1: Environment in accounting industry
• Role of ethics and corporate governance in the accounting industry
• What principles of Code of Ethics (APES 110) may be threatened in the above case?
• What are possible courses of action?
• Required skills for assistant accountant based on the Job Prospect and job advertisement.

Part 2: Financials - financial information will be provided in Moodle
• Accounting Equation and Worksheet
• Financial statements (income statement, changes in equity and balance sheet)
• Fundamental financial statement analysis

Part 3: Group activity report
• Group Activity Summary Reports
• Group opinions, including recommendations / conclusion

Part 4: References and Appendix
• Min. 5 references
• Min. 5 job advertisements

Part 5: Oral presentation
• Individual presentation during lecture/tutorial session

Task Details: Groups must allocate each student in the group a part of the answer to prepare. The group must coordinate and consolidate each student's answer into the overall response and final report to be submitted. Each group member should have a copy of the Group List with the contact details, Name, Mobile phone and email address for all members of the group.

Research requirements: Students need to support their analysis with reference from the text that are suitable, reliable, current and academically acceptable sources - check with your tutor if unsure of the validity of sources. Groups seeking Credit or above grades should support their analysis with increased number of reference sources comparable to the grade they are seeking.

Group Report: no word limit/requirement report, in Word .doc or .docx. Use Arial font size 12. The report must be typed and printed for submission. Please attach the KOI assignment coversheet with all group members' names filled in. Use Harvard referencing.