Reference no: EM132120561

Accounting Concepts and Applications

Students are required to complete the computerised accounting practice set - World of Games - by Pabst and Perrin (2015) on an INDIVIDUAL basis for accounting transactions up to Period 1 (1 June to 9 June 2015). The transactions can be found on page 64 to 68 Appendix 1 of the practice set.

Additional Instructions for MYOB Practice Set

1) When setting up the company, students are required to enter their own names and student numbers into the address section. Refer to page 9 of the ‘World of Games' practice set.

2) Students MUST print out Session Reports at the completion of ALL MYOB sessions and include these in an Appendix to the final report.

A session report is different from a MYOB financial report. A sample copy of a proper SESSION REPORT can be found on Blackboard. A session report should indicate the student name and student number. It has the title 'Session Report'/‘Journal Security Audit' (name of report may differ, depending on MYOB version used) and will indicate the date and time when the transactions are keyed into MYOB.

3) For those using the MYOB version that generates session reports, the audit trail function is not automated, so please follow the following steps below.

Steps to turn on the audit trail function in the MYOB program:
a) Select ‘Set Up'
b) Click ‘Preferences'
c) Check the box that says ‘Use Audit Tracking'

Students will be asked prior to exiting MYOB if they want to print a Session Report. You can print these reports immediately or saved as a PDF file to be printed later. Please note that Session Reports that are not saved CANNOT be recalled and reprinted at a later date as they record only the current session.

4) Students must keep a copy of an electronic MYOB data file of the transactions that are keyed in individually (Period 1) and for the group (Period 2 to 4). This data file is to be presented upon request. Failure to produce the electronic MYOB data file when requested for verification may be deemed as insufficient document to verify that the assignment has been completed by the student individually and/or by the group. Hence, a grade of zero may be awarded for the assignment.

After completing all the transactions detailed in the MYOB practice set up to Period 4, students are required to prepare a detailed report on the financial performance of World of Games as a GROUP.

The report should be written as though you are an accountant preparing the monthly financial reports for the sole trader of World of Games. The owner is concerned about good business operations such as improving profitability and the market share, paying the bills on time, making sure the debtors pay in a timely manner, as well as managing the tax obligations and inventory. Students should refer to analytical techniques to assess the profitability, liquidity, performance and financial position of the business using available accounting information after completing accounting transactions in the practice set. When preparing the report, students should take into consideration the nature of the business and identify what the business has done well as well as what could be improved. After a detailed analysis of the financial statements of World of Games, students should include in their report to the sole trader feasible recommendations that could help the business improve the business operations. Details relating to the proposed recommendations should be included in the report.

The report should be presented in a professional manner. Students can refer to Crosling, G.M., Murphy, H. M., Cotesta, P. V., & Sands, J. (2005). Writing and presenting in accounting. (2nd ed.). Sydney, LexisNexis for a sample of the structure and format of a formal written report.

Students are required to submit a self-reflection summary and a team evaluation form individually.

As stated in the unit plan, this assignment, may, at the unit coordinator's discretion, be extended to require an oral examination to clarify and support the written submission. The oral examination will normally be held in person with the Unit Coordinator but may be conducted by telephone or other means at the Unit Coordinator's discretion. The oral examination should be conducted as soon as possible after the assessment but may be deferred if the student is unable to attend and can provide supporting evidence. The oral examination will be able to override the original assessment of the written submission. If a student fails to attend the oral examination it may result in an Academic Misconduct investigation.

Required:
A completed assignment coversheet should be stapled to the front of the group's submission. The declaration is required to be signed by all group members indicating that the work submitted is their own work. University policies and procedures for academic misconduct and plagiarism will be applied.

Self-reflection: Reflect critically on what you have learnt from the assignment, including your contribution to the team. In approximately 300 words, describe what technical skills and knowledge you have developed and acquired through this project, as well as what and how you have contributed to your team in this group assignment. You can write this section in first person. You will not be assessed on the technical content, but will be assessed on your written communication skills including clarity and grammar. Please note that your contribution to the group recorded in this summary may be used to assess your contribution to the group in the event of any dispute in the final score due to the results collected from the team evaluation forms received.

Attachment:- Assignment Details.zip