Prepare a Bank Reconciliation Statement

Assignment Help Accounting Basics

Reference no: EM131974878

Acc Systems and Processes Assignment -

Learning outcomes - On successful completion of this subject, you should:

be able to apply conceptual and technical aspects of accounting and prepare relevant business financial statements;
be able to discuss the historical development of accounting;
be able to appraise the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource;
be able to demonstrate relevant business communication skills including report writing;
be able to contextualise and evaluate accounting information for decision making purposes;
be able to explain the importance of ethics in accounting.

Assessment item 1 - Task

Assignment task No. 1

Provide APA references for each question and provide a Bibliography/ Reading List of ALL references at the end of your assignment.

Q1. Plagiarism

Reference Internet sources to define plagiarism. Is collusion on assignments plagiarism? Why is plagiarism/collusion unfair to honest students?

Q2. Pasting spreadsheets in doc files

Use Greenshot to copy and paste in a Word file, a simple normal view AND formula view of a spreadsheet showing row and column headings. Describe ONE other method to paste a spreadsheet in a Word file. Refer to the Spreadsheet Advice PDF for examples.

Q3. Accounting resources on the Internet

List six web sites relevant to accounting together with their URLs. Explain how is each relevant to accounting.

Q4. Professional accounting bodies

Find online one Australian professional accounting organisation. Describe a resource within this website (apart from ABC Learning), potentially relevant to your study of accounting. Explain why you chose this resource.

Q5. Work Integrated Assessment (about 300 words)

Describe the computing environment in your current or previous workplace or home office; equipment, software, processes etc. Or answer this question in relation to a possible future workplace position.

The above five questions are designed to assess your ability to use and evaluate digital resources for accounting and can be answered from any source including the computer sections of magazines and newspapers or by access to the Internet. When using the Internet include the URL reference.

Q6. ABC Learning and ethics - ABC Learning Case Study

Watch the six CPA ABC Learning movies.

Prepare a business report covering the following (about 500 words)

1. What did you learn from watching these videos?

2. What are the major financial reports? What is the purpose of each?

3. Identify 3 ethical issues from the case study.

Q7. PALER

Spreadsheet - check the assignment and spreadsheet requirements.

A. Explain PALER. Refer to the Topic notes.

B. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we want you to acquire spreadsheeting skills.

C. Create a spreadsheet solution. Check the spreadsheet requirements in the Subject Outline.

Q8. Balance Sheet Equation

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which method you chose.

B. Spreadsheet required. Note: Interact2 resources including the Spreadsheet Advice PDF and the worksheet video may assist in completing this assignment question.

In this case, the Report section will look just like the data section but will contain only formulas. In some cases, the cells in the report will be, for example =D8. The yellow highlighted cells will contain the answers.

C. For each number calculated, briefly explain how you derived the answer.

Q9. Debit and credit balances

List four accounts with normal debit balances. List four accounts with normal credit balances.

Q10. Trial balance

B. Create a spreadsheet solution. Paste normal and formula views.

C. Change 3 numbers such that the trial balance still balances. Paste this new normal view. There should be no need to paste a new formula view. Ensure that you choose the 3 changes yourself. Highlight the data changes with the yellow highlighter in Excel.

Note that Interact resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

Q11. Crossword

Create your own simple crossword using at least 5 accounting terms and clues. Use the words Debit and Credit plus choose 3 more terms. Hint: there are free crossword creation apps online. Make two copies of your crossword - one blank and one completed.

Q12. Types of adjusting entries

List four types of period end adjusting entries and give journal entries examples of each.

Q13. Current and non-current liabilities

Distinguish between current and non-current liabilities. Give two examples of each.

Q14. Ratios

Explain the current ratio. Create your own numerical example.

Q15. Worksheet and financial reports

Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment.

B. Spreadsheet. Add a ten column worksheet beneath the following data. Below that report, create three financial reports - the Income Statement, the Statement of Owner's Equity and the Balance Sheet. Paste the normal and formula view.

C. In a second version, make three changes to the data such that a loss is reported. Paste the second normal view.

Assessment item 2 - Task

Provide APA references for all questions when you use material which you did not personally create, for all spreadsheets provide both normal and formula views with row and column headings. Use IF functions whenever appropriate. See the Spreadsheet Advice PDF, the Inventory videos and the Foot worksheet videos.

Q1. Naming cells in spreadsheets

Create a simple spreadsheet to demonstrate how cell references can use names. Use Sales less Expenses = Net Profit. Show both normal and formula views with row and column headings.

Q2. Negative numbers

Paste a simple spreadsheet example showing how negative numbers can be displayed in brackets. Why do accounting financial reports follow this practice?

Q3. Separation of data and report areas

Why should accounting spreadsheet reports be designed with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example showing normal and formula views.

Q4. IF functions

Reference a YouTube video explaining IF functions. What is an 'IF' statement (function)? Provide a simple spreadsheet accounting example showing an IF function for net profit/net loss.

Q5. Periodic versus Perpetual Inventory Systems

Does the Foot video in Interact2 Resources show Periodic or Perpetual Inventory? How can you tell? Explain the essential differences between perpetual and periodic inventory systems. Give your own examples of products/situations suited to each. (Watch the 3 videos on Inventory in Interact2 Resources).

Q6. Worksheet and financial reports

Write a business report (about 600 words) critically evaluating spreadsheets as a tool for accounting. Use Internet resources. Include a section on the advantages and disadvantages of spreadsheets. Refer to the Internet for advice on Business Report structures. Reference ALL your sources.

Q7. Application of Inventory flow assumptions

A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we want you to acquire spreadsheeting skills.

B. Read chapter 6 Retail Inventory in your text and view the three videos on Inventory. Create a spreadsheet.

Q8. Bank Reconciliation

Prepare a Bank Reconciliation Statement from the following data.

B. Spreadsheet. Paste the normal and formula views. Use an IF function. Then in a second version change ALL the data and paste the normal view.

Q9. Journalising accounts receivable entries

Using your text as a resource, show the journal entries needed to show sales on credit, the collection of part of the amount owing, the write off of accounts receivable, the reinstatement of an amount written off and the collection in full of the amount owing. Create your own numbers. A spreadsheet is not required.

Q10. Estimating bad debts

Contrast two different methods of estimating bad debts. Create simple examples.

Q11. Computers and Accounts receivable

Explain how computers have become essential to online retailing. Use eBay as an example.

Q12. Dishonour of a note receivable

Write a narrative which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Then show the T accounts derived from your narrative. Create your own simple numbers.

Q13. Work Integrated Assessment case study

Wesfarmers Annual Report 2017

Learning Objectives: The subject you are studying is vocational. It is designed with the workplace in mind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice the professional and academic skills they learn about in a subject or through the online environment and then be assessed on their capabilities in these simulated authentic environments. Work integrated assessment allows students to simulate and situate their learning in an authentic workplace that encourages them to explore their knowledge and apply it to practice. Integrating real world, authentic assessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability.

Resources for this task include the 2017 Annual Report for Wesfarmers.

Assume you are an investment advisor with accounting expertise. Present a business report analysing Wesfarmers as a shareholder investment. Include in your report the range of Wesfarmers activities, sustainability issues, financial information and your own charts created from Wesfarmers data using Excel. Show these charts with the data selected by you. Show two different chart styles. Ensure you use a business report format. Include images in your report,

You report will be about 600 words excluding appendices, charts and images.

Find the Wesfarmers 2017 Annual Report on the web.

Attachment:- Assignment File.rar

Reference no: EM131974878

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Reviews

len1974878

5/8/2018 3:59:40 AM

Task 1 covers study schedule weeks 1-4 inclusive and includes the application of conceptual and technical aspects of accounting and the preparation of business financial statements, the appraisal of the use of information technology including spreadsheet software and the evaluation of the Internet as a professional resource and to demonstrate business communication skills including report writing. In today’s business environment we need verbal skills, writing skills, numeracy skills AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment. It is suggested that you attempt the assignment questions week by week.

len1974878

5/8/2018 3:59:33 AM

This assignment task is designed to give you an opportunity to demonstrate knowledge and skills in aspects of accounting and information systems including technical issues as well as concepts such as the accounting equations, cash and accrual accounting, current and non-current assets and liabilities, trial balance, worksheets, income statement, statement of owner’s equity, balance sheets and the application of spreadsheet software to the presentation and solution of accounting problems. In this assignment task, you are required to complete all questions and submit all necessary workings. A list of references is required at the end of your assignment as well as references throughout your assignment. The assignments in this subject are designed to assess your application of knowledge and skills.

len1974878

5/8/2018 3:59:26 AM

Assignment questions include problems, discussion questions, spreadsheets and questions related to use and evaluation of digital resources. The assignment questions are structured so as to simulate a pattern of weekly learning. Students are encouraged to attempt this subject by studying on a regular (weekly) basis. The nature of the understanding and skills required means it is unwise to leave study until the last minute. Note the special requirements for the spreadsheet sections of your assignment detailed in the Spreadsheet Advice in Interact2.

len1974878

5/8/2018 3:59:20 AM

The final examination in this subject will include questions assessing similar knowledge application, understanding and skills as the assignment work. Marking criteria - Your assignment will be marked as a whole with recognition being given to demonstration of knowledge, quality thinking, application of skills and critical thinking. For some questions, you have a chance to demonstrate some creativity, or provide your own examples or give evidence of wider reading or to structure a spreadsheet in an innovative manner. You also need to avoid the snowballing effects of cumulative errors - that is, an error early in a practical question which carries through. Full marks are a possibility for well structured, complete, quality answers.

len1974878

5/8/2018 3:59:14 AM

You will be provided with a mark based on the work submitted and you will also be provided with suggested solutions or guidelines. Feedback will normally consist of the mark, specific comments and guideline solutions. High Distinction. To meet this level, you will attain a cumulative mark between 85%-100%. A mark in this range indicates that you have met the learning outcomes for this task to an exceptional level, including skilfully applying correct analytical methods and techniques, deconstructing information and reflecting on different accounting and financial management ideas and interpretative techniques applied in management decision making and efficient allocation of business resources, and creating professional reports and spreadsheets that can be used in management decision making.

len1974878

5/8/2018 3:59:08 AM

This mark also indicates your assignment will: be professionally presented with correct spelling and grammar, be the result of your original work, include complete references and acknowledgment of all sources used according to APA 6th style, be complete without any omissions, be correct, evaluate comprehensively the issues raised in the questions, provide examples where appropriate, and comply with all spreadsheet requirements.

len1974878

5/8/2018 3:59:01 AM

Spreadsheet requirements - For every question with a spreadsheet solution, paste in the Word document displaying row and column headings, the spreadsheet solutions normal view and a formula view of each spreadsheet, Thus, your Word file will provide a complete answer to every question. The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible. The separate Excel file will provide a clear demonstration of correct spreadsheet structures. You may need to break up your report/solution into separate images. For good spreadsheet design it is very important that you have completely separate data entry and solution/report areas. A good spreadsheet solution format is to key in the question in a structure which allows the solution to be completely formula driven. There should be no data in the report/solution area.

len1974878

5/8/2018 3:58:54 AM

Create all spreadsheets solutions as separate spreadsheets in one workbook. Name the tags at the bottom of the computer screen with the question number, and sub-section as appropriate. See examples in the Spreadsheet Advice PDF in Interact Resources. Save your workbook with the cursor in cell A1 of the first spreadsheet. Where appropriate, use the IF function to provide built in checks of balances, net income/net loss, favourable/unfavourable variances etc. How can you display negative numbers in brackets? Google the question! Hint. Format / Cells / Number and select Custom.

len1974878

5/8/2018 3:58:46 AM

We have provided spreadsheet examples to guide you in the Spreadsheet Advice PDF in Interact2 Resources - it is important that you study these examples. Also consider using the spreadsheet templates available with your text and other online spreadsheet resources but note that the text templates do not necessarily comply with the subject spreadsheet requirements. Solutions to questions should vary in length according to the nature of the question. Solutions to exercises and problem questions should be in a similar form to that demonstrated in the text. Submit your work electronically through Turnitin.

len1974878

5/8/2018 3:58:39 AM

Assessment task 2 is designed to give you further opportunity to demonstrate knowledge and skills in more in-depth aspects of accounting and information systems including bank reconciliation, inventory systems, financial reports, accounting for bad debts and notes receivable, as well as concepts and the application of spreadsheet software to the presentation and solution of accounting problems. Task 2 covers the study schedule weeks 5-12 inclusive and includes the application of conceptual and technical aspects of accounting and the preparation of business financial statements, the appraisal of the use of information technology including spreadsheet software, to demonstrate business communication skills including report writing, to contextualise and evaluate accounting information for decision making, to explain the importance of ethics in accounting.

len1974878

5/8/2018 3:58:31 AM

In today’s business environment we need verbal skills, writing skills, numeracy skills AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment. It is suggested that you attempt the assignment questions week by week.

len1974878

5/8/2018 3:58:23 AM

Presentation - Please read this in conjunction with the assignment requirements below. Single spacing and small margins are welcome to save paper. For any business report style questions, a report structure is expected. Provide references throughout your assignment including page references to texts, articles and URL’s of websites. APA is the referencing style used by the Faculty of Business. Acknowledge ALL sources used. At the end of your assignment include a complete Bibliography (Reference List) of resources actually used including the Internet, textbook, Interact resources, software help files and videos supporting this subject.

len1974878

5/8/2018 3:58:16 AM

The work you submit must be your own. In the past a few students have received heavy penalties for submitting assignments which were not entirely their own work. Submit through Turnitin. Your Turnitin submission will consist of two files - a Word file and an Excel file. Name the two files with just your family name. The first page of your assignment Word document should consist of the following parts: subject code and name; your name and student ID number; assignment task number; a list of questions attempted and a list of questions not attempted; an academic integrity statement that the work submitted is your own and that all sources used have been acknowledged.

len1974878

5/8/2018 3:58:10 AM

Dates and details of any extension granted; usually include a copy of the approval email; an acknowledgement of all your sources, and The following statement can be used: THE WORK IN THIS ASSIGNMENT IS MY OWN WORK, AND HAS NOT BEEN PLAGIARISED. 3. Record your name, student number and page number as a footer on every page of your Word document. Present assignment solutions in your Word document in the same sequence as the questions. Provide references throughout (question by question if appropriate) and include a bibliography of all sources used including internet resources, at the end of your assignment. If using internet resources, include the URL and date of access. Use APA 6th style.

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