Reference no: EM132222705 , Length: word count:3000

INTRODUCTORY FINANCIAL ACCOUNTING ASSIGNMENT -

Company - SEEKA KIWIFRUIT INDUSTRIES LIMITED.

Find Your Firm's Annual Reports and Spreadsheet

The assignment for this unit is made up of eleven (11) steps. As you complete these eleven steps, you will find your company's annual reports and have a look at them. You will then practice aspects of the recording process using Excel. You will also create a Trial Balance from your company's financial statements, and explore its Inventories and Depreciation policies. You will also have the opportunity of creating a set of business transactions for your company, recording these in MYOB software and producing a set of financial statements using MYOB. As well, you will have the opportunity to experience how interacting with others in the unit may be able to help you to better understand the concepts we will be studying.

Step 1:

Step 1 involves you writing down some of your ideas, reflections and reactions to reading Chapter 1 Sections 1.1 - 1.3 in the Study Guide.

Step 2:

Step 2 involves you writing down some of your ideas, reflections and reactions to reading Chapter 1 Section 1.4 and Chapter 2 in the Study Guide.

Step 3:

Step 3 involves you identifying your own company, posting on your blog some background information on your company and its industry, and commenting on other people's blogs.

Read Your Firm's Annual Report: Identify Clearly What Your Firm Does

Step 4:

Step 4 involves you practising the recording process.

Please also describe your responses to the following questions:

a) What is the chart of accounts so far, as illustrated in this example? What is your own chart of accounts? Is it like the one shown here? Remember, you can add to your chart of accounts as you classify more of your own transactions.

b) What level of detail could you change in the chart of accounts shown in this activity? Why might you want to do this?

c) How might you analyse your Income Statement? Has this exercise of recording your transactions through to the financial statements been useful for you? If so, why; if not, why not?

d) Did you identify any transactions that you could apply the accrual basis of accounting to? Describe how treating a transaction under the accrual basis of accounting might differ from the cash basis of accounting. (Hint: these sorts of transactions commonly appear in personal accounts as lump sum payments in advance for a year's worth of 'expense' - e.g. house insurance, car registration).

Step 5:

Step 5 involves you creating a Trial Balance in a spreadsheet, using your company's financial statements. This exercise will test your understanding of the double-entry accounting process.

Step 6:

Step 6 involves you providing (and receiving) feedback to three other students in our unit on their draft ASS Steps 3-5.

Step 7:

Step 7 involves you exploring the inventories practices of your firm.

Step 8:

Step 8 involves exposing you to a commonly used accounting software. In this step, you will learn how to use MYOB AccountRight (Windows), or MYOB AccountEdge (Mac).

Step 9:

Step 9 involves you creating a set of business transactions for your company, recording these in MYOB, and producing a set of financial statements from MYOB.

Step 10:

Step 10 involves you describing your firm's Depreciation policies and creating Depreciation journal entries based on your firm's financial statements.

Step 11:

Step 11 involves you providing (and receiving) feedback to three other students in our unit on their draft ASS Steps 7-10.

Attachment:- Assignment Files.rar