Bachelor of Accounting / Bachelor of Business

Unit

Business Accounting

Unit Code

BUSACT116

Type of Assessment

Group project

Length / duration

Complete all the task

Learning outcomes addressed

a) Understand the language of financial accounting and financial reporting

b) Explain the purpose, content, format and practical applications of the following financial statements, the Profit and Loss Statement, the Balance Sheet, and the relationship between these financial statements.

c) Understand the accounting cycle and the business process of accounting information systems and their ethical implications. Engage in the evaluation, development or implementation of computerized accounting information systems

Submission Date

End of Week 10

Assessment Brief

The exercise is designed to test the following criteria: your technical competence and understanding of the accounting cycle and operation of an accounting information system; your ability to identify and accurately record events and post them correctly to the appropriate accounts; and your ability prepare bank reconciliation and month end accounts with comments on financial performance.

Total Mark

100

Weighting

10%

Students are advised that any submissions past the due date incur a 10% penalty per day, calculated from the total mark e.g. a task marked out of 40 will incur a 4 mark penalty per day

Assessment 4 Brief Course Bachelor of Accounting / Bachelor of Business Unit Business Accounting Unit Code BUSACT116 Type of Assessment Group project Length / duration Complete all the task Learning outcomes addressed a) Understand the language of financial accounting and financial reporting b) Explain the purpose, content, format and practical applications of the following financial statements, the Profit and Loss Statement, the Balance Sheet, and the relationship between these financial statements. c) Understand the accounting cycle and the business process of accounting information systems and their ethical implications. Engage in the evaluation, development or implementation of computerized accounting information systems Submission Date End of Week 10 Assessment Brief Total Mark The exercise is designed to test the following criteria: your technical competence and understanding of the accounting cycle and operation of an accounting information system; your ability to identify and accurately record events and post them correctly to the appropriate accounts; and your ability prepare bank reconciliation and month end accounts with comments on financial performance. 100 Weighting 10% Students are advised that any submissions past the due date incur a 10% penalty per day, calculated from the total mark e.g. a task marked out of 40 will incur a 4 mark penalty per day. Please note: you must attempt all assessments tasks in a unit to be eligible to pass the subject. More information, please refer to the Academic Progression Policies on https://kent.rtomanager.com.au/Staff/StaffControls/StaffPages/Staff_DocView.aspx ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Assessment Description: A comprehensive accounting exercise designed to integrate your knowledge of accounting systems and the accounting cycle. Group Assignment Scenario Psyche Books Ltd is a bookshop specialising in psychology textbooks. Psyche Books has the following balance sheet as at 30 September 2012: ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Additional information: 1. Psyche Books uses perpetual inventory systems and all its textbooks are sold at a 30 per cent markup. 2. Buildings are depreciated at 2.5 per cent p.a. 3. Motor vehicle has a useful life of 10 years and is depreciated using straight-line method. ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Psyche Books uses the following chart of accounts: Psyche Books uses the following chart of accounts: ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 At the end of the month the following events occurred: 1. Some of the stock of Psyche Books' was recorded at $5000 but was established to have a net realisable value of $200. 2. Interest on bank loan accrued at the end of the month is $46000. 3. Depreciation was charged to the buildings and motor vehicle at the end of the month. 4. Monthly rent for Psyche Books' head office was $5000 and is payable on the first of every month in advance. 5. Prepaid insurance was originally for two years, purchased on 1 January 2012. 6. The company policy is to keep allowance for doubtful debts at the end of the month equal 3 per cent of total credit sales for the month. 7. Owed salaries at the end of the month: $22500. 8. Electricity charges for the month are estimated to be $2760; phone charges for the month are estimated to be $8900. ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Assignment Requirements Required: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Prepare journal entries for the above transactions. Create ledgers (T accounts) for all accounts as per chart of accounts Enter the opening balances in the ledger accounts and post the journal entries to the ledger. Prepare and post the adjusting entries. Prepare pre-closing trial balance at 31 October 2012. Prepare closing entries. Prepare post-closing trial balance. Prepare an income statement for the month of October 2012 and Prepare a balance sheet as at 31 October 2012. Prepare reversing entries Format of the Report Please complete the Excel worksheet (uploaded onto SIS) to answer above 1- 9. However, you also need to prepare Balance sheet & income statement on MS Word. Assessment Submission: All assignments must be submitted online in Moodle. All materials MUST be submitted electronically in Microsoft Word format. Other formats (e.g., pdf or MAC file) may not be readable by markers. Please be aware that any assessments submitted in other formats will be considered LATE and will lose marks until it is presented in MS Word. No paper based or hardcopy submission will be accepted. A 'soft copy' of the Assessment Task (one file name only) is to be submitted through 'Turnitin' for checking plagiarism. Specific instructions will be given, if necessary, for particular formats for individual assignments. Our Academic Learning Support (ALS) team would be happy to help you with understanding the task and all other assessment-related matters. For assistance and to book one-on-one meeting please email one of our ALS coordinators (Sydney ALS_SYD@kent.edu.au; Melbourne ALS_MELB@kent.edu.au ). For online help and support please click the following link and navigate Academic Learning Support in Moodle. http://online.kent.edu.au/cms/course/view.php?id=437 ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 Marking Criteria. Full Mark Partial and pro rata mark 1. Prepare journal entries for the above transactions. / 16 1 mark for 1 correct journal entry in terms of debit & credit account name and amounts Partial and pro-rate mark for incorrect journal entry in terms of debit & credit account name and amounts 2. Create ledgers (T accounts) for all accounts as per chart of accounts /8 1/4 mark for 1 correct creation of account Partial and pro- rata mark for incorrect Rubric: Accounting exercise Rubric: accounting exercise (Cont.) Marking Criteria. ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 3.a ) Enter the opening balances in the ledger accounts /8 1/2 mark for 1 correct creation of account Partial and pro- rata mark for incorrect 3.b) Post the journal entries to the ledger 1/4 mark for 1 correct posting of account Partial and pro -rata mark for incorrect 1 mark for 1 correct journal entry in terms of debit & credit account name and amounts Partial and pro-rata mark for incorrect journal entry in terms of debit & credit account name and amounts /8 4. Prepare and post the adjusting entries. /8 ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 5. Prepare pre-closing trial balance at 31 October 2012. Full mark for correctness in total debit, total credit and correctness in the accounts balances Partial and pro-rata mark for incorrect total debit, total credit and for in correct accounts balances Full mark for all correct closing entries Partial and pro-rata mark for incorrect closing entries Full mark for all correct post-closing trial balance Partial and pro-rata mark for incorrect postclosing trial balance Mark for correct - Total Revenue - 4 Total Expense - 4 Net Profit - 2 Partial and pro-rata mark for incorrect : Total Revenue, Total Expense , net Profit /12 6. Prepare closing entries. /5 7. Prepare post-closing trial balance. /10 8. Prepare an income statement for the month of October 2012. /10 ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 9. Prepare a balance sheet as at 31 October 2012 /10 10.Prepare reversing entries Mark for correct - Total Assets - 4 Total Liabilities - 4 Equities - 2 Partial and pro-rata mark for incorrect Full mark for all correct reversing entries Partial and pro-rata mark for incorrect reversing entries /5 Total /100 Total /15 ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 General notes for assignments Assignments should usually incorporate a formal introduction, main points and conclusion, and will be fully referenced including a reference list. The work must be fully referenced with in-text citations and a reference list at the end. We strongly recommend you to refer to the Academic Learning Skills materials available in the Moodle. For details please click the link http://online.kent.edu.au/cms/course/view.php?id=437 and download the file \"Harvard Referencing Workbook\". Appropriate academic writing and referencing are inevitable academic skills that you must develop and demonstrate. We recommend a minimum of FIVE references, unless instructed differently by your lecturer. Unless specifically instructed otherwise by your lecturer, any paper with less than FIVE references may be failed. Work that includes sources that are not properly referenced according to the \"Harvard Referencing Workbook\" will be penalised. Marks will be deducted for failure to adhere to the word count - as a general rule you may go over or under by 10% than the stated length. General Notes for Referencing High quality work must be fully referenced with in-text citations and a reference list at the end. We recommend you work with your Academic Learning Skills site (http://online.kent.edu.au/cms/course/view.php?id=437) available in Moodle to ensure that you reference correctly. References are assessed for their quality. You should draw on quality academic sources, such as books, chapters from edited books, journals etc. Your textbook can be used as a reference, but not the lecturer notes. We want to see evidence that you are capable of conducting your own research. Also, in order to help markers determine students' understanding of the work they cite, all in-text references (not just direct quotes) must include the specific page number/s if shown in the original. Before preparing your assignment or own contribution, please review this YouTube video by clicking on the following link: Plagiarism: How to avoid it You can search for peer-reviewed journal articles, which you can find in the online journal databases and which can be accessed from the library homepage. Wikipedia, online dictionaries and online encyclopedias are acceptable as a starting point to gain knowledge about a topic, but should not be overused - these should ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051 constitute no more than 10% of your total list of references/sources. Additional information and literature can be used where these are produced by legitimate sources, such as government departments, research institutes such as the NHMRC, or international organisations such as the World Health Organisation (WHO). Legitimate organisations and government departments produce peer reviewed reports and articles and are therefore very useful and mostly very current. The content of the following link explains why it is not acceptable to use non-peer reviewed websites: Why can't I just Google? (thanks to La Trobe University for this video). ABN 49 003 577 302 CRICOS Code: 00161E National Code: 90458 TEQSA Provider Number: PRV12051