1. Prepare a data flow diagram that summarises the system described in the case above. One for purchase cycle and another for cash disbursement cycle. (40 marks)

1. Analyse the internal control weaknesses in the above system. (Hint: Model your analysis according to the six categories of physical control activities.)(30 marks)

DEGREE: B. ACCOUNTING (HONS) & B. ACCOUNTING AND FINANCE (HONS) COURSEWORK - ASSIGNMENT 2 Year TWO&THREE/2016 MONTH SEPTEMBER 2016 Subject Weight Student Name FIN 3023 ACCOUNTING INFORMATION SYSTEMS 20% Submission Date IN CLASS (WEEK 7) Student ID Regulations A. Late Submission A 10% deduction per day of total coursework marks (excluding weekends and public holidays). Late submission between 5 to 10 days, results in a 50% deduction of total coursework marks. Late submission past 10 days results in an automatic 0% for coursework and the student will be barred from the final examination. B. Deliverables Students must submit all materials supporting their coursework listed in the deliverable section. The coursework must be done in a group of FOUR OR FIVE STUDENTS ONLY and must be entirely your own work. Please make sure that you are aware of the rules concerning plagiarism. If you are unclear about them, please consult your program coordinator/lecturer. Plagiarism is presenting somebody else's work as your own. It includes: copying information directly from the Web or books without referencing the material; submitting joint coursework as an individual effort; copying another student's coursework; stealing coursework from another student and submitting it as your own. Suspected plagiarism will be investigated and if found to have occurred will be dealt with according to the procedures set down by the university/college. The coursework should exhibit formal research skills i.e. with a table of content, proper citations, references, and appendixes. The coursework write up must be able to demonstrate critical analysis and application of both theory and practical issues to the company that you have selected. Student may include additional relevant data/information apart from the proposed guidelines in conjunction to your research. Additional marks will be awarded for such attempt. Your coursework should not be more than 2500 words. You should bind your coursework with the coursework cover as the 1 st page. A CD containing the softcopy version of your coursework should be submitted and include the necessary materials and the Turnitin report. Turnitin (Originality) assignment. Report should be submitted together with this DEGREE: B. ACCOUNTING (HONS) & B. ACCOUNTING AND FINANCE (HONS) COURSEWORK - Questions Premier Sports Memorabilia is a medium sized, rapidly growing online and catalogue-based retailer centred in Brooklyn, New York. The company was founded in 1990 and specializes in providing the customer with authentic yet affordable sports memorabilia from their favourite players and teams past and present. The company gets most of its sales from the northeast region of the United States, but recently has been undergoing a campaign to spread out and increase its customer base. Premier's wide range of offerings include everything from team jerseys and hats, to autographed balls, plaques, and bats, to sports cards and figurines. Sales have increased slowly over the years and last year were reported at $95 million. The company currently employs 205 employees who are spread out among its three warehouses and two offices in the tristate area. Premier has developed close relations with suppliers and have only had a few minor communication problems since the company was started, none which have disrupted the ordinary course of business. The firm uses a wide base of manufacturers and memorabilia dealers around the country and is always looking for additional contacts who have new or rate items to offer. The company employs a mixture of low-end computer technology and manual processes. As the company expands, many of the manual tasks and the archaic computer functions will be replace with a more advanced computer technology system, but currently they seem to serve their purpose adequately. Purchase System Procedures Premier's purchase transactions are initiated when its inventory levels for a certain item falls below the designated reorder point. This is electronically monitored through Premier's inventory requisition system that is directly linked to the inventory file. Once an item falls below the reorder point, an open requisition record is automatically created. A valid vendor file is used both to retrieve stored vendor information and to check that items are being ordered through a preapproved vendor that the company has done business in the past. The purchase requisition is made available to the clerks in the inventory control department via the computer terminal. A copy is sent to the purchasing department terminal for further processing. When the purchasing department receives the requisition, it is used to prepare five hard copies of the purchase order. One copy is filed in the department. A second is sent to the receiving department. A third is sent to the AP department. A fourth is sent to the inventory control department. A final copy is sent to the vendor as placement of the order. DEGREE: B. ACCOUNTING (HONS) & B. ACCOUNTING AND FINANCE (HONS) Upon receiving the purchase order, the inventory control clerk uses a terminal to access the open requisition file and closes the record. In addition, the program automatically creates a digital pending open purchase record. Shortly after receiving the purchase order, the vendor will send out both the goods and a packing slip to Premier's receiving department. After the receiving department has both the purchase order and the packing slip, they use these documents to physically inspect the condition of the goods and check that both the type and quantity received are correct. After the receiving clerk has successfully done this, he or she is them responsible for creating three copies of a receiving report. One copy is filed in the department. The second is sent to AP for reconciliation. The third is sent to the inventory control department. When the inventory control department obtains the receiving report, the clerk uses the purchase update program to access the pending open purchase record and closes it out. In addition, the clerk updates the inventory file by posting the amounts received to the various inventory records affected. In the meantime, the accounts payable department has now received the purchase order and receiving report from the other areas of the company. Upon arrival of the vendor invoice, a department clerk manually reconciles all three forms to make sure that the information matches and then proceeds to create an accounts payable record. Finaly, at the end of each day, the inventory control department and the accounts payable department create a hard copy inventory summary and accounts payable journal voucher, respectively, reflecting the effects of all of the day's transactions. These documents are sent to the general ledger department, where they are reconciled and posted to their specific control accounts within the general ledger file. [Prepared by Chris Polchinski. - Lehigh University] [Source: Hall, A. J. (2010). Principles of Accounting Information Systems, Cengage Learning] Note: The word \"check\" [according to US English] carries equal meaning of \"cheque\" [according to UK English] Required: i. Prepare a data flow diagram that summarises the system described in the case above. One for purchase cycle and another for cash disbursement cycle. (40 marks) ii. Analyse the internal control weaknesses in the above system. (Hint: Model your analysis according to the six categories of physical control activities.) (30 marks) DEGREE: B. ACCOUNTING (HONS) & B. ACCOUNTING AND FINANCE (HONS) iii. Critically suggest improvements that are expected to resolve the control weaknesses that you identified in the part (ii). (20 marks) (90 marks) Note: Refer Appendix A for the marks allocation. Total marks for this assignment is 100% but it carries 20% of overall assessment for this module. Assignment of Grades for Written Work Written assignments will be graded according to the following distribution: 80%: Content (thoroughness of preparation, information, and content) 10%: Style (grammar, writing quality, clarity of writing at the sentence level) 10%: Presentation (organization, clarity of writing at the paper level) *What this means in practice is that if you do the work, but don't organize your thoughts or write clearly, you will end with at most a B in the class. However, you will not be given full credit for content if the lecturer cannot understand what you're saying, so if you don't write clearly, you will probably end up losing points on content as well. Note: This may vary according to the respective modules. Kindly refer your module lecturer for respective assignment grading criteria. Report Presentation Requirements: A Microsoft Office Word Document or other relevant applications as permitted by module lecturer/ typed using computer. Usage of typewriter or hand - written is STRICTLY not allowed. 12 font size, Arial font and bold title and sub titles A4 sized paper Fully justified alignment 1 line spacing Margins of 1\" at top and bottom; left and right Submission requirements and arrangement: i. ii. iii. iv. v. Assignment Cover Page as a front cover Assignment Assessment Criteria and Marks Allotment sheet Turnitin Report Coursework report o Table of Contents o Topics, sub topics and content o References (APA referencing) CD containing all the above materials. Faculty of Business, Accounting & Management (FOBAM) DEGREE: B. ACCOUNTING (HONS) & B. ACCOUNTING AND FINANCE (HONS) REPORT ASSESSMENT CRITERIA AND MARKS ALLOTMENT Subject: FIN 3023 ACC. INFO. SYSTEMS Course Name: __________________________________ Student ID: _________________________________ No. Questions 1. : BAF (Hons)_____ Assessment Criteria Weights Draw data flow diagrams. Clearly indicate entities, data flows, data stores and processes involved. 2. This part should deal with the internal control weaknesses from the case study given. Provide examples. 30 marks 3. Suggest the improvements. Provide examples. 20 marks Others Presentation of the analysis: Appropriate citation and references. Style and readability including proper organization of answers. Overall presentation. This coursework must have a Cover Sheet, Table of Content and Page Number and Proper Heading/Title for each part answered, list of references (Use any referencing system that is suggested by the faculty) Total Marks Allotted by Lecturer 40 marks 2 marks 2 marks 2 marks 4 marks 100 marks Comments: __________________________________________________________________________________________ __________________________________________________________________________________________ __________________________________________________________________________________________ ____________________ Lecturer Signature * 100 marks will be converted into 20% of the coursework weight. Faculty of Business, Accounting & Management (FOBAM) ___________ Date DEGREE: B. ACCOUNTING (HONS) & B. ACCOUNTING AND FINANCE (HONS) Course Details: FIN3023 Accounting Information Systems Module Code and Title : _____________________________________________________________ Programme of Study : _____________________________________________________________ (Mr) Muthaloo Subramaniam Lecturer's Name : _____________________________________________________________ Semester : _____________________________________________________________ Assignment Details: Premier Sport Memorabilia General Scenario - A case study: DFD and controls : Title of Assignment _____________________________________________________________ Due Date : _____________________________________________________________ Submission Date : _____________________________________________________________ Type (* please tick []) : Individual Group Declaration by student(s): I/We, hereby declare that the attached assignment is my/our own work and understand that if I/we am/are suspected of plagiarism or another form of cheating, my/our work will be referred to the Programme Coordinator/Head of Faculty who may, as a result recommend to the Examinations Board on academic disciplinary action including expulsion for the SEGi University and Colleges. Student's Details: Name : _____________________________ Student ID: ______________ Signature: _____________ Name : _____________________________ Student ID: ______________ Signature: _____________ DEGREE: B. ACCOUNTING (HONS) & B. ACCOUNTING AND FINANCE (HONS) Name : _____________________________ Student ID: ______________ Signature: _____________ Name : _____________________________ Student ID: ______________ Signature: _____________ Name : _____________________________ Student ID: ______________ Signature: _____________ Submission Checklist: Coversheet CW Assessment Sheet Turnitin Report Coursework CD with coursework Reminder: 1. 2. Students are reminded to keep a copy of all the coursework submitted. All LATE SUBMISSION will be DEDUCTED 10% a day up to a maximum of FIVE (5) days, where subsequently, the coursework will be awarded ZERO (0). Overall Marks: /100