Accounting Basis

ACF5903  Accounting Basics

Chief Examiner: Karen Zhang

Assessment marks:

This assignment accounts for 10% of the total marks for the unit. The assignment must be completed individually.

Due Date:

In registered tutorial in week commencing Monday 27th August (Week 6).

If you are a student registered with Disability Support Services and require approved forms of support to complete this assignment, you must notify the Chief Examiner prior to two weeks before the due date.

Submission Details

  • The Assignment consists of two parts. Part A must be submitted to your tutor during the Week 6 tutorial and Part B must be completed during the same Week 6 tutorial. If for any reason you cannot attend in Week 6, you must notify your tutor one week in advance.
  • Late assignments may be subject to penalties and extensions will not be granted.
  • Assignment Part A must be submitted with the Faculty cover sheet attached. The cover sheet can be accessed in the Assignments section on Moodle.
  • A copy of the Assignment data sheet must be included with the submission.

Objective:

The objective of the assignment is to give you experience in recording business transactions and preparing financial reports for a service business.

Data Sheet:

You will receive an individualised data sheet via email with which to complete the assignment. An example of what you will receive is shown on the last page of this Guide.

Note, the format of the data sheet is hml, not docx or pdf. Therefore, the sheet will open in a browser, from which you may print it on paper or as a pdf.

Requirements:

PART A

Using the information in your data sheet, you are required to

  1. use an accounting worksheet to analyse transactions and performing balance-day adjustments for the month’s activities. An Excel worksheet to assist you is available on Moodle.
  2. prepare financial statements: Income Statement, Balance Sheet, and Classified Statement of Cash Flows.

Copyright © Monash University 2018. All rights reserved. Except as provided in the Copyright Act 1968, this work may not be reproduced in any form without the written permission of the host Faculty and School/Department.

Note:

  • You must include a copy of the Data Sheet with your assignment.
  • Use the Notes column of the Worksheet to describe the type of expense and income – this will make your preparation of the Income Statement easier;
  • You may wish/need to change the column headings of the work sheet (i.e. the account names) and/or add columns;
  • You must show and explain your calculation of the values of all adjusting entries. This can be provided either in the Worksheet or on separate pages;
  • Formatting: for the print out of (i), the Excel worksheet, minimise the margins on the page and set it up so that the width of the worksheet fits within one printed page.
  • Formatting: for the print out of (ii), the financial statements, use a minimum font size of 12 point and a minimum margin of 2.5 cm on the left and right hand side of the page. It does not matter whether you use a spread sheet program (such as Excel) or a word processing program (such as Word) to print your financial statements. Staple Assignment Part A in the top left hand corner.

Please fit each financial statement within one printed page.

  • The Statement of Cash Flows must be classified, i.e. cash flows must be shown in the categories of operating, investing, and financing cash flows;
  • You must use the Direct Method to prepare the Statement of Cash Flows. Show all calculations;
  • Round all monetary amounts to the nearest dollar;
  • Since the business does not trade in products, it does not have an inventory account, and it is not necessary for the Income Statement to show Cost of Sales or Gross Profit.

PART B

Part B consists of a short task to be completed during the Week 6 tutorial. The skills and knowledge required by the task are the same as those required for Part A.

Further instructions may accompany the data sheet and be provided during lectures.

Marking:

Assignment Part A will be scored out of 100 and converted to a mark out of 6. Scoring is as follows (Consequential marks will be given):

Copyright © Monash University 2018. All rights reserved. Except as provided in the Copyright Act 1968, this work may not be reproduced in any form without the written permission of the host Faculty and School/Department.

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