ACCT1222E Accounting Assessment 4: Computerised Accounting and Analysis
Hello, dear friend, you can consult us at any time if you have any questions, add WeChat: daixieit
ACCOUNTING: ASSESSMENT 4
COMPUTERISED ACCOUNTING AND ANALYSIS
|
Program |
Foundation and Tertiary Preparation Program |
|
Course |
Accounting |
|
Course Code |
ACCT1222E |
|
Assessment |
Assessment 4: Computerised Accounting and Analysis |
|
Weighting |
30% |
|
Instructions |
Requirements Students will work individually to complete three tasks: 1. A series of transactions 2. A set of accounting statements 3. A series of questions Submission Certain aspects of this task may be completed during class time. Final submission will be made via Turnitin, as directed by the teacher. Learning Objectives LO1, LO2, LO3, LO4, LO5 |
|
Due |
Week 27 (refer to Blackboard for further submission details) |
|
Statement of Original Authorship Your work will be submitted through Turnitin (plagiarism detection software). By submitting this assessment item, you declare that: • this is your own original work, and that no part of this assignment has been copied from any other source or person except where due acknowledgement is made • no part of the work has been previously submitted for assessment in this or any other institution except where explicitly acknowledged • you have completed the UQ College Academic Integrity Module You understand if the above are not followed, you will be subject to disciplinary action in accordance with the rules and policies of UQ College. |
|
Task Overview and
Description
Case Study
To complete this task, begin by reading the following case study:
|
You are providing accounting services to the owners of a retail store called Scarfs Company. Antonio, Pedro, and Jennifer are business partners and commenced operations on June 1st, 2023, in Brisbane. The business wants to expand to other markets and sell silk ties. You are to take the role of a financial advisor and advise the business on their financial position and whether they would be able to obtain a business loan for $250,000. While all three business members agree that they need to expand the business, Pedro and Jennifer are concerned that the position of the business is not strong enough. They think that the budget should be revised to present the bank with the most positive projected cash position. However, Antonio does not agree and believes the budget should reflect the actual business performance not false accounting information. Using the knowledge you have learned in class, you are required to provide advice to the partners. |
In order to provide accurate financial advice to Scarfs Company, you will need to complete three tasks. These are outlined below.
Part 1
The recording of all entries of past and projected transactions of the business to create the general journal and a set of financial statements, including budget documentation. You will use Excel to complete this task and must use the templates provided on Blackboard.
Part 2
Using the budgets produced in Part 1, you are required to analyse and evaluate the:
• Projected income statement
• Cash budget
• Variance report
Part 3
Based on the tasks completed in Part 1 and Part 2, you are then required to make recommendations that the business can use to make business decisions and improve its future financial position.
PART 1 EXCEL
Data Entry and Calculation
These tasks will be completed between Weeks 21 - 24. In depth financial information that you will need to complete these tasks is provided as an Appendix.
To support you to complete this assessment, your teachers will be providing you with class time to complete portions of these tasks. It is therefore important that you attend these classes and engage in the learning activities.
|
Step |
Description |
Week |
Time Investment |
Tick when Completed |
|
1 |
Complete a series of bookkeeping tasks. Complete the income statement and balance sheet. |
21 |
Class time: 30 Minutes Homework: 1 Hour |
|
|
Steps |
Description |
Week |
Time Investment |
Tick when Completed |
|
2 & 3 |
Complete the sales and purchases budget. |
22 |
Class time: 1 Hour x 2 Homework: 2 Hours |
|
|
Step |
Description |
Week |
Time Investment |
Tick when Completed |
|
4 & 5 |
Complete the selling and administration budgets. Complete the projected income statement. |
23 |
Class time: 1 Hour x 2 Homework: 1 Hour |
|
|
Task |
Description |
Week |
Time Investment |
Tick when Completed |
|
6 |
Complete the cash budget. Complete the variance report. |
24 |
Class time: 1 Hour x 2 Homework: 1 Hour |
|
PART 2 REPORT
Budget Analysis and Evaluation of Data
These tasks should be completed between Weeks 24 and 25.
You will be given a template to use to produce a financial report. You will need to copy and paste the following tables into your report:
Table 5.1 Projected income statement
Table 6.1 Cash budget
Table 6.2 Variance report
Using the tables, you are required to analyse and evaluate the:
1. Projected income statement (word count: approximately 150 words)
2. Cash budget (word count: approximately 150 words)
3. Variance report (word count: approximately 300 words)
Compulsory: Data from the Excel tasks must be used to support your analysis and evaluation.
PART 3 RECOMMENDATIONS
Recommendations
These tasks should be completed between Weeks 25 and 26.
1. Based on theories and concepts learned in the course, critically evaluate the ethical issues involved if the owners decide to make the revisions that Pedro and Jennifer have
suggested to present the bank with the most positive projected cash flows. Word count: approximately 300 words.
2. Based on your findings in Part 2 and theories and concepts learned in the course, advise
your clients if they should apply for a business loan for $250,000. Use data from Part 1 and Part 2 to support your analysis and evaluation. Word count: approximately 150 words.
3. Based on theories and concepts learned in the course, create three strategies that would minimise Scarf Company’s future budget variances and prevent negative cashflow. Word count: approximately 300 words.
Compulsory: In this section, theories and concepts learned in the course must be used to support your ideas. When these are used, they must be referenced to the textbook or to sources provided on Blackboard. You must include appropriate in-text referencing and a reference list.
Additional references should not be used, unless approved by your teacher.
2023-09-27