AACC566 ACCOUNTING SYSTEMS AND PROCESSES ASSIGNMENTS
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Assignment 1
Value: 20%
Due Date: 16-Aug-2019
Return Date: 06-Sep-2019
Submission method options: Alternative submission method
Task
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Assessment conditions: This is an individual assessment task (not a group assessment task).
Complete the 3 questions given below. A total of 40 marks are allocated to the questions below, which will then be converted to a mark out of 20%.
All workings, where appropriate, must be shown to substantiate your answers.
Question 1 [20 marks]
Preparation of accounting records – using spreadsheets
The trial balance for Pete’s Handyman Services (a small business operated by Pete Smith, as a sole trader) as of 30 June 2019 is as follows (after closing entries prepared on 30 June 2019):
| Pete’s Handyman Services | ||
| Trial Balance | ||
| as of 30th June 2019 | ||
| Debit | Credit | |
| $ | $ | |
| Bank | 3,600 | |
| Accounts receivable | 800 | |
| Prepaid expenses | 300 | |
| Supplies | 400 | |
| Equipment | 1,800 | |
| Less: Accumulated depreciation | 800 | |
| Motor vehicle | 12,000 | |
| Less: Accumulated depreciation | 3,600 | |
| Accounts payable | 300 | |
| Unearned revenue | 600 | |
| Pete Smith, capital | 13,600 | |
| Pete Smith, drawings | ||
| Service revenue | ||
| Advertising | ||
| Depreciation | ||
| Insurance | ||
| Interest expense | ||
| Motor vehicle expenses | ||
| Repairs | ||
| Supplies expense | ||
| Telephone | ||
| Total | 18,900 | 18,900 |
During July 2019, the following transactions took place:
| Date | Detail |
| 1-Jul | Purchased a tool trailer for $4,200. Pete took out a business loan to pay for the trailer (repayable within 12 months). Interest is charged at 8% p.a. to the loan account, and monthly repayments are $400, due on the last day of each month. |
| 2-Jul | Paid $300 owing to a supplier in relation to June 2019 expenses, from the bank account. |
| 4-Jul | Provided handyman services to Mrs. Jones on credit, for $700. |
| 7-Jul | Received $500 in the bank from a customer in relation to services provided in June 2019. |
| 8-Jul | Provided handyman services to Mrs. Smart for $600. Mrs. Smart had paid for these services in June 2019. |
| 9-Jul | Purchased supplies from Bunnings for $350 (paid from the bank account). |
| 10-Jul | Provided handyman services to Mr. Budd on credit, for $1,300. |
| 12-Jul | Withdrew $2,500 from the bank account for personal expenses. |
| 14-Jul | Provided handyman services to Mrs. Hunt for $1,250. Mrs. Hunt paid by electronic funds transfer. |
| 15-Jul | Purchased fuel for the business vehicle, for $80 (paid from the bank account). |
| 16-Jul | Received $1,300 in the bank from Mr. Budd in relation to services provided on 10 July. |
| 22-Jul | Provided handyman services to Mr. Diaz on credit, for $500. |
| 23-Jul | Received $2,600 from a customer, Mr. Hatter, for services to be provided in August. |
| 23-Jul | Entered into a contract with Hit Radio, for radio advertising for August – October, for $1,200. $1,200 was paid from the bank account. |
| 23-Jul | Received $700 in the bank from Mrs. Jones in relation to services provided on 4 July. |
| 26-Jul | Withdrew $2,500 from the bank account for personal expenses. |
| 26-Jul | Provided handyman services to Mr. Catt for $280. Mr. Catt paid by electronic funds transfer. |
| 30-Jul | Paid $320 for business insurance, for the month of August. |
| 31-Jul | Interest is charged on the business loan, and the $400 loan repayment for July is paid from the bank account. |
| 31-Jul | Received an invoice from Mower Repairs Ltd, for repairs to equipment, for $320. The due date for payment 14 August. |
| 31-Jul | Received an invoice from Telstra, for July telephone, for $150. The due date for payment 20 August. |
Additional information as of 31 July 2019:
- Depreciation to be recognized for July is $80 for the equipment and $100 for the vehicle.
- There were supplies on hand on 31 July of $260.
- In June 2019, $300 was paid for insurance relating to the month of July 2019.
- Ignore any GST.
Required:
i) Prepare journal entries for July 2019 transactions listed above (including any adjusting entries). Include dates, references, and narrations.
ii) Prepare T-accounts in an Excel spreadsheet, and enter the opening balances from the Trial Balance from 30 Jun 2019. Post all of the above journal entries to the T-accounts. Include dates and references for each entry. Total all of the T-accounts to determine their balances at the end of July 2019. You are not required to prepare closing entries.
iii) Prepare the ‘Adjusted Trial Balance’ in an Excel spreadsheet as of 31st July 2019. Use formulas to generate all of the figures in the ‘Adjusted Trial Balance’ from the balances in the T-Accounts.
iv) Prepare the income statement, balance sheet, and statement of changes in equity in Excel. Use formulas to generate all of the figures in the financial statement reports from the ‘Adjusted Trial Balance’. When preparing the balance sheet, classify assets and liabilities as current or non-current.
v) Calculate and evaluate the business’s current ratio and debt ratio.
Please also refer to the ‘Requirements section below for additional submission and spreadsheet requirements.
Question 2 [10 marks]
History of accounting – essay
Accounting is considered to be one of the world’s oldest professions.
Prepare an essay discussing the origins of accounting, and how accounting practices have changed over time. (Word count: Approximately 1,400 – 1,800 words in total).
Question 3 [10 marks]
Ethics in accounting
Chartered Accountants Australia and New Zealand (CAANZ) and Certified Practising Accountants Australia (CPAA) have a joint code of ethics for professional accountants, issued through the Accounting Professional and Ethical Standards Board (APESB).
Required:
i) List and explain each of the ethical principles in the code of ethics. In your discussion, provide an illustrative example of how each of these principles would be applied by accountants in a particular scenario.
ii) When faced with an ethical dilemma, what should accountants do? (You will need to undertake some research to answer this). Provide an example of an ethical dilemma that an accountant might be faced with, and explain what steps should be taken to resolve it.
Rationale
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This assessment task will assess the following learning outcome/s:
- be able to apply conceptual and technical aspects of accounting and prepare relevant business financial statements.
- be able to discuss the historical development of accounting.
- be able to appraise the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource.
- be able to demonstrate relevant business communication skills including report writing.
- be able to contextualize and evaluate accounting information for decision-making purposes.
- be able to explain the importance of ethics in accounting.
In today’s business environment we need verbal skills, writing skills, numeracy skills, AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment.
This assignment is designed to give you an opportunity to demonstrate knowledge and skills in aspects of accounting and information systems including technical issues as well as concepts such as the accounting equations, cash and accrual accounting, current and non-current assets and liabilities, trial balance, worksheets, income statement, statement of changes in equity, balance sheets and the application of spreadsheet software to the presentation and solution of accounting problems.
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Marking criteria and standards
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The marking guide for this assessment task is provided below.
| Criteria | High Distinction | Distinction | Credit | Pass |
| Question 1: Apply computer software and basic accounting ideas, concepts, and techniques to prepare accounting information that is useful for decision making. Analyze the nature, and measurement of assets, liabilities, equity, income, and expenses. Evaluate accounting information for decision-making purposes. | Applies the definitions for assets, liabilities, income, expense and equity items, and other basic accounting concepts and techniques to a range of practical situations without flaw. Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, without flaw. All required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic. |
Applies the definitions for assets, liabilities, income, expense and equity items, and other basic accounting concepts and techniques to a range of practical situations with minor flaws. Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with minor flaws. Almost all of the required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are clear and succinct and show a thorough understanding of the topic. |
Applies the definitions for assets, liabilities, income, expense and equity items, and other basic accounting concepts and techniques to a range of practical situations with a limited number of minor errors. Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with a limited number of minor flaws. Most of the required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are clear and adequate and show a good understanding of the topic. |
Applies the definitions for assets, liabilities, income, expense and equity items, and other basic accounting concepts and techniques to a range of practical situations with a limited number of errors. Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with a limited number of errors. Most of the required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are basic and show a satisfactory understanding of the topic. |
| Question 2: Discuss the historical development of accounting, and demonstrate relevant business communication skills. | Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic. Answers are presented in an appropriate format and are structured exceptionally well. The writing style is succinct, cohesive, easy to read and it is grammatically correct with accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary. APA referencing system has been followed, without flaw. | Discussions and explanations presented are clear and succinct and show a thorough understanding of the topic. Answers are presented in an appropriate format and are structured very well. The writing style is clear and succinct, easy to read and it is grammatically correct with accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in almost all instances. APA referencing system has been followed, with minor flaws. | Discussions and explanations presented are clear and adequate and show a good understanding of the topic. Answers are presented in an appropriate format and are structured well. The writing style is appropriate and easy to read most of the time, with the most accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a number of minor flaws. | Discussions and explanations presented are basic and show a satisfactory understanding of the topic. Answers are presented in an appropriate format and are structured satisfactorily. The writing style is appropriate and easy to read most of the time, with the most accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a limited number of flaws. |
| Question 3: Evaluate accounting information and explain the importance of ethics in accounting. | Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic. Answers are presented in an appropriate format and are structured exceptionally well. The writing style is succinct, cohesive, easy to read, and is grammatically correct with accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary. APA referencing system has been followed, without flaw. | Discussions and explanations presented are clear and succinct and show a thorough understanding of the topic. Answers are presented in an appropriate format and are structured very well. The writing style is clear and succinct, easy to read and it is grammatically correct with accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in almost all instances. APA referencing system has been followed, with minor flaws. | Discussions and explanations presented are clear and adequate and show a good understanding of the topic. Answers are presented in an appropriate format and are structured well. The writing style is appropriate and easy to read most of the time, with the most accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a number of minor flaws. | Discussions and explanations presented are basic and show a satisfactory understanding of the topic. Answers are presented in an appropriate format and are structured satisfactorily. The writing style is appropriate and easy to read most of the time, with the most accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a limited number of flaws. |
Presentation
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It is essential that the presentation of assignments adheres to accepted standards in relation to neatness and layout, as you are practicing to present material in a work situation.
For spreadsheet questions, ensure that you adhere to the spreadsheet requirements (refer to the ‘Requirements’ section below).
You need to provide references and prepare a reference list using the APA referencing style with your assignment. Note: If a question requires you to prepare a business report, include a reference list as part of the business report. You need to provide a reference whenever you draw on someone else’s words, ideas or research. You should also provide references for any graphic information you use. Films, television programs, personal communications, and online sources also need to be referenced.
Requirements
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Your Turnitin submission will consist of two files: a Word file and an Excel file. Paste a copy of the ‘normal’ view and ‘formula’ view of each spreadsheet in your Word file, displaying row and column headings. Thus, your Word file will provide a complete answer to every question. The separate Excel file will provide a clear demonstration of correct spreadsheet structures. The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible.
Spreadsheet requirements:
- For a good spreadsheet design, it is very important that you have completely separate data and solution/report areas. A good spreadsheet solution format is to key in the question in a structure that allows the solution to be completely formula-driven. There should be no data in the report/solution area.
- Name the worksheet tag(s) at the bottom of the Excel screen with the question number. Use a separate worksheet for each question that needs to be completed in Excel. See examples in the ‘Spreadsheet Advice’ PDF in the ‘Resources’ folder on Interact.
- Where appropriate, use the ‘IF function’ to provide built-in checks of balances, net profit/net loss, etc.
- We have provided spreadsheet examples to guide you in the ‘Spreadsheet Advice’ PDF document in Interact. Also, consider using the spreadsheet templates available with your text and other online spreadsheet advice, but note that the text templates do not comply with all of the assignment spreadsheet requirements above.
Assessment item 2
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Assignment 2
Value: 20%
Due Date: 23-Sep-2019
Return Date: 17-Oct-2019
Submission method options: Alternative submission method
Task
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Assessment conditions: This is an individual assessment task (not a group assessment task).
Complete the 4 questions given below. A total of 50 marks are allocated to the questions below, which will then be converted to a mark out of 20%.
All workings, where appropriate, must be shown to substantiate your answers.
Question 1 [15 marks]
Retail operations and retail inventory
‘Little Red Riding’ began business on 1 June 2019. The business is a partnership, between Mr. Wheeler and Mrs. Wheeler. The business will sell children’s bicycles at the local markets. The business is not registered for GST. The following transactions occurred during June 2019:
| Date: | Details: |
| 1-Jun | Mr. and Mrs. Wheeler deposited $30,000 into the business bank account. |
| 2-Jun | Purchase of bicycles (100 small bicycles, and 100 large bicycles) from Red Bikes Rock Ltd on account for $10,000 ($50 per bicycle) on terms of 2/10, n/30. |
| 4-Jun | Little Red Riding received an invoice from Fast Freight Ltd relating to delivery costs for the bicycles purchased on 2 June. The amount due is $300 and is due on 18 June. |
| 5-Jun | Sent a cheque in the mail to Groove Markets Ltd for $300, for stall fees at the local markets for the month of June. |
| 6-Jun | Sale of 30 bicycles (20 small bicycles, and 10 large bicycles) at the local markets, at $100 each. All of the customers paid by cash. The money was banked at the end of the day. |
| 10-Jun | Paid Red Bikes Rock Ltd for purchases made on 2 June (net of the early payment discount), by electronic funds transfer. |
| 13-Jun | Sale of 10 small bicycles to a local childcare center, at $100 each, on 30-day credit terms. |
| 15-Jun | Sent a cheque in the mail to Fast Freight Ltd, in relation to the invoice received on 4 June. |
| 22-Jun | Purchase of bicycles (30 small, and 10 large) from Red Bikes Rock Ltd on account for $2,200 ($55 per bicycle) on terms of 2/10, n/30. |
| 23-Jun | Little Red Riding received an invoice from Fast Freight Ltd relating to delivery costs for the bicycles purchased on 22 June 2019. The amount due is $180 and is due on 6 July 2019. |
| 24-Jun | Returned 20 of the small bicycles purchased on 22 June as they were damaged. |
| 28-Jun | Sale of 40 bicycles (25 small, and 15 large) at the local markets, at $100 each. All of the customers paid by cash. The money was banked at the end of the day. |
| 30-Jun | A stocktake was completed, and the number of bicycles on hand was 139 (54 small bicycles, and 85 large bicycles). |
Mr. and Mrs. Wheeler have come to you for assistance, as they would like to use the perpetual inventory system and the First-in-first-out (FIFO) costing method, but are not sure how to set this up.
Required:
i) Prepare an Excel worksheet for each of the bicycle lines for June (one for the small bicycles, and one for the large bicycles) using the FIFO costing method to keep track of the number of bicycles purchased, bicycles sold, bicycles on hand, cost of goods sold and gross profit made.
ii) Prepare journal entries (including any adjusting entries) for all of the business’s transactions for June (using the perpetual inventory system and FIFO costing method). Include dates, references, and narrations.
iii) Prepare T-accounts in an Excel spreadsheet, and post all of the above journal entries to the T-accounts. Include dates and references for each entry. Total all of the T-accounts to determine their balances at the end of June 2019.
iv) Prepare the ‘Adjusted Trial Balance’ in an Excel spreadsheet as of 30th June 2019. Use formulas to generate all of the figures in the ‘Adjusted Trial Balance’ from the balances in the T-Accounts.
v) The business has a year-end of 30th June. Prepare the closing entries as of 30th June 2019.
Please also refer to the ‘Requirements section below for additional submission and spreadsheet requirements.
Question 2 [10 marks]
Bank reconciliations and cash
This question continues on from question 1 above.
It is now September 2019, and two months have passed since you first met with Mr. and Mrs. Wheeler to assist them with implementing their inventory system and preparing their accounting records.
They have come to you for some assistance as the balance in the ‘bank’ T-account at the end of August 2019 doesn’t agree with the closing balance on the August bank statement… and they are not sure what they have done wrong.
The August 2019 bank statement appeared as follows:
| Bank statement for August 2019: | ||||
| Date | Description | Deposit | Withdrawal | Balance |
| 1/08/2019 | Opening balance | $12,060.00 | ||
| 2/08/2019 | Deposit | 500.00 | $12,560.00 | |
| 5/08/2019 | Cheque 3 | 200.00 | $12,360.00 | |
| 7/08/2019 | Cash deposit | 3,600.00 | $15,960.00 | |
| 12/08/2019 | EFT – Red Bikes Rock Ltd | 2,200.00 | $13,760.00 | |
| 16/08/2019 | EFT – Fast Freight Ltd | 190.00 | $13,570.00 | |
| 16/08/2019 | Cash deposit | 4,200.00 | $17,770.00 | |
| 19/08/2019 | Cheque 5 | 280.00 | $17,490.00 | |
| 20/08/2019 | Cheque 6 | 250.00 | $17,240.00 | |
| 23/08/2019 | EFT – Red Bikes Rock Ltd | 4,300.00 | $12,940.00 | |
| 23/08/2019 | Cash deposit | 3,400.00 | $16,340.00 | |
| 25/08/2019 | Cheque 7 | 2,000.00 | $14,340.00 | |
| 26/08/2019 | Cheque 10 | 260.00 | $14,080.00 | |
| 30/08/2019 | Cash deposit | 5,000.00 | $19,080.00 | |
| 31/08/2019 | Annual bank fee | 60.00 | $19,020.00 | |
| 31/08/2019 | Interest | 20.00 | $19,040.00 | |
| 31/08/2019 | Closing balance | $19,040.00 |
Little Red Riding’s accounting records for August 2019 showed an opening balance for the ‘bank’ account of $12,060, which agreed with the bank statement on 31 July 2019. Following is a summary of deposits and withdrawals recorded by Mr. and Mrs. Wheeler in their accounting records during August:
| Withdrawals: | Deposits: | |||
| Amount | ||||
| Date | Detail | Amount | Date | banked |
| 2/08/2019 | Cheque 3 | $200.00 | ||
| 15/08/2019 | EFT – Fast Freight Ltd | $199.00 | 7/08/2019 | $3,600.00 |
| 16/08/2019 | Cheque 4 | $160.00 | 16/08/2019 | $4,200.00 |
| 18/08/2019 | Cheque 5 | $280.00 | 23/08/2019 | $4,300.00 |
| 18/08/2019 | Cheque 6 | $250.00 | 30/08/2019 | $500.00 |
| 23/08/2019 | EFT – Red Bikes Rock Ltd | $3,400.00 | ||
| 22/08/2019 | Cheque 7 | $2,000.00 | ||
| 23/08/2019 | Cheque 8 | $260.00 | ||
| 25/08/2019 | Cheque 9 | $390.00 | ||
| 25/08/2019 | Cheque 10 | $260.00 | __________ | |
| $7,399.00 | $12,600.00 |
The bank did not make any errors.
Required:
i) Prepare a letter to Mr & Mrs. Wheeler, explaining why the bank balance in the ledger account (or T-account) won’t always equal the balance on the bank statement on a particular date and common reasons for differences. Also, provide an introduction and overview of bank reconciliations – What is bank reconciliation? What is its purpose? How is it prepared?
ii) Prepare the bank reconciliation for Little Red Riding on 31 August 2019.
iii) Prepare the journal entries to correct any errors made by Little Red Riding, and to record transactions that have not yet been entered into the business’s accounting records. (Note: The correction of any errors relating to the recording of cheques or EFT payments should be made to ‘Accounts payable’. The correction of any errors relating to deposits (other than interest received) should be made to ‘Accounts receivable’.)
iv) Prepare the ‘bank’ T-account account for August 2019, in order to determine the balance in the ledger account after the above journal entries have been recorded and posted.
Question 3 [15 marks]
Internal controls
This question continues on from question 1 and question 2 above.
It is now July 2020, and Mr. and Mrs. Wheeler have been very successful in growing the business of Little Red Riding. The business now operates at 3 markets in the region and employs 4 employees (Mr. and Mrs. Wheeler sell bicycles at one local market each week, and 2 employees are assigned to sell bicycles at the Bidgee Markets, and 2 employees are assigned to sell bicycles at the Junee markets).
Mr. and Mrs. Wheeler have come to you for advice, as they appear to be having problems with their inventory and/or cash receipts. They have been keeping track of inventory using the two worksheets that you showed them (in Question 1(i) above). They really like how it keeps track of inventory on hand, and they tell you how much they love not having to count inventory each and every week after the markets to see what inventory is left.
When they completed the stocktake on 30 June 2020, the closing balance of inventory in each worksheet didn’t match with the actual number of small and large bicycles on hand. The worksheets showed that the closing inventory was 58 small bicycles and 46 large bicycles. The stocktake showed that the business actually had 42 small bicycles and 30 large bicycles.
You review their inventory worksheets, and there are no errors in their worksheets… so it appears that cash takings and/or some bicycle have been stolen. You also review the three cash receipt books (one used at each of the three markets), and the number of cash takings banked for the year was $300 less than the takings as per the cash receipt books.
Mr. and Mrs. Wheeler are unsure what has happened.
Required:
Undertake some research on internal controls and employee theft.
Prepare a business report on internal controls for Mr. and Mrs. Wheeler. In your business report:
- Explain what internal controls are, and the importance of implementing internal controls to safeguard the business’s assets;
- Discuss the risk of employee theft, and how big of a problem employee theft is in Australia;
- Explain three possible ways that employees could have stolen cash and/or bicycles from the business without Mr. and Mrs. Wheeler realizing;
- Discuss three controls/procedures that Mr. and Mrs. Wheeler should implement in their business to help prevent employee theft.
(Word guide: 1,500 – 2,000 words)
Question 4 [10 marks]
Property, plant, and equipment
This question continues on from questions 1, 2, and question 3 above.
Little Red Riding purchased a 3 tonne Isuzu truck on 1st July 2020, for $45,000, funded via a bank loan. The truck will be used to store and transport bicycles to and from each of the weekly markets. Mr. and Mrs. Wheeler have contacted you to find out how they need to account for depreciation. They would like to use the cost model but don’t have any understanding of the straight-line method, units-of-production method, and reducing balance method. The truck has an estimated useful life of ten years (300,000 kilometers), and the estimated residual value is $10,000.
Mr. and Mrs. Wheeler estimate that the truck will travel 20,000km/year in years 1 – 3, 30,000km/year in years 4 – 7, and 40,000km/year in years 8 – 10.
Required:
Prepare a memo to Mr & Mrs. Wheeler, explaining what depreciation is, and how depreciation is calculated under each of the three methods. To illustrate the differences in the annual depreciation expense to Mr & Mrs. Wheeler, prepare a depreciation schedule (for the entire useful life of the truck) using each of the three methods. When preparing the depreciation schedule using the reducing balance method, use 2 times the straight-line rate. Ignore any GST. Show all relevant workings.
Rationale
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This assessment task will assess the following learning outcome/s:
- be able to apply conceptual and technical aspects of accounting and prepare relevant business financial statements.
- be able to appraise the use of information technology including spreadsheet software in accounting problem solving, and evaluate the Internet as a professional resource.
- be able to demonstrate relevant business communication skills including report writing.
- be able to contextualize and evaluate accounting information for decision-making purposes.
Assessment task 2 is designed to give you further opportunity to demonstrate knowledge and skills in more in-depth aspects of accounting and information systems including bank reconciliations, inventory systems, financial reports, accounting for non-current assets, as well as concepts and the application of spreadsheet software to the presentation and solution of accounting problems.
ACC566 ACCOUNTING SYSTEMS
Marking criteria and standards
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The marking guide for this assessment task is provided below.
| Criteria | High Distinction | Distinction | Credit | Pass |
| Question 1: Apply computer software and basic accounting ideas, concepts, and techniques to prepare accounting information that is useful for decision making. Discuss, analyze and/or critique accounting techniques and methods used in practice, and financial information that is prepared. | Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, without flaw. Appropriate calculations and workings are shown and are logical and well presented. Where necessary, all required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic. | Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with minor flaws. Calculations and workings are shown are appropriate, with minor flaws. Where necessary, almost all of the required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are clear and succinct and show a thorough understanding of the topic. | Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with a limited number of minor flaws. Calculations and workings are shown are appropriate, with a limited number of minor errors. Where necessary, most of the required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are clear and adequate and show a good understanding of the topic. | Demonstrates the ability to use computer software and spreadsheets to prepare useful accounting information for a variety of users, with a limited number of errors. Calculations and workings are shown but contain errors or lack detail, and/or contain errors. Where necessary, most of the required Excel spreadsheet features and functions have been applied. Discussions and explanations presented are basic and show a satisfactory understanding of the topic. |
| Question 2: Discuss and apply accounting tools, concepts, and techniques to prepare accounting information that is useful for decision making, and assists businesses safeguard their assets. Demonstrate relevant business communication skills. | Demonstrates a comprehensive understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, without flaw. Appropriate calculations and workings are shown and are logical and well presented. Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic. The writing style is succinct, cohesive, easy to read and is grammatically correct with accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary. APA referencing system has been followed, without flaw. Answers are presented in an appropriate format and are structured exceptionally well. | Demonstrates a thorough understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a minor flaw. Calculations and workings are shown are appropriate, with minor flaws. Discussions and explanations presented are clear and succinct and show a thorough understanding of the topic. The writing style is clear and succinct, easy to read and it is grammatically correct with accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in almost all instances. APA referencing system has been followed, with minor flaws. Answers are presented in an appropriate format and are structured very well. | Demonstrates a good understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of minor errors. Calculations and workings are shown is appropriate, with a limited number of minor errors. Discussions and explanations presented are clear and adequate, and show a good understanding of the topic. The writing style is appropriate and easy to read most of the time, with the most accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a number of minor flaws. Answers are presented in an appropriate format and are structured well. | Demonstrates a satisfactory understanding of accounting concepts and techniques, and the ability to apply these to a range of practical situations, with a limited number of errors. Calculations and workings are shown but contain errors or lack detail, and/or contain errors. Discussions and explanations presented are basic and show a satisfactory understanding of the topic. The writing style is appropriate and easy to read most of the time, with the most accurate use of syntax, spelling, and punctuation. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a limited number of flaws. Answers are presented in an appropriate format and are structured satisfactorily. |
| Question 3: Discuss and apply accounting ideas, concepts, and techniques to assist businesses to safeguard their assets. Demonstrate relevant business communication skills including report writing. | Demonstrates a comprehensive understanding of internal controls, and the ability to apply these to a range of practical situations, without flaw. Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic. In-text citations have been included where necessary. APA referencing system has been followed, without flaw. Answers are presented in an appropriate format and are structured exceptionally well. | Demonstrates a thorough understanding of internal controls, and the ability to apply these to a range of practical situations, with minor flaws. Discussions and explanations presented are clear and succinct and show a thorough understanding of the topic. In-text citations have been included where necessary in almost all instances. APA referencing system has been followed, with minor flaws. Answers are presented in an appropriate format and are structured very well. | Demonstrates a good understanding of internal controls, and the ability to apply these to a range of practical situations, with a limited number of minor errors. Discussions and explanations presented are clear and adequate and show a good understanding of the topic. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a number of minor flaws. Answers are presented in an appropriate format and are structured well. | Demonstrates a satisfactory understanding of internal controls, and the ability to apply these to a range of practical situations, with a limited number of errors. Discussions and explanations presented are basic and show a satisfactory understanding of the topic. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a limited number of flaws. Answers are presented in an appropriate format and are structured satisfactorily. |
| Question 4: Apply conceptual and technical aspects of accounting to account for non-current assets and prepare relevant business financial statements.Demonstrate relevant business communication skills. |
Demonstrates a comprehensive understanding of accounting concepts and techniques related to accounting for non-current assets, and the ability to apply these to a range of practical situations, without flaw. Appropriate calculations and workings are shown and are logical and well presented. Discussions and explanations presented are exemplary and clear, well justified, and show an in-depth understanding of the topic. In-text citations have been included where necessary. APA referencing system has been followed, without flaw. Answers are presented in an appropriate format and are structured exceptionally well. | Demonstrates a thorough understanding of accounting concepts and techniques related to accounting for non-current assets, and the ability to apply these to a range of practical situations, with minor flaws. Calculations and workings are shown are appropriate, with a minor flaw. Discussions and explanations presented are clear and succinct and show a thorough understanding of the topic. In-text citations have been included where necessary in almost all instances. APA referencing system has been followed, with a minor flaw. Answers are presented in an appropriate format and are structured very well. | Demonstrates a good understanding of accounting concepts and techniques related to accounting for non-current assets, and the ability to apply these to a range of practical situations, with a limited number of minor errors. Calculations and workings shown are appropriate, with a limited number of minor errors. Discussions and explanations presented are clear and adequate, and show a good understanding of the topic. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a number of minor flaws. Answers are presented in an appropriate format and are structured well. | Demonstrates a satisfactory understanding of accounting concepts and techniques related to accounting for non-current assets, and the ability to apply these to a range of practical situations, with a limited number of errors. Calculations and workings are shown but contain errors or lack detail, and/or contain errors. Discussions and explanations presented are basic, and show a satisfactory understanding of the topic. In-text citations have been included where necessary in most instances. APA referencing system has been followed, with a limited number of flaws. Answers are presented in an appropriate format and are structured satisfactorily. |
Presentation
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It is essential that presentation of assignments adheres to accepted standards in relation to neatness and layout, as you are practicing to present material in a work situation.
For spreadsheet questions, ensure that you adhere to the spreadsheet requirements (refer to the ‘Requirements’ section below).
For questions that require you to prepare a business report, your report should include a title page, executive summary, table of contents, introduction, body, conclusion, recommendations, and reference list.
You need to provide references and prepare a reference list using the APA referencing style with your assignment. Note: when preparing a business report, include a reference list as part of the business report. You need to provide a reference whenever you draw on someone else’s words, ideas or research. You should also provide references for any graphic information you use. Films, television programs, personal communications and online sources also need to be referenced.
Requirements
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Your Turnitin submission will consist of two files: a Word file and an Excel file. Paste the ‘normal’ view and ‘formula’ view of each spreadsheet into your Word file, displaying row and column headings. Thus, your Word file will provide a complete answer to every question. The separate Excel file will provide a clear demonstration of correct spreadsheet structures. The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible.
Spreadsheet requirements:
- For good spreadsheet design, it is very important that you have completely separate data and solution/report areas. A good spreadsheet solution format is to key in the question in a structure which allows the solution to be completely formula driven. There should be no data in the report/solution area.
- Name the worksheet tag(s) at the bottom of the Excel screen with the question number. Use a separate worksheet for each question that needs to be completed in Excel. See examples in the ‘Spreadsheet Advice’ PDF in the ‘Resources’ folder on Interact.
- Where appropriate, use the ‘IF function’ to provide built in checks of balances, net profit/net loss etc.
- We have provided spreadsheet examples to guide you in the ‘Spreadsheet Advice’ PDF document in Interact. Also consider using the spreadsheet templates available with your text and other online spreadsheet advice, but note that the text templates do not comply with all of the assignment spreadsheet requirements above.
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