MPA701 Assessment Task 3 MPA701: Accounting

© Copyright Deakin University 2018. 1 Mon, 07 May 18 12:26:42 +1000
MPA701 Assessment Task 3
MPA701: Accounting
Deakin Business School
First Name: AOUN
Last Name: MAHMOOD
Student ID: 217156534
Trimester: T1 2018
Company Name: Abcde Pty Ltd
The company began operations as a retailer on 1 July in the current financial year. It buys and
sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne.
The company is registered for GST which it pays quarterly. Assume GST was last paid on 30 June.
It uses the Weighted Average cost allocation method and the perpetual inventory recording
method.
The company uses the straight line depreciation method for office furniture and computers and
the reducing balance method for motor vehicles.
The company employs two people who are rostered over a seven day working week. The
employees are paid fortnightly up to and including the day of payment. There are no penalty
wages.
The company has one debtor (Debtor1) and one creditor (Creditor1). Terms for all credit sales and
purchases are 30 days
Relevant information
1. The company has the following opening balances at the 1 July in the current financial
year:
Cash at Bank: $22,640.00
Accounts receivable: $3,401.00
Allowance for doubtful debt: $457.00
Inventory: $10,600.00
Motor vehicle: $21,015.00
Accumulated depreciation motor vehicle: $2,313.00
Accounts payable: $5,014.00
Bank loan owing (due in 20 months): $10,377.00
Office furniture: $13,780.00
Accumulated depreciation office furniture: $1,383.00
Office supplies: $512.00
Share capital: $36,522.00
Retained earnings: balance amount $15,882.00
2. Transactions for the month (all dollar amounts include GST where applicable).
02 July Sales on credit 78 units
05 July Sales on credit 70 units
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11 July Sales on credit 52 units
18 July Sales on credit 59 units
22 July Sales on credit 65 units
29 July Sales on credit 51 units
05 July Paid Wages (ignore PAYG tax) $2,304.00
19 July Paid Wages (ignore PAYG tax) $2,097.00
26 July Paid rent for the current month $3,132.00
11 July Paid insurance $1,435.00
28 July Received advertising invoice (due in 30 days) $776.00
11 July Purchased computer on credit $2,358.00
07 July Purchased inventory on credit 20 units at the cost per unit of $24.00
14 July Purchased inventory on credit 30 units at the cost per unit of $27.00
20 July Purchased inventory on credit 29 units at the cost per unit of $25.00
24 July Purchased inventory on credit 29 units at the cost per unit of $27.00
30 July Purchased inventory on credit 21 units at the cost per unit of $26.00
07 July Received payment from accounts receivable $863.00
07 July Received payment from accounts receivable $541.00
18 July Received payment from accounts receivable $935.00
29 July Purchased office supplies on credit $677.00
30 July Paid motor vehicle expenses $198.00
17 July Paid accounts payable $1,461.00
29 July Paid accounts payable $1,492.00
08 July Paid accounts payable $922.00
3. Additional information:
Selling Price per unit (GST inclusive) $55.00
Insurance paid from the first of the current month and for: 9 months in total. Insurance commences
from the first of the month in which it is paid.
All asset purchases and expenses except wages include GST
Cost of opening inventory items per unit $20.00
Depreciation rate motor vehicle 20%
Residual value motor vehicle: $2,822.00
Depreciation rate office furniture 20%
Residual value office furniture: $613.00
Regardless of purchase date, company policy is to depreciate new assets for 15 days in the month
of purchase. Depreciation rate computer 35%
No residual value is expected for computers.
The company counted inventory at the end of the month. They discovered that 6 units were missing
and these must be removed from inventory.
Office supplies on hand at end of the month were $295.00
At the end of the month the company records potential bad debts expense using the percentage of
sales method. The business uses 1% of sales to determine estimated bad debts.
Interest owing on the bank loan at the end of the month is $60.00
© Copyright Deakin University 2018. 3 Mon, 07 May 18 12:26:42 +1000
REQUIRED:
Computerised Records Using Xero (8 marks)
In this part, you process recording of the transactions including the additional items using Xero.
SORT THE TRANSACTIONS IN DATE ORDER. This is critically important for any inventory
transactions (sales and purchases) as Xero calculates the value of inventory using the moving
weighted average method.
You are required to submit the PDF/EXCEL file of an adjusted Trial Balance generated by Xero
(i.e. the trial balance after you have conducted the necessary adjusting entries).
Xero is a cloud-based computerised accounting package. To access to Xero, using your internet
browser click on https://www.xero.com/au/teaching-accounting/
A Xero practice case, manual guide, videos have been uploaded to Cloud Deakin. It is
highly recommended that you view and review these resources and go through the
practice case before undertaking this section
• Once you have signed up Xero, set up the company based on the information that has been
supplied in the case. Refer the practice case, manual guide, and videos on how to do this. Note
that, for this assessment, you MUST enter the company name in the following format:
Company name – Your name and Student ID (e.g. ABCDE PtyLtd- Ali Yaftian_11111). Marks
will be penalised if you fail to do so.
• Go to General Settings and select financial settings. Make sure that the tax defaults for both
sales and purchases should read ‘tax inclusive’.
• Click Chart of Accounts. Xero has suggested a range of accounts for your use. The account
names may be slightly different to those you need to create when you are recording. This is okay,
you do not need to standardise the names. Additional accounts will need to be added. To add new
accounts, Click on new accounts and complete the necessary information.
• To generate the Trial Balance after recording all the transactions, go to Reports, All Reports
aTrial Balance (Under Accounting Section), Choose date (31 July 2017) and Sort by Account Code,
Update, Select Export as PDF (Bottom right corner of the Trial Balance).
Please note: you will have a free 30 day access to Xero. If you have already registered for
Xero and started your practice with creating the practice case, the 30 day access will be only
applied to that practice case from the date you have created that file. To do your assignment you
don’t need to delete the practice and add new information, you have to create a new company for
your assignment in week 9. To create a new organization in Xero, you have to click on “Home”
option on the top menu (you can get access to “Home” option from Account) of Xero and then click
on the green button “Add an organisation”.
Manual Preparation of Financial Records (7 marks)
• Using the PROFORMA available on CloudDeakin, manually prepare general journal entries to
enter all relevant July transactions (including adjusting entries). Narrations are not required. The
PROFORMA document is located in the ‘Assessment Task 3’ folder.
• Using the format in the PROFORMA document and prepare a stockcard for the month.
© Copyright Deakin University 2018. 4 Mon, 07 May 18 12:26:42 +1000
Submission Instructions
1. This assignment is to be submitted ONLINE ONLY (You are NOT required to submit a hard
copy).
2. You must type your answer onto the PROFORMA document provided for the manual set.
3. The completed PROFORMA (Word/PDF) for the manual set, and the (PDF/Excel) file for the
Xero set must be submitted into the allocated area on CloudDeakin under the Assessment folder.
4. You are not required to upload an Assignment Cover Sheet. You will complete a Plagiarism
declaration when you access the Dropbox.
5. You are allowed to make resubmissions within the submission period. Please note that your last
submission overwrites previous submissions, however, this must be submitted before the DUE
DATE.
You must keep a backup copy of every assignment you submit until the marked assignment has
been returned to you. In the unlikely event that one of your assignments is misplaced, you will
need to submit your backup copy.
Any work you submit may be checked by electronic or other means for the purposes of detecting
collusion and/or plagiarism.
When you are required to submit an assignment through your CloudDeakin unit site, you will
receive an email to your Deakin email address confirming that it has been submitted. You should
check that you can see your assignment in the Submissions view of the Assignment dropbox folder
after upload, and check for, and keep, the email receipt for the submission.
Submitting Assessment Task 3 Part A and Part B
YOU WILL BE SUBMITTING 2 WORD/PDF/EXCEL FILES FOR ASSESSMENT TASK 3 -PART A:
1. Proforma subsidiary Ledgers and general Ledgers (Manual part, Word/PDF file).
2. Trial Balance PDF/Excel file (From Xero)
To submit files from the CloudDeakin top menu:
1. Select “Assessment”, ‘Assignments’
2. Select “Assessment Task 3 Part A _ Proforma (Manual) Word/PDF file”
3. Select “Add a file”
4. Select “Browse” and then choose your ‘PROFORMA’ file (make sure that your file name
includes Proforma, your name and student ID on the top of all pages of your document
and file name).
5. Select “Submit”.
6. Select “Assessment”, ‘Assignments’ second time
7. Select “Assessment Task 3 ‘Trial Balance (Xero)’
8. Select “Add a file”
9. Select “Browse” and then choose your Trial Balance Excel/PDF file (make sure that your file
name includes Trial Balance, your name, and student ID as part of the file name).
10. Select “Submit”.
YOU WILL BE SUBMITTING 1 WORD/PDF FILE FOR ASSESSMENT TASK 3 -PART B:
1. Select “Submit”.
2. Select “Assessment”, “Assignments” third time
3. Select “Assessment Task 3-Part B”
4. Select “Add a file”
5. Select “Browse” and then choose your Part B Word file (make sure that your file name
includes Reflective Report, your name and student ID as part of the file name)
Both parts of the assessment task must be submitted before Sunday 21st January 2018
11:59 pm (AEST). Only the online submissions via CloudDeakin within the submission
period will be marked.Deakin’s Bachelor of Commerce and MBA are internationally EPAS accredited.
Deakin Business School is accredited by AACSB.
MPA 701 – Accounting
Trimester 1, 2018
Assessment Task 3 (Part A) –Computerised and manual
practical case studies
DUE DATE AND TIME: End of Week 9, Sunday 13 May 2018, 11:59pm (AEST)
PERCENTAGE OF FINAL GRADE: 15% + (5% part B, self-reflection task)
Learning Outcome Details
Unit Learning Outcome (ULO) Graduate Learning Outcome (GLO)
ULO 2_ Recognise financial transactions and
encode them using computer software
DGLO 1_ Discipline knowledge and capabilities:
appropriate to the level of study related to a
discipline or profession.
ULO 3_ Construct elementary financial reports
via the recording of transactions and the
application of accrual methods.
DGLO 3_ Digital Literacy: using technologies to find,
use and disseminate information.
DGLO 5_ Problem Solving: creating solutions to
authentic (real world and ill-defined) problems.
DGLO 6_Self-management: working and learning
independently, and taking responsibility for personal
actions
Assessment Feedback:
Students who submit their work by the due date will receive their marks and feedback on
CloudDeakin within 15 working days.
Description / Requirements
-The Task’s data (part A) and submission instructions will be released on Monday of week 8. The
delay in release of the Task’s data is because XERO offers the free trial for only 30 days, therefore
we expect students to start working on this task strictly according to the planned time frame.
-A practice set data and manual guide, and XERO program training/instructions will be released in
week 7.Page 1 of 4
MPA701 Accounting
Trimester 1, 2018
Assessment Task 3 (part B) _Reflective Piece
An individual assignment
DUE DATE: Sunday 13 May 2018, at 11:59pm (AEST)
This assignment represents 5% (5 marks) of the assessment in this unit. Late submission will not
be accepted. Submissions after the due date will not be marked and only seen as a submitted
item when determining the final result in the unit.
Objective
The objective of this reflective piece is to enhance students’ engagement in their own learning
by reflecting not only on their performance overall in the unit but also on various learning
activities while doing assignments within this unit. This assessment activity is focused on
developing an understanding of the Deakin Graduate Learning Outcomes and in particular your
knowledge and skill level with regards to Digital Literacy and Self-management. Your final
submission with be as a Word document, but should reflect aspects of an Infographic.
Background
Graduate employers consistently tell us that they are looking for graduates who display not only
technical skills but also those referred to as non-technical or employability skills. Employability
skills are what the Deakin Graduate Learning Outcomes are based on. These include
communication, the ability to work in a team and to learn from mistakes, and Self- management.
In this unit, Self-management refers to skills and strategies by which individuals can effectively
identify and action learning opportunities and self-improvements to direct their own learning
activities toward the achievement of personal and professional learning goals. Self-management
skills include:
• setting a future plan and establishing clear personal goals
• reviewing and monitoring one’s own performance
• taking responsibility for one’s own learning
• setting priorities and milestones
• clearly articulating personal ideas and vision
Digital Literacy, in this unit refers to being able to use a variety of digital media to:
• search and navigate,
• think critically and
• analyse, create and communicate.
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It encompasses a broad range of critical skills to engage in the information-driven world in
which we live.
This assignment will also help students to develop their skills in the process of collection,
selection, curation, direction, evaluation and reflection.
What is reflective practice?
Reflective practice is about taking personal responsibility for actions, self-reflecting and
critiquing your own performance and identifying and planning future development needs. In
order to take personal responsibility for your actions you need to keep items that will act as
evidence of this as you work on this unit. You could collect items such as documents used for
assessment pieces and their feedback or personal journal entries that you make about your
experience in the unit. It could be images that you take of a particular class that you found
difficult to comprehend so you might like to take a photo of this as evidence or even a selfie of
yourself in the library studying as you might have had a particular good study session and
achieved many tasks that day. It can even be evidence of a conversation you had with a staff
member who helped you understand an important concept. By having these items that act as
evidence you will be able to reflect back on your activity within the unit during the trimester
and critique your own performance. Once you have reviewed some of the resources about
reflective practice the next stage is deciding what to write down.
Task Requirements
Your task is to develop a reflection highlighting the learning you have achieved within this unit,
specifically in relation to your Digital Literacy and Self-management skills. You will be required
to provide evidence in the form of digital artefacts to support your reflections. Your reflection is
to be presented as a Word document (must be limited to 300 words +/- 10%), taking into
consideration aspects found in Infographics.
It is recommended that you keep records of your thoughts and feelings throughout the
trimester on a regular basis, on the development of your Digital Literacy and Self-management
skills.
Step 1: Before undertaking the computerised and manual case scenario assessment item, think
about your current knowledge and skill level with regard to Digital Literacy and Selfmanagement.
If you are unsure of what these Graduate Learning Outcomes encompass, refer to
the Deakin University website here. Decide whether you are at a beginner, intermediate or
advanced knowledge and skill level for both Graduate Learning Outcomes. Record your opinion
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below by placing a tick in the appropriate cell, and include the table in your final submission, as
part of your introduction. You will need to refer to this table when you are writing your final
reflection to see how your knowledge and skills have improved.
Beginner Intermediate Advanced
I think my Digital Literacy knowledge and skills are
at the following level
I think my Self-management knowledge and skills
are at the following level
Provide a justification as to why you think your knowledge and skills are at the level you have
indicated.
Step 2: It is a good idea to keep weekly notes on how you feel your knowledge and skills are
developing with regards to Digital Literacy and Self-management. Some of the questions you
can use to help you think about your knowledge and skills development are included below:
MPA701 Trimester 3, 2017
• What am I doing to develop my knowledge and skills in regards to Digital Literacy and
Self-management?
• What support resources have I used to develop my knowledge and skills?
• Is there anything else I could be doing or accessing to help develop my knowledge and
skills?
• Is what I am currently doing, working?
• Why is it working or not working?
• How does this make me feel?
• Why am I feeling this way?
• What can I do to change / improve the situation?
• What are my thoughts on how the knowledge and skills I am developing will assist my
future career?
It is not necessary to answer each question each time you write notes to yourself, but it is
important that you consider these aspects of your knowledge development. The act of thinking
about and answering these questions is known as Reflective Practice. The format these notes
take is up to you. Remember to also collect examples of what you are doing in regards to Digital
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Literacy and Self-management and the best examples are to be included in your final
submission. These examples will be your artefacts.
Step 3: Using your notes from step 2 compile your final reflective piece. The reflective piece
should tie together the learning experiences that you have completed with regard to Digital
Literacy and Self-Management. Reflect on where you performed well as well as where you did
not. Within the reflective piece, make reference to the artefacts and the brief reflections that
you have collected during the trimester. The references you make to these artefacts should
support the claims that you are making about your learning. It is expected that you provide at
the minimum 2 artefacts (evidence) that supports both Digital Literacy and Self-Management.
In what format should I produce the final reflective piece?
The final reflective piece must be produced as a Word document, but presented as an
infographic. A sample infographic is provided on the Unit Site that can be used to help develop
your final submission.
Word Limit: +/- 300 words, double-spaced, 12-point Ariel or Times New Roman font. A word
count must be included. Students exceeding the word limit by more than 10% will incur a
mark penalty.
Submission Instructions
Submission instructions will be advised later during the trimester.

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