acc566 assignment 1 feedback 201530 sydney

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Here is a check list of what was required in your first assignment. 1. Two files submitted to Turnitin – docx file and spreadsheet file 2. ONE file needed to be submitted to the reception (hard copy). It had to contain all questions and all answers in order (including spreadsheets with formula view) 3. Just your name as the file name? Do not name files “Assignment1” as they all look the same then. YOUR NAME must be included 4. List of questions attempted? 5. Academic integrity statement? 6. Your name etc. in the footer? 7. Plagiarism quiz? Showing your name? Reference to the source? 8. Digital literacy questions? Good answers? Example spreadsheets showing row and column headings, URL references? Accounting/ CPA in Second Life? 9. ABC Learning. Good answers? Comprehensive? References? 10. Problem questions? Correct answers, Good presentation? 11. Spreadsheets. Correct numbers? 12. Row and column headings? 13. Separate data and report areas? 14. Pasted spreadsheet formula view? 15. Use IF function? 16. References throughout the assignment e.g. H page ? URLs, Interact2. While reference requirements was not as strict as in some other subjects, “(dummies)” or “google” was not the way to go. Especially if “(dummies)” did not appear in the bibliography/ reference list document.docx 1

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ACC566 Assignment 1 Feedback 201530 SYDNEY

TRANSCRIPT

CHARLES STURT

Here is a check list of what was required in your first assignment.

1. Two files submitted to Turnitin docx file and spreadsheet file 1. ONE file needed to be submitted to the reception (hard copy). It had to contain all questions and all answers in order (including spreadsheets with formula view)1. Just your name as the file name? Do not name files Assignment1 as they all look the same then. YOUR NAME must be included 1. List of questions attempted? 1. Academic integrity statement?1. Your name etc. in the footer?1. Plagiarism quiz? Showing your name? Reference to the source?1. Digital literacy questions? Good answers? Example spreadsheets showing row and column headings, URL references? Accounting/ CPA in Second Life?1. ABC Learning. Good answers? Comprehensive? References? 1. Problem questions? Correct answers, Good presentation? 1. Spreadsheets. Correct numbers?1. Row and column headings?1. Separate data and report areas? 1. Pasted spreadsheet formula view?1. Use IF function?1. References throughout the assignment e.g. H page ? URLs, Interact2. While reference requirements was not as strict as in some other subjects, (dummies) or google was not the way to go. Especially if (dummies) did not appear in the bibliography/ reference list1. Bibliography? URLs? Text? Study Guide? Spreadsheet Advice? ABC Learning movies. Plagiarism quiz? Excel help.1. Spell check used, Capital Letters used where required, sentences complete

If you have all of these then.

If you didnt .. make sure you cover these for the next assignment.

School of Accounting and Finance

ACC566 ACCOUNTING SYSTEMS & PROCESSES

ASSIGNMENT 1 FEEDBACK201530

I hope you are travelling well in this subject. There is a lot of work but keep in mind it lays the foundation for future accounting subjects and doing these questions conscientiously is good preparation for the final examination.

Please use this feedback and your results to improve your marks for Assessment 2.

Remember that if you are stuck and you dont understand a question, please come and talk to us.

Assignment 2 includes more spreadsheets. Some of the submitted spreadsheets in assignment 1 left room for improvement. Ensure this improvement is implemented in assignment 2. Check the advice on the Spreadsheets Advice section in the introduction to the study guide or in Resources.

As well for assignment 2, make sure you paste normal views and formula views of your spreadsheets showing row and column headings as required. And keep all data separate from the solution/report section. Make sure that spreadsheets fit on the page and are not too small for us to read! Look for opportunities to use the IF function.

Assignment 1

The overall quality of submissions for this assignment was good with a few exceptions.

Why did some students submit incomplete work? The instructions re assignment 1 in the subject outline are very explicit. Let us know if there is any way we can make them clearer in the future.

Try to make your assignment work self-contained not for us but for your sake when you review topics for the final exam. It might be a good idea, for study purposes, to include the questions with the answers up to you.

Some specific comments follow:

1. Discussion questions were generally well answered. Please remember that copy/ paste is not the best way to score marks or to prepare for your 70% final exam2. Please attempt topic multiple choice on Interact2 great practice.3 Indent credits in journal entries.4 Do not sum general journal entries.5 Turnitin - submit ONE word file and then ONE spreadsheet file, but HARD copy submission should be ONE file arranged in order of questions6 The problem questions were remarkably well done with only a few errors.7 The presentation of some assignments was outstanding with some students already setting out well-structured spreadsheet solutions to problem questions. More spreadsheets are required for the next assignment. Now that you have this feedback I hope that the standard of presentation will improve.8 Questions 1 6 were handled fairly well. Online CSU Plagiarism Quiz. This task provided a reminder about plagiarism issues. You were expected to paste in your assignment evidence of completion of this task. And a paste of your name. Wasnt it somewhat ironic that many did the quiz, pasted the results and then did NOT acknowledge the source. No reference whatsoever! Technically, this is plagiarism.9 Most students but not all - properly included a bibliography at the end of their assignment and appropriate referencing throughout their work.10 Terminology? It is generally a good idea to use the same terminology as appears in the text question rather that inventing your own. Note that Australian accounting terminology has evolved and become more American over the years (note that some spelling is different, eg cheque = check)11 Use your spelling checker. In doc files AND spreadsheet files. Sloppy spelling doesnt enhance an assignment.12 Be consistent in the use of commas in showing thousands.13 Check column width in spreadsheets. Adjust font size if necessary and/or paste into your doc file in landscape orientation where appropriate.14 Leave out zeroes if irrelevant. How? 15 Number pages please. And your name on every page.16 Careful with wording. Tax is an expense (like Income Tax), but Tax Payable is a liability; however, GST Clearing is either an Asset or a Liability17 Where the question asked to give examples of different accounts, you could choose from hundreds of accounts of a typical chart of accounts (or use the one in the book), but liabilities or expenses is not an example18 In PALER, P stands for properietorship/owner's equity, not Plant and not Profit. You just needed to follow the instructions and check it on Interact2 under the relevant topic.19 The question about subscription for a magazine for $240 was meant to be done from the magazines perspective, so the magazine would receive money Dr Cash. Please read questions carefully20 Balancing Ledger accounts the method in the textbook is ok but see below.

Balancing ledger accounts

The following example demonstrates complete balancing of ledger

accounts using Balance brought forward, Balance carried down, and

Balance brought down. This method complies more closely with the

double entry system. The method is useful when reconstructing accounts.

Cash

DateParticularsAmountDateParticularsAmount

March1Bal b/f600March2Purchases100

4Sales2007Purchases200

9Rent Revenue30022Purchases300

26Sales40028Freight100

31Bal c/d800

$1,500$1,500

April1Bal b/d800

14 Accounting 9/e Solutions ManualACC566 Assignment 1 Feedback 201530.docx4

308 Accounting 9/e Solutions Manual25

Spreadsheet structures.

On the previous page an example from the Spreadsheet Advice section of your study guide is reproduced.

How is it structured?

1. There is no data entered after row 25.2. After row 25 there are only formulas3. The OK"s test to see if totals are equal4. The "Net Income" in cell A50 is an IF function If the net income amount is negative Net Loss will be printed.5. The amounts in the adjustments columns are all copied from the data area6. The formula in cell F26 is copied down that column and automatically adjusts.7. The formula in cell H50 is another IF function as is the formula in cell I50.8. This same pattern could be used to copy numbers into the financial reports from the worksheet.9. In this manner the spreadsheet is reusable month to month by just changing the data in the top part of the spreadsheet. Everything in the bottom part changes automatically.10. Your answers to the spreadsheet problems should have used these structures

SOLUTION FEEDBACK

Q1-1 Online CSU Plagiarism Quiz

This task provided a reminder about plagiarism issues. You were expected to paste in your assignment, evidence of completion of this task. Some pasted a full screen capture of the summary results with lots of blank space.

Paste of your name? As required.

Isnt it somewhat ironic that many did the quiz, pasted the results and then did NOT acknowledge the source. No reference whatsoever!

1-2 How can computer spreadsheets (e.g. Excel) be pasted into a word document showing rows and column headings? Describe two methods and paste simple examples.

How to paste spreadsheets in word docs.

One way is page setup, tick show row and column headings, highlight area, copy, paste special, picture works well with some versions of Excel.

Check the spreadsheet advice in the introduction to the study guide.Note that you needed to paste simple examples, Showing row and column headings.

An example follows.

Or a screen dump (capture) by adjusting the Excel borders, Alt PrintScreen and past in Word. Note that in the example below the width of several columns is insufficient to show the numbers correctly. How could this be fixed?

And to show the formula view, Control ` in the spreadsheet, adjust column widths, copy and paste special picture.

Or use screen capture software such as geenshot.exe

See below: copied and pasted using Greenshot.

Its free!

http://getgreenshot.org/

Make sure you download from this site. Some other sites sometimes download nuisance software along with Greenshot.

And you can resize the image.

1-3 List four web sites relevant to accounting and their URLs. Explain how is each relevant?

Answers will vary. Its important to explain how each is relevant to accounting. Some didnt.

1-4 What is Second Life? What is its connection with CPAA? Explain.

Second Life and Accounting? There are CPA firms embedded in the virtual world of Second Life. http://www.cpaisland.com/ and 3D accounting models http://www.youtube.com/watch?v=4T4zTStVK6Y and more.

http://secondlife.com/?v=1.1

and more

http://www.youtube.com/watch?v=Q-FR_fkTFKY

CPA Australia have used Second Lifehttp://cpacongress.wordpress.com/2008/10/29/cpa-australia-in-second-life-a-success/

http://www.youtube.com/watch?v=GmEEBfhwJdY

1-5 Work Integrated Assessment. Describe the computing environment in your workplace (equipment, software, processes etc. If this is a task you cannot undertake, explain why - and as an alternative task, describe the history and evolution of the Internet (about 300 words).

Some good and interesting answers re workplace computing environment. BTW, even if you are employed on a casual basis it may be possible to answer this question. For example, one student who works from home gave a good description of his home study environment.

The history and evolution of the Internet.This was an alternative.

There are some good references online.For example, here is a movie.http://vimeo.com/2696386?pg=embed&sec=2696386

As usual Wikipedia is good.http://en.wikipedia.org/wiki/History_of_the_Internet

And.http://encyclopedia2.thefreedictionary.com/The+Internet

The Internet started in 1969 as the ARPAnet. Funded by the U.S. Government, the ARPAnet became a series of high-speed links between major supercomputer sites and educational and research institutions worldwide, although mostly in the U.S. A major part of its backbone was the National Science Foundation's NFSNet. Along the way, it became known as the "Internet" or simply "the Net." By the 1990s, so many networks had become part of it and so much traffic was not educational or pure research that it became obvious that the Internet was on its way to becoming a commercial venture.

In 1995, the Internet was turned over to large commercial Internet providers (ISPs), such as MCI, Sprint and UUNET, who took responsibility for the backbones and have increasingly enhanced their capacities ever since. Regional ISPs link into these backbones to provide lines for their subscribers, and smaller ISPs hook either directly into the national backbones or into the regional ISPs.

Internet computers use the TCP/IP communications protocol. There are more than 20 million hosts on the Internet, a host being a mainframe or medium to high-end server that is always online via TCP/IP. The Internet is also connected to non-TCP/IP networks worldwide through gateways that convert TCP/IP into other protocols.

Although most new users interact with the Internet via their Web browsers, for years, command-line UNIX utilities were used. For example, an FTP (File Transfer Protocol) program allows files to be downloaded, and the Archie utility provides listings of these files. Telnet is a terminal emulation program that lets you log onto a computer in the Internet and run a program. Gopher provides hierarchical menus describing Internet files (not just file names), and Veronica lets you make more sophisticated searches on Gopher sites. See FTP, Archie, Telnet, Gopher and Veronica.

Ironically, some of the original academic and scientific users of the Internet are developing their own network once again. The Internet is so jammed these days that they no longer enjoy the quick access they were used to.

Q1-6 Play the CPA ABC Learning movies (from Interact Resources or the CPA Youtube channel - http://www.youtube.com/watch?v=YYF6JW9vJKothe Internet). Identify and briefly explain four (4) accounting issues raised by this case.

Answers will vary.

The CPA video on ABC Learning included discussion of accounting problems with revenue recognition, valuation of intangible assets, related party transactions, control of expenditures and classification of liabilities. A few enhanced their answers by using other Internet resources. It is possible that you may choose this case study as a relevant example in the final examination with any examination questions that relate to corporate collapses.

Chapter 1 Quick check:

Chapter 1: QC 1-10

These QCs provide good practice in answering multiple choice style questions.Not part of the assignment but . Good practise

Answers:

1. a2. b3. b4. c5. b6. d7. b8. a9. a10. c

MORE QUIZZES ARE ON INTERACT2 under each topic!

Q1-7

Q1-7 Learning Objective: understanding the accounting equation.

Explain the underlying rationale for the accounting equation. What are these symbols P A L E R? They are discussed in section 2.2 of the modules in Interact (also in the Resources section). Relate them to sources and uses of funds and the double entry system. Give examples of increases and decreases in "P".

See the Study Guide in the Interact2 topics or in the PDFs in Resources.In the resource PDFs see topic 2. Recording business transactions. The discussion starts on page 4.An understanding of these relationships is relevant throughout accounting in this subject and subsequent subjects.

The basis of these relationships is that sources of funds equals uses of funds. You should provide your own original rationale/discussion.

Q1-8 Balance Sheet Equation. Spreadsheet required.Note that Interact2 resources including Spreadsheet Advice and the worksheet video may assist in completing this assignment question.

Pasted formula view required showing row and column headings.

No cells in the report area contain numbers. Only formulas.

Data is copied from the Data section by using the +key. For example cell D28 is +D8, and so on.

All shaded areas (the answers) are formulas.

With this spreadsheet structure the accountant can create new spreadsheets in future periods by just changing the data.

Here is the formula view of the Report area. Column widths are adjusted.

Notice that there is no data in the report area.

Q1-9 Give 4 examples each of assets, liabilities and owners equity (Proprietorship) accounts.Answers will vary. A few errors by some?

Q1-10 What is a chart of accounts? What is its purpose?See the text or search the internet. For example, http://en.wikipedia.org/wiki/Chart_of_accounts

Q1-11 List eight accounts with normal debit balances. List eight accounts with normal credit balances.Answers will vary. Again a few errors.

Q1-12 Learning Objective: understand and apply the Accounting Equation

A. Create a manual solution.B. Create a spreadsheet solution. Paste normal and formula views.C. Change 4 numbers such that the trial balance still balances. Paste this new normal view. Ensure that you choose the 4 changes yourself. Highlight the data changes with the yellow highlighter in Excel. Note that Interact2 resources including Spreadsheet Advice and the worksheet video may assist in completing this assignment.

The reason for the requirement to create a manual solution is for you to realise the advantages of spreadsheets. And to give you practice in answering questions manually as you will in the final exam.

The spreadsheet solution follows.

Note the IF function in cell B36. It tests that the balances are equal.

Here is the same problem with four changes.Just takes a few seconds. Ensure that the changes are logical and that the trial balance still balances.

Ensure that you paste the formula view.

Cell B36 is an IF function.

Q1-13 What is accrual accounting?See the text pages 116-117 and/or search the Internet.http://www.business.gov.au/business-topics/tax-finance-insurance/business-finances/Pages/cash-or-accrual-accounting.aspxandhttp://www.dummies.com/how-to/content/deciding-between-cashbasis-and-accrual-accounting.html

Q1-14 Why are adjusting entries needed?See the text page 118 or search the Internet. The emphasis here was on WHY

Q1-15 List four types of adjusting entries and give examples of each.See chapter 3 of the text. It is important that you choose your own examples.Better answers will have example journal entries. With indented credits.

Q1-16 You pay $240 for a magazine subscription for the next 12 months.How should the magazine company account for this transaction?

For the magazine company this creates a liability they owe you a 12 months subscription.If, for example they stopped publishing the magazine they would need to refund your money.

So Debit Cash 240 Credit Unearned Magazine Subscription 240 or similar.

After 6 months the entry would be

Debit Unearned Magazine Subscription 120 Credit Magazine Revenue 120

Thus the liability is reduced and revenue is recognised.

Q1-17 Distinguish between the adjusted trial balance and the post closing trial balance.See the text. And/or the Study guide. Simply, the adjusted trial balance shows all ledger accounts after the adjustments. The post closing trial balance is after R and E accounts are transferred to the Income Summary account and then to Capital. The post closing trial balance has no revenue or expense accounts. It just shows P A L accounts..Q1-18 Distinguish between current and non current liabilities. Give your own examples of each. A few errors.

Q1-19 Explain the current ratio and the debt ratio. Create numerical examples. See the text page 192. Make sure you have your own numerical examples.

Q1-20 Learning Objective: prepare the worksheet and financial statements using a properly constructed spreadsheet.Note that Interact2 resources including Spreadsheet Advice and the worksheet video may assist in completing this assignment.Create a ten column worksheet and enter this data. Also your spreadsheet will create the financial reports.

A few errors by some. Check Supplies. Dont forget the Financial reports the Income statement etc.There are relevant examples in the Spreadsheet Advice.

Note the use of the IF function to check that balances are equal and to change net incomet to net loss if the amount is negative.