Melbourne Institute of Technology BA204 accounting代写.
Melbourne Institute of Technology BA204 accounting代写
Melbourne Institute of Technology Pty Ltd
CRICOS Provider No: 01545C, 03245K NSW
| Assessment Details and Submission Guidelines | |
| Course Name: | Bachelor of Business |
| Unit Code: | BA204 |
| Unit Title: | Financial accounting |
| Assessment Type: | Group AssignmentTrimester 2, 2017 |
| Assessment Title: | Assessment 4 Written report |
| Purpose of the assessment | The purpose of this assignment is to assess the following Learning Outcomes: a. Interpret and explain accounting concepts and principles d. Record financial accounting transactions using the accrual method of accounting e. Prepare general purpose financial statements |
| Weight: | 25 percent |
| Total Marks: | 100 marks |
| Word limit | Not applicable |
| Release Date: | 22August 2017 |
| Due Date: | Week 11 |
| Submission Guidelines: | · This assignment should be completed in groups of two or three. · All work must be submitted via Turnitin by the due date along with a completed Assignment Cover Page. · The assignment must be in Ms Word format,1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings. · Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA referencing style. |
| Extension | · If an extension of time to submit work is required, a Special Consideration Application must be submitted directly to the School’s Administration Officer, in Melbourne on Level 6 or in Sydney on Level 7. You must submit this application three working days prior to the due date of the assignment. Further information is available at: http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/specialconsiderationdeferment |
Assignment Cover Sheet
| Student ID Number/s: | Student Surname/s: | Given name/s: |
| Course: | School: | |
| Unit code: | Unit title: | |
| Due date: | Date submitted: | Campus: |
| Lecturer: | Tutor: |
All work must be submitted via Turnitin by the due date. If an extension of time to submit work is required, a Special Consideration Application must be submitted. Further information is available at:
http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/specialconsiderationdeferment
| Academic Misconduct Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure available at:http://www.mit.edu.au/about-mit/institute-publications/policies-procedures-and-guidelines/Plagiarism-Academic-Misconduct-Policy-Procedure.For further information please refer to the Academic Integrity Section in your Unit Description. |
| Student Declaration | |
| I/We declare that: o the work contained in this assignment is my/our own work/group work, except where acknowledgement of sources is made; o certify that this assessment has not been submitted previously for academic credit in this or any other course; o I/we have read the MIT’s Plagiarism and Academic Misconduct Policy Procedure, and I/we understand the consequences of engaging in plagiarism; o a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request; I/we have not plagiarised the work of others or participated in unauthorised collaboration when preparing this assignment. |
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| Student Signature: | Date: |
| Group member 1: | |
| Group member 2: | |
| Group member 3: |
Melbourne Institute of Technology BA204 accounting代写
Assignment Instructions
This assignment is comprised of three parts, worth a total of 100marks. The first two parts must be completed and the last part addressed.
Part A.Draper Consulting Services (38 + 19 + 4 + 6 + 8= 75 marks)
Glen McGrath is the CEO of Draper Consulting Services who is very upbeat about the newly developed accounting software by his company and has approved its launch in January 2017. Draper Consulting Services has traditionally performed systems consulting work. At the end of January 2017 Glen asked his accountant to prepare the financial statements. The financial year for Draper Consulting is the Calendar year January to December. Listed below is the post-closing trial balance as at 31stDecember 2016.
| DRAPER CONSULTING Services | ||
| Post-closing trial balance | ||
| as at 31 December 2016 | ||
| Account | Debit | Credit |
| Cash | $16 350 | |
| Accounts receivable | 1750 | |
| Software inventory | ||
| Supplies | 200 | |
| Prepaid rent | ||
| Equipment | 2 000 | |
| Accumulated depreciation—equipment | $200 | |
| Furniture | 5 200 | |
| Accumulated depreciation—furniture | 520 | |
| Accounts payable | 1 780 | |
| Salary payable | 1 370 | |
| Unearned service revenue | 700 | |
| Draper capital | ______ | 20 930 |
| Total | $25 500 |
$25 500 |
Following are the transactions for the month of January 2017:
| Date | Transactions |
| Jan2 | Completed a consulting engagement and received cash of $8 800. |
| Jan2 | Prepaid three months office rent, $2 650. |
| Jan7 | Purchased 160 units software inventory on credit, $2680, plus freight in, $160. |
| Jan 18 | Sold 80 software units on credit, $4 500 (cost $980). |
| Jan 19 | Consulted with a client for a fee of $2 000 on credit. |
| Jan 20 | Paid employee salary, $4 055. |
| Jan 21 | Paid on account, $2 760. |
| Jan 22 | Purchased 340 units software inventory on credit, $8 840. |
| Jan 24 | Paid electricity and gas, $350. |
| Jan 28 | Sold 220 units software for cash, $5 680 (cost $3 960). |
| Jan 31 | Recorded the following adjusting entries: |
| Accrued salary expense, $1 370 | |
| Depreciation, $720 ( Equipment, $200; Furniture, $520) | |
| Expiration of prepaid rent, $650 | |
| Physical count of inventory, 185 units, $6 350 |
Requirements:
Complete ALL six requirements, and include narratives for all journal entries.
Open the following selected T-accounts in the ledger: Cash; Accounts receivable; Software inventory; Prepaid rent; Accumulated depreciation – equipment; Accumulated depreciation- furniture; Accounts payable; Salary payable; Carl Draper, capital; Carl Draper, drawings; Income summary; Service revenue; Sales revenue; Direct expense; Salary expense; Rent expense; Electricity and gas expense; Depreciation expense-equipment; Depreciation expense-furniture.
- Journalise and post the January transactions. Key all items by date. Calculate each account balance and denote the balance as ‘Bal’. (38 marks)
- Journalise and post the closing entries. Denote each closing amount as ‘Clo’. After posting all closing entries, prove the equality of debits and credits in the ledger. (19 marks)
- Prepare the January income statement of Draper Consulting. Use the descriptive (by nature) format. Include changes in inventory in the Direct expense account. (4 marks)
- Prepare the statement of changes in equity of Draper Consulting for the month ended 31 January 2017. Make sure you include all relevant details. (6 marks)
- Prepare the classified balance sheet in report form of Draper Consulting as at 31 January 2017. (8 marks)
Part B. Accrual Accounting and Unethical Behaviour (15 marks)
‘Accrual accounting provides opportunities for unethical behaviour’ (Nobles et al 2016, page 127) (i.e., the prescribed textbook).
Guidance on ethical behaviour, in particular, on the fundamental principles of professional ethics for accountants, can be found in authoritative documents such as APES 110 Code of Ethics for Professional Accountants (http://www.apesb.org.au/uploads/standards/apesb_standards/standard1.pdf)
Requirements
- Explain what is meant by unethical behaviour for accountants in general and specifically in relation to accrual accounting. (6 marks)
- Identify two cases as appearing in either the media (i.e., newspapers, e.g., The Financial Review), professional accounting journals (e.g., the CPA’s In the Black) or academic accounting/business ethics journals (e.g.,Australian Accounting Review) that show how accrual accounting can be used for unethical behaviour. Your two cases do not need to relate to two separate business entities. Your must reference your sources in your list of references – which will be checked by the marker. (2 x 5 marks = 10 marks).
Part C. Quality, Convention and Neatness(10 marks)
Your written reportwill assessed for quality, convention, and neatness, including following the Submission Guidelines as detailed above, use of English grammar, sentence structure, etc. In sum, submit a report that you will be proud to show others, including a future employer!
Make sure all pages are numbered, and the text fits within the margins of your pages.
Start each part on a new page and start each requirement of a part on a new page, making sure to include the relevant heading.
Marking Rubric
| Marks available |
Marks obtained | |
| Part ADraper Consulting Services (75 marks) | ||
| Requirements 1 (a) January journal entries (1 mark each) and (b) posting to T-accounts (1 mark each) |
(17 + 21 =) 38 | |
| Requirement 2 (a)(i) Journalising closing entries (1 mark each), (a)(ii) posting closing entries (1 mark each), and (b) post-closing trial balance |
(16 + 3 =) 19 | |
| Requirement 3 [Income statement] |
4 | |
| Requirement 4 [Statement of changes in equity] |
6 | |
| Requirement 5 [Classified balance sheet in report form] |
8 | |
| Part B Accrual accounting of unethical behaviour(15 marks) | ||
| Requirement 1 [Accrual accounting of unethical behaviour] |
6 | |
| Requirement 2 [Accrual accounting of unethical behaviour] |
(2 x 5 marks =) 10 | |
| Part C* Quality, convention, and neatness (10 marks) | 10 | |
| GRAND TOTAL | 100 |
* For Part C (10 marks):
| Met requirement to an excellent level (80 to 100%) |
Met requirement to a very good level (70 to 79%) |
Met requirement to a good level (60 to 69%) |
Met requirement to a satisfactory level (50 to 59%) |
Did not met requirement (0 to 49%) |
Mark |
Overall comments/feedback
Melbourne Institute of Technology BA204 accounting代写
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