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.