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.
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 31^stDecember 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.

1. Journalise and post the January transactions. Key all items by date. Calculate each account balance and denote the balance as ‘Bal’. (38 marks)
2. 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)
3. 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)
4. 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)
5. 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

1. Explain what is meant by unethical behaviour for accountants in general and specifically in relation to accrual accounting. (6 marks)
2.  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

 
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 Melbourne Institute of Technology BA204 accounting代写