Assessment item 2
Assessment Item 2
Value: 20%
Due date: 09-May-2017
Return date: 30-May-2017
Submission method options
Alternative submission method
Task
Q1 Naming cells in spreadsheets (4 marks)
See support.office.com/en-us/article/Define-and-use-names-in-formulas-4D0F13AC-53B7-422E-AFD2-ABD7FF379C64
Why replace cell references with names? Create a simple spreadsheet and paste Sales less Expenses = Net Profit.
Q2 Negative numbers (3 marks)
Why do accountants display negative numbers in brackets? How can negative numbers be displayed in brackets? Paste a simple spreadsheet example. See:
support.office.com/en-us/article/change-the-way-negative-numbers-are-displayed-104b47a6-8ae2-471f-8f73-c4b96e7bb146
Q3 Separation of data and report areas (5 marks)
Evaluate why an accountant should design spreadsheets with a completely separate data entry area and a separate report area? Paste a simple spreadsheet example.
Q4 IF functions (5 marks)
What is an IF statement (function)? Reference a youtube. Provide a spreadsheeted accounting example for net profit/net loss.
Q5 Perpetual versus Periodic systems (5 marks)
Explain the essential differences between perpetual and periodic inventory systems. Give examples of products/situations suited to each. (Watch the 3 videos on Inventory in Interact2 Resources).
Q6 Worksheet and financial reports (12 marks)
Watch the Foot Worksheet movie in Interact2 resources. Download the relevant doc file also on Interact2 resources. This doc file has a template of the example below.
Examine the original data from the video. Create a new report/solution and change every data number and enhance/improve the example to prepare a ten column spreadsheeted worksheet and the Financial Reports. Change the presentation of settlement discounts so it complies with the method in chapter 5 of your text.
Do not create journal entries or ledger accounts. Ensure your trial balance still balances after your data changes. The changes should be your personal choice. So your solution will be unique.
Follow the spreadsheet requirements including a separate data entry and report area and implement IF functions wherever appropriate. As usual, paste the normal view and the formula view.
Write a business report evaluating spreadsheets as a tool for accounting. You may wish to search the Internet with terms such as “advantages of spreadsheets”. Use the following resource to help you prepare and format your report: http://bit.ly/FoBAcademic-Writing-Skills
Q7 Application ofInventory flow assumptions (10 marks)
Create a well-designed spreadsheet to solve Irenes Toy Company. Make several of your own changes to the original data and create a new solution. In this second version, create prices that decline throughout the month. Paste the two solutions and one formula view. Highlight your changes. Explain the significance of the changed results,
Q8 Bank Reconciliation (10 marks)
Prepare a Bank Reconciliation Statement from the following data.
Paste the normal and formula views. Use an IF function. Then in a second version change all the data.
Q9 Journalising accounts receivable entries (6 marks)
Using your text as a resource, show the T accounts needed to show sales on credit, the collection of part of the amount owing, the write off of accounts receivable, the reinstatement of an amount written off and the collection in full of the amount owing. Create your own numbers. A spreadsheet is not required.
Q10 Estimating bad debts (4 marks)
Contrast two different methods of estimating bad debts. Create simple examples.
Q11 Evaluation of a firm’s financial position (6 marks)
How can we use receivables to evaluate a firms financial position?
Q12 Dishonour of a note receivable (8 marks)
Write a scenario which includes a credit sale, a conversion to a Note receivable, the dishonour of the note and subsequent delayed payment. Show the T accounts. Create your own simple numbers.
Q13 Work Integrated Assessment case study (12 marks)
Qantas Annual Report 2016
Learning Objectives: The subject you are studying is vocational. It is designed with the workplace inmind. Work integrated assessment provides opportunities for students to link theory and skills learned in a subject to a real work context. Students can use these opportunities to develop and practice theprofessional and academic skills they learn about in a subject or through the online environment andthen be assessed on their capabilities in these simulated authentic environments. Work integratedassessment allows students to simulate and situate their learning in an authentic workplace thatencourages them to explore their knowledge and apply it to practice. Integrating real world, authenticassessment tasks allows students to learn about the particular environments and culture of their chosen professions, while at the same time absorbing and practicing the skills they need to succeed. Doing these tasks can help students develop skills that can help their employability.Resources for this task include the 2016 Annual Report for Qantas.
Your friend Ramesh is studying architecture at another University and knows very little about accounting and annual reports. His uncle gave him $50,000 recently to invest. Ramesh knows you have begun studying accounting and is considering buying Qantas shares. He has some questions for you.
Present your answers concisely in a business report format.
Rameshs questions:
1. Identify and explain some of the metrics that Qantas uses to show its performance.
2. Examine and comment on the Statement of Comprehensive Income.
3. What expertise does Todd Sampson bring to the Board of Directors?
4. Explain Revenue Seat Factor, EBIT, Revenue received in advance and Retained Earnings.
5. Calculate and comment on the Working Capital ratio.
6. Create two charts in Excel from any data in the Qantas report showing 3D columns and a 3D pie chart. Paste the spreadsheet graphs in your assignment. Also, paste the graph data area.
7. Summarise your advice to Ramesh re the investment decision.
Find the Qantas 2016 Annual Report on the web.
Quality of presentation including references 10 marks
Rationale
Assessment task 2 is designed to give you further opportunity to demonstrate knowledge and skills in more in-depth aspects of accounting and information systems including bank reconciliation, inventory systems, financial reports, accounting for bad debts and notes receivable, as well as concepts and the application of spreadsheet software to the presentation and solution of accounting problems.
Task 2 covers the study schedule weeks 5-12 inclusive and includes the application of conceptual and technical aspects of accounting and the preparation of business financial statements, the appraisal of the use of information technology including spreadsheet software, to demonstrate business communication skills including report writing, to contextualise and evaluate accounting information for decision making, to explain the importance of ethics in accounting.
In today’s business environment we need verbal skills, writing skills, numeracy skills AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment. It is suggested that you attempt the assignment questions week by week.
Marking criteria
our assignment will be marked as a whole with recognition being given to demonstration of knowledge, quality thinking, application of skills and critical thinking.
For some questions you have a chance to demonstrate some creativity, or provide your own examples or give evidence of wider reading or to structure a spreadsheet in an innovative manner. You also need to avoid the snowballing effects of cumulative errors - that is, an error early in a practical question which carries through. Full marks are a possibility for well structured, complete, quality answers.
You will be provided with a mark based on the work submitted and you will also be provided with suggested solutions or guidelines. Feedback will normally consist of the mark, specific comments and guideline solutions.
High Distinction. To meet this level, you will attain a cumulative mark between 85%-100%. A mark in this range indicates that you have met the learning outcomes for this task to an exceptional level, including skilfully applying correct analytical methods and techniques, deconstructing information and reflecting on different accounting and financial management ideas and interpretative techniques applied in management decision making and efficient allocation of business resources, and creating professional reports and spreadsheets that can be used in management decision making.
This mark also indicates your assignment will:
• be professionally presented with correct spelling and grammar
• be the result of your original work
• include complete references and acknowledgment of all sources used according to APA 6th style
• be complete without any omissions
• be correct
• evaluate comprehensively the issues raised in the questions
• provide examples where appropriate, and
• comply with all spreadsheet requirements.
Distinction. To meet this level, you will attain a cumulative mark between 75%-84%. A mark in this range indicates that you have comprehensively met the learning outcomes for this task, including competently applying correct analytical methods and techniques, judging between different accounting and financial management ideas and interpretative techniques in management decision making and efficient allocation of business resources and designing reports and spreadsheets for effective use in management decision making.
This mark also indicates your assignment will:
• be neatly presented with very few spelling and grammatical errors,
• be the result of your original work,
• include references, acknowledging all sources used according to APA 6th style
• be mostly complete
• evaluate many of the issues raised in questions
• provide examples where appropriate, and
• comply with most spreadsheet requirements.
Credit. To meet this level, you will attain a cumulative mark between 65%-74%. A mark in this range indicates that you have thoroughly met the learning outcomes for this task, including differentiating between different analytical methods and techniques to be applied, determining a course of action using accounting and financial management ideas and interpretative techniques for management decision making and efficient allocation of business resources, and assembling reports and spreadsheets for use in management decision making.
This mark also indicates your assignment will:
• be neatly presented with few spelling and grammatical errors
• be the result of your original work
• include references, acknowledging sources used according to APA 6th style
• be mostly complete
• be mostly correct with only a few errors
• evaluate many of the issues raised in questions
• provide some examples where appropriate, and
• comply with most spreadsheet requirements.
Pass. To meet this level, you will attain a cumulative mark between 50%-64%.
A mark in this range indicates that you have met the learning outcomes for this task to a basic level, including responding to questions with limited options for applying analytical methods and techniques, selecting accounting and financial management ideas and interpretative techniques for management decision making and efficient allocation of business resources, and generating basic reports and spreadsheets that could be used for management decision making.
This mark also indicates your assignment will:
• be neatly presented,
• be the result of your original work,
• include some references and acknowledge sources used according to APA 6th style,
• be mostly complete without too many omissions,
• be mostly correct with some errors
• evaluate some of the issues raised in questions
• provide some examples where appropriate, and
• comply with most spreadsheet requirements
Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions.
The marking criteria for your assignments will be based on the content of the subject as identified by the learning objectives of the various topics. Good computer spreadsheet models will comply with the spreadsheet requirements.
Any assignments with significant evidence of plagiarism may be referred to the universitys academic misconduct processes and will receive a grade of zero.
An example of marking criteria for an essay/business report follows. Some of the same criteria apply to larger discussion style questions and case studies and business reports.
Example criteria used in marking essays/discussion questions/case studies/business reports
While there is no particular format required for these answers, the following criteria are likely to be used. Note that business reports are normally more structured than essays.
Criteria
o Relevance of the answer. Are the important issues raised in the question identified? Did the student answer the question?
o Critical capacity. Has reference material been carefully analysed or critically accepted?
o Structure of the answer. Is the answer well-structured and the argument logically developed?
o Writing style. Is the style concise and lucid or confused, making it difficult for the reader to get the point?
o Scope of reading. Does the answer indicate a satisfactory coverage of literature relevant to the questions?
Answers should:
o be well planned with arguments flowing logically;
o use correct sentence structure, punctuation and spelling;
o present original ideas where appropriate;
o and present a justified conclusion and acknowledge all sources.
Presentation
Please read this in conjunction with the assignment requirements below.
Single spacing and small margins are welcome to save paper.
For any business report style questions a report structure is expected.
Provide references throughout your assignment including page references to texts, articles and URL’s of websites.
APA is the referencing style used by the Faculty of Business. Acknowledge ALL sources used.
At the end of your assignment include a complete Bibliography (Reference List) of resources actually used including the Internet, textbook, Interact resources, software help files and videos supporting this subject.
The work you submit must be your own. In the past a few students have received heavy penalties for submitting assignments which were not entirely their own work.
1. Submit through Turnitin. Your Turnitin submission will consist of two files - a Word file and an Excel file.
2. The first page of your assignment Word document should consist of the following parts:
subject code and name;
your name and student ID number;
assignment task number;
a list of questions attempted and a list of questions not attempted;
an academic integrity statement that the work submitted is your own and that all sources used have been acknowledged.
dates and details of any extension granted; usually include a copy of the approval email;
an acknowledgement of all your sources, and
The following statement can be used: THE WORK IN THIS ASSIGNMENT IS MY OWN WORK, AND HAS NOT BEEN PLAGIARISED.
3. Record your name, student number and page number as a footer on every page of your Word document.
4. Present assignment solutions in your Word document in the same sequence as the questions. Provide references throughout (question by question if appropriate) and include a bibliography of all sources used including internet resources, at the end of your assignment. If using internet resources, include the URL and date of access. Use APA 6th style.
5. Please check for viruses. Do not use macros in your spreadsheet files.
Requirements
1. For every question requiring a spreadsheet solution, paste the Word file displaying row and column headings including the spreadsheet normal view and formula view.
Thus your Word file will provide a complete answer to every question.
The pasted formula view may need to have adjusted column widths to display formulas correctly. Use portrait orientation wherever possible. The separate submitted Excel file will provide a clear demonstration of correct spreadsheet structures. You may need to break up your report/solution into separate images.
2. For good spreadsheet design it is very important that you have completely separate data entry and solution/report areas. A good spreadsheet solution format is to key in the question in a structure which allows the solution to be completely formula driven. There should be no data in the report/solution area.
3. Create all spreadsheets solutions as separate spreadsheets in one workbook. Name the tags at the bottom of the computer screen with the question number, and sub-section as appropriate. See examples in the Spreadsheet Advice PDF in Interact Resources.
4. Save your workbook with the cursor in cell A1 of the first spreadsheet.
5. Where appropriate, use the IF function to provide built in checks of balances, net profit/net loss, favourable/unfavourable variances etc.
6. How can you display negative numbers in brackets? Google the question! Hint. Format / Cells / Number and select Custom. Enter this: #,##0;(#,##0);0.
7. We have provided spreadsheet examples to guide you in the Spreadsheet Advice PDF in Interact2 Resources - it is important that you study these examples. Also consider using the spreadsheet templates available with your text and other online spreadsheet resources but note that the text templates do not necessarily comply with the subject spreadsheet requirements.
Solutions to questions should vary in length according to the nature of the question. Solutions to exercises and problem questions should be in a similar form to that demonstrated in the text.
Submit your work electronically through Turnitin.
The work you submit must be your own. In the recent past a few students have received heavy penalties for submitting assignments which were not entirely their own work.
Some questions require a spreadsheet. Check the Assignment and Spreadsheet Requirements above
AND the Spreadsheet Advice PDF. Also check the interactive videos.
Present your solutions in exactly the same sequence as specified in this Subject Outline.
Students should normally submit the assignment only once. Multiple copies received by the
University can result in unnecessary delays.
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