ACCOUNTING PRACTICE SET

ACCOUNTING PRACTICE SETOBJECTIVESThe objective of the Accounting Practice Set is to provide students with a ?hands on? approach toidentifying transactionsand ofmeasuring, recording, and communicating accounting information tousers in the form of financial statements.This Accounting Practice Set consists of completing the accounting cycle for a sole trading serviceentity for one month using EXCELand confirming your results by using the accounting softwarepackageQuickBooks.On completion of this Accounting Practice Set you should have demonstratedthat youachieved the following Assurance of Learning Goals:1.Have knowledge and skills pertinent to a particular discipline (KS)1.1Integrate and apply disciplinary theory and skills to practical situations1.2Incorporate the use of technology appropriate to the discipline and context2.Be a critical thinker and effective problem solver (CTA)2.1Identify, research and critically analyse information relevant to a business problem orissue, be able to synthesise that information in order to evaluate potential solutions, makerecommendations or otherwise effectively address the problem or issueYou are required to complete and submit your accounting practice set in EXCEL using the templateprovided on Blackboard.You will confirm your results from the manual EXCEL system by also usingQuickBooks.YourPractice Set Excelfile must containon the first page (Chart of Accounts)afooter which youcreate containing your name andstudent number. Do not handwrite this?you must enterthe details using Excel.You mustsign the declaration on the first pageof the Excel filethat the practice set is your ownwork.When you have completed the accounting practice set, you are required to print off theEXCEL files and hand in that printed copy to your lecturer.?In the Print function, select Entire Workbook (there should be13pages from the Chart ofAccounts to the Post Closing Balance)?Print three (3)formula pages with row and column headings(see top of next page):oSubsidiary ledgeroWorksheetoBalance Sheet?Your final printed copycannot behandwritten?To print formulas with rows and columns, press ?Ctrl ~? to show formulas. Then click onPage Layout, Print Titles, and tick Row and Column Headings. Click on Print button toprint.The pro forma document provided should not be altered in any way; there is no need to addrows or columns to the spreadsheet. Please follow the printing instructions precisely. PleasePage2of10Advertising Revolutionnote that in the past some students have had difficulty printing from a Mac. If any student usesa Mac to complete the practice set, it is thestudent?s responsibility to ensure they can correctlyprint out the assignment. Penalties apply if the printing instructions are not followed. Theuniversity provides computer access for you to complete and print your practice setassignment. If you have any printing issues, please contact the IT Help Desk as lecturers arenot able to assist with printer or printing errors.Use only Microsoft Excel, do not attempt to transfer the document to any other spreadsheetsoftware.You will be able to start working on the practice set after the lecture for Topic 5 when we cover GSTand Special Journals.When you have completed theExcel spreadsheet the transactions, including adjustments, are to bejournalised in QuickBooks andan adjusted trial balance, Profit and Loss Statement and Balance Sheetprintedand submitted.Late submission penaltieswill apply to students who fail to submit their practice set by the duedate and who have not been granted an extension.Faculty policy is that a 10% penalty appliesforeach day late (or part thereof).Extensionswill only be granted inexceptionalcircumstances. To be on the safe side, start thepractice set as soon as Topic 5 is completed?do not leave it until the week in which it is due.ALL REQUESTS FOR EXTENSIONS OR DEFERRED SITTINGS OF THE QUIZMUST BEMADEIN ACCORDANCE WITH THE INSTRUCTIONS ONBLACKBOARD IN THE ASSESSMENT ITEM 2 FOLDERMARKING SCHEME?WORTH 25%The total markfor the Practice Setis25%.This consists of 15% for completion of thePracticeSet, including theQuickBookscomponent,and 10% forthe quiz, which demonstrates yourunderstanding and interpretation of the Practice Set.?The15% for completionof the Practice Set is assessed by your lecturer checking offeach pageof the Practice Set. When you print the Practice Set, you will have a total of 13pages includingthe Chart of Accounts and Opening Balances.Each of the13pagesisworth one mark each. Ifyoufullycomplete each page then you will receive one mark for each page.?7marks will be allocated to the correct use of formulas. Failure to follow instructions regardingthe insertion of the appropriate formulas in cells will result in loss of marks.?10 marks will be awarded for the correctness of the Quickbooksadjustedtrial balance, Profit andLoss Statement, and Balance Sheet.Total Marks = 30marks(divided by 2 to get the15%).Note 1: if you have not fully completed a page, then only part marks will be awarded for thatpage.Note 2:the mark for Page 1 is forthecorrect footer.Note 3: if you have not signed the declaration on the first page, the Practice Set will notbe marked.?The10% for understanding and interpretationis assessed by way of a 20 questionquiz.Page3of10Advertising RevolutionAt the start of the lecture when you handin the Accounting Practice Set, you will be given a20minute,OPEN BOOKQUIZcontaining20 questionsabout items in the Practice Set. You willhave the Practice Set with you when you answer the Quiz. Each question is worth one mark. TheQuiz will be marked out of 20 and then divided by 2 to give a percent out of10%.Quiz questions?examples?What is the totalfeesrevenue for the month??What is the total of the non?current assets at 1Julyon the Comparative Balance Sheet?What isthe formula for cellD:22of the Cash Receipts JournalMore practice quiz questions will be provided for you on the Blackboard site.ACCOUNTING PRACTICE SET CHECKLIST: Note that this is the correct order ofperforming the steps for the Practice Set.Use the following CHECKLIST to ensure that you have fully completed the Practice Set.Tick each item as you complete it.COMPLETE THESE 8 STEPS. Donotinsert or delete any rows/columns in the spreadsheet.YES1.Record the transactions in the appropriate journals. (Narrations are not required)2.Postdailytothe subsidiary ledgers. Postdailyfromthe general journal.Anyotherjournal columns are posted at month end.Include posting references where indicated3.Total and rule off all special journals. Post from thespecialjournals to the generalledger.Include posting references where indicated4.Prepare Schedules of Accounts Receivable and Accounts Payableandensure thecontrol accounts reconcile with their subsidiary ledgers.5.Prepare the UnadjustedTrial Balance as at31stJulyusing theappropriatecolumns onthe worksheet. Complete the worksheet using the adjusting entry information.Recordthe adjusting entries in the general journal and post to the general ledger.6.Record closing entries in thegeneral journal and post to the general ledger.7.Prepare the Income Statement (not classified), Statement of Changes in Equity andClassified Comparative Balance Sheet. (A comparative balance sheet contains thebalances for31stJulyand for 1stJulyalso.)8.Prepare from thegeneralledger, a Post Closing Trial Balance as at31stJuly.Page4of10Advertising RevolutionHow can I make sure my practice set is correct?Below are the correctvaluesyou should obtain.If you don?t, please check your work again.CHECK VALUESTO ASSIST YOUTOCOMPLETETHE SET ACCURATELY:Total of the Cash at Bank column in the Cash Payments Journal$100,620Total of the Wages Expense column in the Cash Payments Journal$14,466Total of the Cash at Bank column in the Cash Receipts Journal$66,750Balance of the Accounts Receivable Account at31 July$94,919Balance of the Accounts Payable Account at31 July$50,483Balance of GST Clearing account at31 July?credit$4,532Balance of the PAYG Tax Payable Account in the Unadjusted Trial Balancecolumn of the Worksheet?credit$2,996Balance of the Superannuation Expense Account in the Unadjusted TrialBalance column of the worksheet$0Total of the Unadjusted Trial Balance Columns of the Worksheet$275,967Total of the Adjustments Columns of the Worksheet$36,534Total of the Adjusted Trial Balance Columns of the Worksheet$284,551Net profit forJuly$16,488BACKGROUND AND FACTSKelda Murphy is the owner of AdvertisingRevolution, an advertising business that sheestablished several years ago, after graduating from QUT. She operates the business as asole trader.She provides advertising services to clients in a broad range of industries and has receivedseveral industry awards for her professional services. She currently employs a full?timegraduate and utilises other casual staff when she needs additional personnel.The business is operated from rented office space in West End where she has a 5 year lease.Shehas a variety of clients and she offers them different payment terms depending on thesize and industry of the client as well as the size of the work that is to be undertaken. Someestablished clients are offered either 14 or 30 days credit. Other clients are required to pay50% deposit before the work is commenced. For new clients, Kelda insists on the entirebalance being received by cheque before the work is undertaken.Some years ago, she borrowed money from ANZ bank to upgrade the office and computerequipment and to develop a website to advertise her services. The loan of $60,000 isrepayable over 10 years and the interest rate is 8.5% payable monthly. The portion of theloan repayable within 12 months is classified as a Current Liability on the Balance Sheet andthe remainder of the loan owing is classified as a Non?Current Liability.Kelda submits her Business Activity Statements quarterly on a cash basis.Order for your custom written PAPER now! Category: Best Essay Writing Services-UK

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