ACC5FAS Financial Accounting Information Systems -

Assignment Detail:- Financial Accounting Information Systems - Individual Assignment This assignment requires you to create a new business, input transactions, and generate financial statements and reports using Xero- This assignment question sheet should be used in conjunction with the weekly Xero help-sheets which explain in more detail the steps required to complete the exercises below- Part Overview - The Company for which you will be working in this assignment distributes, sell and repairs toys for kids- You will be recording transactions for the month of September 2019- The assignment contains five separate sections, one for each week of September- You should work though these sections sequentially- Once you have completed all the exercises you should prepare the requirements listed below- Set up Company - Your first task is to set up a new business in Xero - you must use your Student ID Number and FULL Name as the Business name- Refer to the Workshop 5 Help-sheet if you need detailed help to set up a new company in Xero- You are the accountant and owner of a business which is registered for GST purposes- You previously used to use another software as your main accounting system- However, as a result of changes in technology, you have decided to move onto a cloud-based accounting software platform, XERO- To transfer from your previous accounting package to XERO you are required to transfer balances in your previous system onto XERO- The conversion date -date when you stop using your previous system and start using XERO- is 1 September 2019, and the Trial Balance as at 31 August 2019 -see in attached file-- Adjusting Journal Entries - 30th September This is the final day of the calendar month, and your main task is to prepare the month end accounting entries- For any adjustments required you will need to prepare a general journal entry- The adjusting journals that you will need to enter are as follows - round to TWO decimal places: 1- Interest expense - short-term loan -Northern Bank- 2- Insurance expense - product liability insurance policy -CoverWallet-- 3- First month of subscription revenue earned from the company featured magazine, "Humpty Dumpty"- 4- You completed 30% of Toy repairs for ThinkFun Toys during September- 5- Office supplies on hand at 30th September is $341 incl- GST- 6- Depreciation expense - plastic welding machinery, using the units of production method- 7- Depreciation expense - computer, using the diminishing balance method- 8- Interest earned at month end- 9- You are required to pay for an invoice for a week's -27 September to 29 September- fuel bill of $385 incl- GST from Texaco Petrol- This is not yet paid yet- Record the relevant adjusting entry- 10- Advertising expense amount for the month of September- 11- Provision for warranties is equal to 5% of sales- 12- Estimate of doubtful debts is 10% of Accounts Receivable as at 30th September- 13- Salaries expense accrued for September- 14- Warehouse rent expense accrued for September- 15- Depreciation expense Delivery Van, using the straight-line method- 16- Depreciation expense Store Building, using the straight-line method- 17- Interest expense accrued on the loan for Building of the Head Office- 18- 40% of deliveries are performed during September- 19- Telecommunication accrued for September- 20- Insurance expense, Fire insurance- Note all month end adjusting journals must be dated 30 September 2019- Assignment Deliverables -Please ensure all reports have correct dates- - 1- A Trial Balance report dated 29th September 2019- This is your 'unadjusted' Trial Balance- Use the older version of the Trial Balance- 2- A Journal Report for 30th September 2019- An example from Demo Company is shown below -see in attached file-- Please note that: you MUST change the date from 30 September 2019 to 30 September 2019 and click onto "Show Posted Manual Journals Only"- Students who submit a Journal report that includes all journals of the whole month of September 2019 may lose 50% of their mark for this deliverable- 3- A Profit and Loss report for the period 1st September 2019 to 30th September 2019- Use the older version of the Profit and Loss- 4- A Balance Sheet report as at 30th September 2019- Use the older version of the Balance Sheet- 5- A professionally presented short written business report -maximum 1,000 words- designed for an internal user of the accounting information- Your written report is required to be classified as below: Written Report - Financial performance factors Your report explains the financial results and performance of your company in September 2019- You are required to provide four -4- discussion factors to analyse the financial performance of the company- These can be items taken from either balance sheet or profit and loss that you feel had an impact on the financial performance of the company- To achieve full marks, you are required to provide an appropriate XERO report -other than the ones provided before-, calculation and/or ratio to support your discussion of each factor you have chosen to highlight- Written report - Benchmarking You are required to compare the company results with that of at least one competitor- You require to use the annual reports of the competitor as your source for benchmarking purposes and compare your company with the competitor using at least two -2- benchmarking ratios- Written report - Recommendations You are required to provide two recommendations for the business moving forward and include supporting evidence through analysis to justify your recommendations- You are required to be creative and think about both financial and non-financial factors e-g-, you can discuss media reports, current global financial climates, international demand, expansions or contractions of departments/product lines, internal factors, risk and liability etc- Written report - Visualisation Provide two graphs that visually illustrate the company's overall financial situation and performance- Include a description for each graph that describes the results or trends- You are required to provide meaningful, effective, easy to read, and well-formatted graphs for use in managerial decision making- Written report - Format You are required to write your report according to the business report format- The following link, taken from Business School of Victoria University of Wellington, New Zealand, should assist you with writing a business report according to the business report format- Attachment:- Financial Accounting Information Systems Assignment File-rar
solvedassignments.net Rated 4.8 / 5 based on 22789 reviews.
Captcha

Helping Students of Australia/New Zealand, GET Help with Classroom Assignments? Order Now