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ACT101 S1 2016 Assessment 2 Group Assignment Task: This is a group assignment in which each group is required to form a business and answer some accounting related questions. Value: 30% Due date: Week 9 (Sunday the 8 th of May 2016 at 23.59pm Darwin time) Length: Maximum of 1500 words. Preparation: Topics 1-7. Presentation: Online submission through Learnline. Assessment Criteria: This task will generally be assessed in terms of the following criteria: 1. Effectiveness of communication: readability, grammar, spelling, neatness, completeness and presentation. 2. Demonstrated competency and understanding: This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. The marker will pay attention to the accuracy of the content, coverage of relevant issues, structure of argument, English expressions, absence of plagiarism, concise writing style, and referencing style. 3. Evidence of research - This will be evidenced by the references used and the inclusion of a bibliography. Notes: ï‚· Students are free to form their own groups. ï‚· Each group is to be of 4 students. Students are encouraged to approach each other through different means to form groups (Discussion board, in class announcements, email, etc…). It is after all the responsibility of the student to join a group. ï‚· After agreeing on a group of 4 students, the group needs to choose a group leader who will be responsible to lodge the assignment (only the group leader will lodge the assignment, the other members do not have to). ï‚· Before submitting the assignment by the group leader, each student is responsible for writing his/her name, student number and signature on the front page of the assignment. This responsibility is not to be assigned to the group leader on behalf of the other group members. Please note, that any misspelled name or incorrect student’s detail will result in considering no assignment lodged by that student. ï‚· Students in each group are mutually responsible for their submission in its entirety. And they must ensure that they submit their own original work. Any act of plagiarism will be severely penalised. Plagiarism is presenting someone else work as your own and is a serious offence with serious consequences. For more details on plagiarism, students can refer to Learnline. Assignment details: 1. Each group is required to form a business and to write a brief introduction about it (name, services or products, legal form, merchandising or manufacturing, retail or wholesale, size, industry, etc…) 2. In deciding on the legal form for your business, discuss the reasons for your choice. 3. Discuss the different financing options to set up your business and the reasons for your choice (s). 4. Briefly define the role of accounting as it relates to your business (your answer should include accounting information, users of information, accounting process, financial accounting and management accounting, etc..) 5. Discuss whether financial statement analysis would be useful for the management of the business (include in your answer the types of analysis that can be used and how they are useful). 6. Name examples of the Property Plant and Equipment assets that are used in your business, and discuss the depreciation method that is suitable for these assets and and the reasons for your choice. 7. Give ONE example of unearned revenue and ONE example of prepaid expense that may occur in your business. 8. Provide a list of items (statements, accounts, ratios, etc…) that a bank would be interested in, in making a decision to grant your business a loan. 9. Discuss the considerations that the management of your business would take into account in deciding on whether to distribute profits or to retain them in the business. Please note that you will need to address these questions in a way that is specific and appropriate to the business chosen. I am not after general information. You will need to be specific and your answers should be relevant and suitable to the characteristics of the business you have chosen. Submission of Assignments ï‚· Assignments must be submitted by the due date. ï‚· Failure to submit an assignment on or before the due date will result in an academic penalty of 5 % of the marks allocated for the assignment each day the assignment is overdue. ï‚· All assignments must be submitted online. ï‚· Each group is required to submit one assignment. (This means that only one student from each group is to do the submission. The group leader is preferred to be the one submitting the assignment on learnline). ï‚· Students should include their names and students’ numbers and signatures, clearly and without errors on the first page of the assignment. ï‚· Assignment should be typed and submission file should be either word or pdf. Assignment Extensions All requests for extensions must be in writing and received seven days before the due assignment submission date. All requests for extensions must be submitted to the Head of School. (Refer to Learnline for more details)

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