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BUACC1507 ACCOUNTING FUNDAMENTALS

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  • Course Code: BUACC1507
  • University: Federation University Australia
  • Country: Australia

Question:

The accounting practice set is a real world simulation of a single month in the accounting cycle of a small business. In this context, the word “practice” does not mean “a casual attempt”, but rather an opportunity to demonstrate your accounting skills in your own simulated “accounting practice”. This particular practice set will give you practical experience in using contempory accounting software, by taking you through all of the steps involved in the accounting cycle for a small business. This practice set adopts a computerised approach, which means it requires you to complete the accounting cycle using the well-known accounting software package called MYOB. To complete this practice set, you will therefore need the practice set itself from Perdisco, as well as access to the MYOB accounting software (please check which version of MYOB your practice set is written for and use the correct version).
 
This software is separate to the practice set itself and, if you have access to MYOB by other means, you are not required to purchase it from Perdisco. Please note that MYOB has designed its software to run only on Windows operating systems. If you do not have your own access, instructions on downloading and installing MYOB are also provided at www.perdisco.com.au/myobLogin The practice set from Perdisco provides you with a unique accounting scenario involving a series of unique transactions. It will provide you with instructions and other resources including a Student Companion and Helpful Hints document to help you complete the practice set. At various stages throughout the accounting cycle, the practice set will prompt you to submit output from the MYOB software online through the Perdisco website.
 
You will then be provided with immediate feedback on your performance based on accuracy and completeness. By the conclusion of the practice setyou will have obtained real-world experience in using MYOB accounting software to:
? Create and setup a company in MYOB;
? Record transactions;
? Prepare a number of financial reports; and 2
? Understand the benefits of using a computerised accounting system, which include the automatic posting of transactions.
 
THERE ARE A NUMBER OF STAGES REQUIRED IN COMPLETING THIS ASSESSMENT TASK. THESE STAGES ARE AS FOLLOWS:
1. Creating an account with the practice set provider Perdisco and purchasing access to the practice set. Before you can commence the assignment, you need to purchase it online from Perdisco where it is available within the Federation University account. Payment can be made using a credit card or PayPal. To purchase the practice set, follow the instructions provided at . Please make sure you are enrolled in the correct course (BUACC1507) and location. To access the practice set, please:
i. Create an account at 
ii. Once registered, click ‘Add a product to my account’
iii. Select your course from the available options
iv. Click ‘How do I pay?’ for the payment options available. If you do not have your own access to the MYOB software on University computers or by some other means, you can purchase a version of MYOB from Perdisco at the same time as you purchase the practice set.
 
2. Commencing a non-assessed trial-run of the practice set (optional) In the interests of maximising students’ opportunity to develop their understanding of the accounting cycle and learn the MYOB accounting package, there are two stages of the practice set. The first is a non-assessed trial run. The accounting scenario in the trial run will have similar elements to the assessed version. Students are encouraged to fully work through the trial run, so to develop the knowledge and skills to maximise their marks on the assessed version. 3. Commencing and completing the assessed practice set Once you have worked through the trial-run practice set, and have developed familiarity with the MYOB software, you should immediately commence work on the assessed practice set. The practice set is a large activity, taking up to 20 study hours to complete over a number of days or weeks.
 
Please read all of the instructions carefully and ensure you allow yourself enough time to complete this activity fully before its submission deadline. It is imperitive that you complete the practice set before the due date, as your access to the Perdisco online system will expire on the due date, and no extensions to access can be granted. To help you along the way you will notice links to the ‘MYOB Learning Centre’. This online resource provides you with support on using MYOB and you are strongly encouraged to refer to it as you complete your practice set. Completion of the assessed practice set contributes 14% of the 20% total value of assessment task 2. This mark is based on your cumulative performance from each of the various stages 3 throughout the practice set where you submit MYOB output to Perdisco for grading and feedback.
 
4. Compiling the MYOB reports document following the template provided Once you have completed the assessed practice set, you are required to compile a MYOB reports document containing a number of reports and outputs from the MYOB accounting software. This report should follow the list provided at the end of this assignment document. This report contributes 6% of the 20% total value of assessment task 2, with the mark being based on the completeness of the report and accuracy of the content.
 
5. Submitting your assignment by the due date The assignment is to be submitted by the due date on 5pm Friday of week 11. Please submit your MYOB file (file name ends with “.myo”) as well as an electronic copy of your MYOB report in word or PDF format using the Assessment Task 2 assignment submission link on Moodle. Additionally, please submit a printed copy of the MYOB report to the assignment submission box located at your School/Campus. If you are completing the assessment task in a group, only one submission is required. Please ensure the names and student IDs of all group members is clearly included with your submission. Please also make sure that you have included all items included in the list below before you submit your report to avoid losing any marks. Students that fail to comply with MYOB report template provided and have not provided the MYOB file will be given zero marks as it is impossible to mark the report without the MYOB file.
 
Students need to check the MYOB file that they have provided against the MYOB report that they have submitted to check for accuracy and to make sure that all figures are matching each other. Assessment tasks submitted after the due date, without prior approval/arrangement, will be penalised at 10% of the available marks per day. Requests for extension of time must be made with the lecturer concerned and based on Special Consideration guidelines Should you need assistance, please use the available resources and support through the dropdown menus in Moodle. For assistance with submission.
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