FLINDERS UNIVERSITY – ADELAIDE – AUSTRALIA
FLINDERS BUSINESS SCHOOL
BUSN1011 Accounting for Managers Graham R Jones
ASSIGNMENT (Semester 1, 2015)
On Page 3 following you will find an extract from the Academic Integrity Policy. You are reminded that you must be aware of the requirements under this policy.
The assignment in this topic is an individual assignment therefore it is not permissible to work with other students. It is also NOT ACCEPTABLE to share files (electronic or otherwise) of your assignment work with other students – to do so is to engage in academic dishonesty. See the following pages for additional advice regarding discussion of assignments with other students.
Summary of Assignment Details & Due Date:
Note: Assignments must be lodged using the BUSN1011 Assignment FLO Dropbox.
This assignment must be submitted in .pdf format as one document. If you are using an MS Office application you should be able to go to 'print file' and print to a .pdf file format. You then save this file and then submit it through FLO.
If you are not certain how to create a .pdf document you will find help online through a google search. One converter can be found at http://www.pdfonline.com/convert-pdf/
You must only submit one document. You must not create different documents for each question.
I shall be using an online marking process so it is important that you submit your assignment correctly.
You can only submit your assignment between 8.00 am on Tuesday 19th May, 2015 and 12 noon on Thursday the 21st May, 2015. Note: The final submission deadline for this assignment is: Thursday 21sr May, 2015 at 12 noon.
Please read the assignment questions and expectations very carefully. There are two questions in the assignment.
You should note the following requirements relating to the assignments in this topic:
• For all practical / problem questions complete and detailed workings / calculations must be shown. In most cases marks will be attached to the required workings.
• Presentation will be taken into account in determining your final grade for the assignment. Assignments must be typed, using word and or excel. You must keep a copy of the final version of all assignments you submit. Remember, your assignment must be submitted in .pdf format in one document.
• Failure to submit the assignment for this topic is deemed to constitute failure to meet the assessment requirements for the purposes of eligibility for supplementary assessment on academic grounds.
• Plagiarism and other forms of academic dishonesty are treated as serious offences by the University and are subject to harsh penalties, which may include expulsion from the University. Ensure that you have read and understood the University’s policy on academic dishonesty, as contained in the 2014 Student related Policies and Procedures Manual.
Assignment Due Date Return Date* % Marks
Thursday 21th May 2015, 12 noon. - WEEK 10
12 noon, Thursday 4th June - Week 12 12%
* Extensions will not be granted beyond the return date.
Students who are granted extensions to assignments may not get their assignment back until after the final examination.
• In order to be eligible for an academic supplementary examination the assignment must be completed and handed in for assessment, AND students must have received a non-zero mark for tutorials and compulsory exercises.
Policy on Academic Integrity
Plagiarism and other forms of academic dishonesty are treated as serious offences by the University and will be subject to harsh penalties, which may include expulsion from the University.
The following, highlighted, extract is taken from the University’s Policy on Academic Integrity. The full version can be found in the Student Related Policies and Procedures Manual or on the University Web site: http://www.flinders.edu.au/ppmanual/student/assessment1.html. This can also be accessed via the topic FLO site.
All students and staff have an obligation to understand and respect the rules and practice of academic integrity. It is therefore expected that students and staff will adhere to high standards of academic integrity. The University will provide resources to assist students and staff to be aware of their responsibilities. It is expected that academic staff will provide appropriate guidance, support and feedback to assist students to become familiar with the normal academic conventions relevant to their discipline.
2 Academic Integrity
2.1 Academic integrity means that all work which is presented is produced by the student alone, with all sources and collaboration fully acknowledged.
2.2 Any failure to meet the requirements of academic integrity in any form of academic work will be regarded as a breach of the requirements of academic integrity and, depending on the circumstances and the nature of the breach, consequences including penalties may be expected to follow. Breaches of academic integrity may include plagiarism, collusion, fabrication, falsification, double submission of work and misconduct in examinations.
Plagiarism is the use of another person's words or ideas as if they were one's own. It may occur as a result of lack of understanding and/or inexperience about the correct way to acknowledge and reference sources. It may result from poor academic practice, which may include poor note taking, careless downloading of material or failure to take sufficient care in meeting the required standards. It may also occur as a deliberate misuse of the work of others with the intent to deceive. It may include, but is not restricted to:
• presenting extracts, without quotation marks and/or without appropriate referencing, from books, articles, theses, other published or unpublished works, films, music, choreography, working papers, seminar or conference papers, internal reports, computer software codes, lecture notes or tapes, numerical calculations, data or work from another student. In such cases, it is not adequate merely to acknowledge the source. This applies to material accessed in hard copy, electronically or in any other medium;
• close paraphrasing of sentences or whole paragraphs with or without acknowledgement by referencing of the original work;
• adopting ideas or structures from a source without acknowledgment;
• using source codes and data from other's work without acknowledgement;
• arranging for someone else to undertake all or part of a piece of work and presenting that work as one's own;
• submitting another student's work whether or not it has been previously submitted by that student.
Collusion occurs when a student submits work as if it has been done individually when it has been done jointly with one or more other person unless the topic coordinator has indicated that this is acceptable for the specific piece of work in question.
2.2.3 Other breaches of the requirements of academic integrity
Other breaches of the requirements of academic integrity may include:
• fabrication or falsification of data or results of laboratory, field or other work;
• submission of the same piece of work for more than one topic unless the topic coordinator(s) have indicated that this procedure is acceptable for the specific piece of work in question;
• providing another student with the means of copying an essay or assignment.
Students are responsible for:
• submitting original work for assessment which meets the requirements of academic integrity;
• informing themselves about the expectations of the University and relevant discipline by utilising the information provided by the University and staff, including the Academic Integrity Management component of the University web site;
• taking advantage of the education opportunities provided for education on academic integrity, and seeking additional assistance if required;
• adhering to any instructions given by staff about the acceptable level of working together and how their work will be individually or jointly assessed;
• acknowledging that they are aware of, and have met the requirements of academic integrity, by signing an appropriate statement with all assessed work.
4 Procedures to be followed when a breach of the requirements of academic integrity is alleged to have occurred
4.1 Plagiarism, collusion and other breaches of the requirements of academic integrity
4.1.1 When an assessor believes that a student has breached the requirements of academic integrity, the assessor will ensure that a check is made of the confidential register (refer to clause 6) to determine if the student has previously breached the requirements of academic integrity.
4.1.2 Where an assessor believes that the breach has resulted from a misunderstanding of academic conventions or poor academic practice, the assessor, taking into account any information in the confidential register, must:
• counsel the student about appropriate academic practice;
• mark the piece of work concerned, taking full account of deficiencies in achieving intended learning outcomes; or
• require that the student resubmit the work, in whole or in part, with or without imposing a maximum mark achievable.
A record of the nature of the breach, the action taken and the fact that the student has been advised of appropriate academic practice will be made in the confidential register.
4.1.3 Where an assessor, after discussing the matter with the student, believes that there has been a breach, which is not the result of a misunderstanding of academic conventions or poor academic practice, or where the information in the confidential register makes it appropriate to refer the matter further, the assessor will supply the Head of the Academic Organisational Unit (or nominee) with the piece of work and a written statement of reasons for the belief that a breach has occurred. If the Head of Academic Organisational Unit (or nominee) is the assessor concerned, he or she will refer the matter to the Executive Dean of the Faculty (or nominee).
4.1.4 When receiving a report of an alleged breach, the Head of Academic Organisational Unit (or nominee) will inform the student in writing of the allegation and will contact the student by the most appropriate means to conduct an interview. If the student is unable to attend an interview, an alternative process will be put in place. The student may be accompanied at the interview by a staff or student member of the University or an employee of the student associations. Where the student is unable to attend the interview, an alternative means of support may be put in place. Should the student refuse to attend the interview or participate in an alternative process, the Head of the Academic Organisational Unit (or nominee) will determine, on the evidence available, what action to take in accordance with sub-clause 4.1.5 below.
4.1.5 If the Head of Academic Organisational Unit (or nominee) determines that the student has breached the requirements of academic integrity, one of the following courses of action will be chosen, taking into account the extent of the breach, any information in the confidential register and whether or not there are significant extenuating circumstances:
• direct the assessor to mark the piece of work concerned, taking full account of deficiencies in achieving intended learning outcomes; or
• following consultation with the assessor, provide the student with the opportunity to resubmit the work, in whole or in part, with or without imposing a maximum mark achievable; or
• award zero marks for the piece of work in which the breach has occurred; or
• award a Fail grade for the whole topic of which the piece of work concerned is a part, and, recommend to the Examinations Board if special/supplementary assessment is to be awarded; or
• refer the matter to the Vice-Chancellor to be dealt with under Statute 6.4 Student Conduct.
A record of the nature of the breach and the action taken will be made in the confidential register.
4.1.6 The Head of Academic Organisational Unit (or nominee) will provide in writing to the student:
• a summary of the interview or alternative process;
• the decision;
• the reasons for the decision;
• advice that the student's name has been included in the confidential register;
• a copy of any information placed in the confidential register; and
• advice of the right to lodge an appeal if the student believes there are grounds for appeal, including information on the procedures, specified in Clause 5 below, to be followed in lodging an appeal to the Student Appeals Committee.
5.1 A student who wishes to appeal against the action taken against them by a Head of Academic Organisational Unit (or nominee) or a Higher Degrees Committee, as the result of an allegation of a breach of the requirements of academic integrity, may appeal to the Student Appeals Committee unless the matter has been referred to the Vice-Chancellor under the terms of Statute 6.4 Student Conduct in which case the provisions of that statute apply.
6 Recording of breaches of this policy
6.1 A confidential register will be maintained by the Director, Academic and Student Services.
6.5 Where an allegation of a breach of the requirements of academic integrity is found to be substantiated this information will not be printed on student academic transcripts.
6.7 Students will be entitled to have access to any entries relating to them in the confidential register.
Marks are allocated for correct answers, but ‘consequential’ errors are not penalised. Marks will be deducted for poor presentation of the assignment as a whole.
BUSN1011 SEMESTER ONE 2015
Closing balance sheet items are given below for Giveitago. Giveitago owns a retail business that sells Fitness and Gym Equipment. The balance sheet is prepared in the accounting equation format, as at 30 June 2014. Transactions for the month of July are also given.
1. Prepare worksheet entries for the business transactions for the month ended
31 July 2014. You will need additional columns to the table below for additional assets, expenses, liabilities, and owner’s equity and revenue accounts.
2. Prepare an Income Statement for the period ending 31 July 2014.
3. Prepare a Classified Balance Sheet in the vertical format, as at 31 July 2014.
as at 30th June 2014
Cash at Bank Accounts Receivable Inventory = Accounts Payable Loan (due 31/7/2014) Capital
June 30 120,000 47,000 nil 27,000 40,000 100,000
July 1 Paid $2,500 for office rent
2 Paid $20,000 off accounts payable
3 Received $25,000 against accounts receivable
4 Paid $15,000 off the loan balance outstanding
5 Paid $1,800 for advertising
6 Paid $2,900 for wages
7 Paid $8,500 for a new photo copier
9 Purchased inventory for $4,500 on credit (180 units at $25 each)
Paid $1,500 off Giveitago’s personal credit card
10 Recorded credit sales $4,500 (100 of the units purchased on the 8th were sold)
11 Recorded cash sales $2,200 (44 of the units purchased on the 8th were sold)
14 Recorded gas invoice received for $650
15 Paid $1,800 for sales commission
18 Purchased inventory for $8,400 cash (280 units at $30 each)
20 Paid $7,500 for a new office photocopier
23 Paid Giveitago $500 for drawings
31 Recorded cash sales $4,400 (36 units purchased on the 8th and 44 units purchased on the 18th were sold)
Iamtrying Pty Ltd
for the year ending 30th June
2012 2013 2014
Sales on Credit 100,000 150,000 175,000
Less Cost of goods sold 75,000 104,000 120,000
Gross Profit 25,000 46,000 55,000
Selling expenses 5,000 17,500 21,000
Admin expenses 4,500 10,000 11,000
Interest expense 1,500 1,500 ………………….1,500
Total Expenses 11,000 29,000 33,500
Net Profit 14,000 17,000 21,500
Less Tax 5,500 6,000 7,500
Net Profit after tax 8,500 11,000 14,000
N.B. Credit Purchases 70,000 95,000 110,000
Iamtrying Pty Ltd
As at year ending 30th June
Assets 2012 2013 2014
Cash 5,000 7,500 12,500
Accounts Receivable 7,500 13,500 17,500
Inventory 2,000 4,000 7,500
Total Current Assets 14,500 25,000 37,500
Building 16,000 16,000 21,000
Fixtures & Fittings 10,000 12,500 12,500
Total N/C Assets 26,000 28,500 33,500
Total Assets 40,500 53,500 71,000
Accounts Payable 2,000 4,000 7,500
Total C/Liabilities 2,000 4,000 7,500
Loan 12,500 12,500 12,500
Total N/C Liabilities 12,500 12,500 12,500
Total Liabilities 14,500 16,500 20,000
NET ASSETS 26,000 37,000 51,000
Opening Share capital 15,000 15,000 15,000
Retained Earnings 11,000 22,000 36,000
General Reserve 0 0 0
Total Equity 26,000 37,000 51,000
The management of Iamtrying Pty Ltd has approached you to discuss their financial performance. You are presented with their financial reports (above).
• 1. Give the formula for each of the following ratios and calculate the ratios for the 2013 and 2014 years.
• Return on Shareholders’ Funds • Return on Total Assets • Gross profit margin
• Net Profit Margin • Inventory T/Over in days • A/C Receivable T/Over in days
• A/C Payable T/Over in days • Current Ratio • Acid Test Ratio
• Gearing Ratio • Interest Cover Ratio
• 2. Based on your interpretation of the ratios prepare a report to management addressing separately:-
NB. Your report should be no more than one page in length.
Income Statement 10%
Balance Sheet 10%
Ratios for 2013 20%
Ratios for 2014 20%
Report to Management 10%