Recent Question/Assignment

Subject Title Accounting for Managers
Subject Code ACC601
Lecturer / Tutor Lee Ridge
February 2019
Assessment Title Individual assignment
Learning Outcome/s 1, 2, & 4
Assessment type (group or individual) Individual
Weighting 25% (Individual Written Assignment)
Time limit / word count
Financial Reports as required
Due date End of Week 8
Class submission Lecture ? Tutorial ?
Submission type
Paper copy ? Turnitin ?
Format / Layout of Assessment
(details of what to include)
(Outline specific details here – use check boxes) ?
Financial Reports printed from Xero (as specified in the assignment) ?
Excel worksheets exported from XERO ?
Assessment instructions (clear, succinct, without repetition)
Assignment – Using XERO Accounting Software (due Week 8)
This assignment aims to provide students with an opportunity to use accounting software, rather than using pens and paper or Excel spreadsheets. XERO is an accounting application, in the cloud, so you will not have to install any software.
Task description
Over the semester you will: -
• Create a company using XERO;
• Set up a Chart of Accounts
• Input a Trial Balance
• Import bank transactions
• Create inventory items and record Sales;
• Make purchases
• Enter Journal entries for end of year processing
• Print Accounting Reports
• Analyse the Reports using financial ratios
At this stage, the Company you create is only available for free for 30 days so the assignment will be run over 4 weeks.
Submission requirements
Report: you must submit the Financial Statements (Balance Sheet and Income Statement and other detailed reports as required) in Excel to TurnItIn by midnight Sunday by the due date as specified in Subject Outline. You will be required to submit multiple files.
If you fail to submit a report, you lose marks.
Requirements for all students
(i) Read and understand the assignment question
(ii) Completing all stages of this task
Guides to using XERO for the assessment
(instructions on where they can be found (e.g., MyAthens database, Moodle)
Your focus should be to use the materials given to you by your lecturer (such as the material made available on Moodle) and the Guides to XERO (also set on Moodle). The transactions that students will be required to make into XERO will be covered in the Lectures and Tutorials at both a conceptual and practical level. This assignment concentrates on applying this knowledge to an accounting application that is used every day by business and accountants around the world. Textbooks and Internet resources may be used.
Grading Criteria / Rubric
Scoring guide*
Fail (F) Pass
(P) Credit (C) Distinction (D) H. Distinction (HD)
Basic score for each grade 0 50 65 75 85
Accuracy of reports 25 60 70 80 95
Data to be entered into XERO – to be provided Understand what your grades mean
Description of the grades, from the ICMS Handbook:
HD (high distinction): Denotes performance which meets all subject outcomes in such an exceptional way and with such marked excellence that it deserves the highest level of recognition
D (distinction): Denotes performance which clearly deserves a very high level of recognition as an excellent achievement in the subject
C (credit): Denotes performance which is substantially better than would normally be expected of competent students in the subject
P (pass): Denotes performance which satisfies subject outcomes
F (fail): Denotes performance which does not meet subject objectives
To get a HD, your work must be “exceptional” and “excellent” such that you deserve the “highest… recognition”. A presentation like this would be a special one that is practically flawless.
D means the work “clearly deserves” to be called “excellent”. A presentation like this gets everything correct, even if it isn’t special or fancy.
C means it’s better than average. There are some minor mistakes here and there, nothing seriously wrong, nothing very special, but interesting, nice, acceptable (most groups tend to get this).
P happens when you fulfil just the basic minimum and survived: you got some ideas correct, the audience thought you were unclear or not so professional but understood you somewhat.
F happens if you got many concepts and calculations wrong or failed to present.