Financial Information Systems Assessment: MYOB assignment-
Assessment overview
This assignment is designed to introduce you to using double entry accounting using both a manual recording system and computer accounting software (MYOB) for an Australian small business. It covers many of the common transactions of an everyday business, including GST. The assignment is not meant to be a data entry exercise, but you are required to carefully record each transaction to understand how transactions are recorded in both the general and subsidiary ledgers to create useful reports.
Part A: Manual recording of transactions is to be completed in pairs.
- Record the opening balances as at 1 July 2014 in the appropriate journals and accounts and the opening balances of accounts receivable, accounts payable and inventory in the appropriate subsidiary ledgers.
- Record the transactions in the appropriate general or special journal for July 2014. Record and post all transactions from journals to the general ledger in accordance with accounting procedures.
- Prepare schedules of accounts receivable, accounts payable and inventory as at 31 July 2014 and reconcile these with the control accounts in the general ledger.
- Prepare a Trial Balance before end of month adjustments and closing entries as at 31 July 2014.
- Record end of month adjustments in the general journal and post these to the general ledger
- Prepare closing entries for July 2014.
- Prepare a Trial Balance after end of month adjustments and closing entries for July 2014.
- Prepare an Income Statement for July 2014 and a Balance Sheet as at 31 July 2014.
- You will need to submit all of the above in a single Excel file for this component of the assessment.
Part B: Electronic recording of transactions in MYOB is to be completed individually.
- You will need to setup your MYOB file and then enter all of the transactions as detailed in the Highway Heaven case study below. This should be completed over weeks 1-9.
- In order to complete the assessment you may need to read ahead. Tutorial videos are available to guide you each week in the Learning Materials area on Blackboard.
- After exporting your MYOB reports and preparing them in Excel, you will need to submit your report as a single PDF document (not your actual MYOB file). The following reports need to be submitted:
1. Trial Balance as at 31 July 2014 (after all adjustments).
2. The Income Statement for the month ended 31 July 2014.
3. Balance Sheet as at 31 July 2014.
Important: Your submitted reports must follow generally accepted accounting principles as presented throughout this unit.
When establishing the business name for your submission, you are required to insert your name after the business name (Highway Heaven - your name). For example, if your name is John White, the company name of your submission would be (Highway Heaven - John White). Any submission with no student name/names in the company name will not be accepted.
Attachment:- Assignment.rar