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What are the major financial reports

Assignment task No. 1. What are the major financial reports? What is the purpose of each? 2. Briefly summarise the key lessons from the ABC Learning case study. 3. Identify and discuss 3 ethical issues from the case study. Q7 PALER (12 marks) A. See the problem data below. The requirements are shown in the problem template. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose. B. Spreadsheet this problem - check the assignment and spreadsheet requirements. Q8 Balance Sheet Equation (10 marks) Note that Interact2 resources including the Spreadsheet Advice PDF and the worksheet video may assist in completing this assignment question. A. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose. For each number calculated, briefly explain how you derived the answer. B. Create a spreadsheet solution. In this case, the Report section will look just like the data section but will contain only formulas. In some cases, the cells in the report will be, for example =D8. The yellow highlighted cells will contain the answers. See the Spreadsheet Advice PDF in Interact2 Resources. Q9 Debit and credit balances (4 marks) List four accounts with normal debit balances. List four accounts with normal credit balances. Q10 Trial balance (8 marks) A. Create a manual solution using pen and paper. Scan or take a photo with your mobile phone and paste in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose. B. Create a spreadsheet solution. Paste normal and formula views. C. Change 3 numbers such that the trial balance still balances. Paste this new normal view. There should be no need to paste a new formula view. Ensure that you choose the 3 changes yourself. Highlight the data changes with the yellow highlighter in Excel. Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment. Q11 Crossword (5 marks) See page 92 and 93 of your text. Create your own simple crossword using at least 5 accounting terms and clues. Hint: there are free crossword creation apps online. Make two copies of your crossword - one blank and one completed. Q12 Types of adjusting entries (4 marks) List two types of period end adjusting entries and give journal entries examples of each. Q13 Current and non-current liabilities (2 marks) Distinguish between current and non-current liabilities. Give two examples of each. Q14 Ratios (2 marks) Explain the current ratio. Create your own numerical example. Q15 Worksheet and financial reports (20 marks) Note that Interact2 resources including the Spreadsheet Advice PDF and the Foot worksheet video may assist in completing this assignment. A. Create a manual solution using pen and paper. Scan or take a photo with your mobile phone and paste in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose. Add a ten column worksheet beneath the following data. Below that report, create the three financial reports B. Create a spreadsheet solution. Paste normal and formula views. C. In a second spreadsheet, make three changes to the data such that a loss is reported. Paste the second normal view. Ensure that you choose the 3 changes yourself. Highlight the data changes with the yellow highlighter in Excel. Quality of presentation including complete referencing 10 marks. Use complete APA referencing. Rationale Task 1 covers study schedule weeks 1-4 inclusive and includes the application of conceptual and technical aspects of accounting and the preparation of business financial statements; the appraisal of the use of information technology including spreadsheet software; the evaluation of the Internet as a professional resource; and to demonstrate business communication skills including report writing. In today’s business environment we need verbal skills, writing skills, numeracy skills AND digital literacy skills. All of these skills are assessed throughout this subject. The early questions in this assignment are designed to assess your digital literacy in a business/accounting environment. It is suggested that you attempt the assignment questions week by week. This assignment task is designed to give you an opportunity to demonstrate knowledge and skills in aspects of accounting and information systems including technical issues as well as concepts such as the accounting equations, cash and accrual accounting, current and non-current assets and liabilities, trial balance, worksheets, income statement, statement of owner’s equity, balance sheets and the application of spreadsheet software to the presentation and solution of accounting problems. In this assignment task, you are required to complete all questions and submit all necessary workings. A list of APA references is required at the end of your assignment as well as references throughout your assignment. The assignments in this subject are designed to assess your application of knowledge and skills. Assignment questions include problems, discussion questions, spreadsheets and questions related to use and evaluation of digital resources. The assignment questions are structured so as to simulate a pattern of weekly learning. Students are encouraged to attempt this subject by studying on a regular (weekly) basis. The nature of the understanding and skills required means it is unwise to leave study until the last minute. Note the special requirements for the spreadsheet sections of your assignment detailed in the Spreadsheet Advice in Interact2. The final examination in this subject will include questions assessing similar knowledge application, understanding and skills as the assignment work. Marking criteria Your assignment will be marked as a whole with recognition being given to demonstration of knowledge, quality thinking, application of skills and critical thinking. For some questions, you have a chance to demonstrate some creativity, or provide your own examples or give evidence of wider reading or to structure a spreadsheet in an innovative manner. You also need to avoid the snowballing effects of cumulative errors - that is, an error early in a practical question which carries through. Full marks are a possibility for well structured, complete, quality answers. You will be provided with a mark based on the work submitted and you will also be provided with suggested solutions or guidelines. Feedback will normally consist of the mark, specific comments and guideline solutions. High Distinction. To meet this level, you will attain a cumulative mark between 85%-100%. A mark in this range indicates that you have met the learning outcomes for this task to an exceptional level, including skilfully applying correct analytical methods and techniques, deconstructing information and reflecting on different accounting and financial management ideas and interpretative techniques applied in management decision making and efficient allocation of business resources, and creating professional reports and spreadsheets that can be used in management decision making. This mark also indicates your assignment will: • be professionally presented with correct spelling and grammar; • be the result of your original work; • include complete references and acknowledgment of all sources used according to APA 6th style; • be complete without any omissions; • be correct; • evaluate comprehensively the issues raised in the questions; • provide examples where appropriate; and • comply with all spreadsheet requirements. Distinction. To meet this level, you will attain a cumulative mark between 75%-84%. A mark in this range indicates that you have comprehensively met the learning outcomes for this task, including competently applying correct analytical methods and techniques, judging between different accounting and financial management ideas and interpretative techniques in management decision making and efficient allocation of business resources and designing reports and spreadsheets for effective use in management decision making. This mark also indicates your assignment will: • be neatly presented with very few spelling and grammatical errors; • be the result of your original work; • include references, acknowledging all sources used according to APA 6th style; • be mostly complete; • evaluate many of the issues raised in questions; • provide examples where appropriate; and • comply with most spreadsheet requirements. Credit. To meet this level, you will attain a cumulative mark between 65%-74%. A mark in this range indicates that you have thoroughly met the learning outcomes for this task, including differentiating between different analytical methods and techniques to be applied, determining a course of action using accounting and financial management ideas and interpretative techniques for management decision making and efficient allocation of business resources, and assembling reports and spreadsheets for use in management decision making. This mark also indicates your assignment will: • be neatly presented with few spelling and grammatical errors; • be the result of your original work; • include references, acknowledging sources used according to APA 6th style; • be mostly complete; • be mostly correct with only a few errors; • evaluate many of the issues raised in questions; • provide some examples where appropriate; and • comply with most spreadsheet requirements. Pass. To meet this level, you will attain a cumulative mark between 50%-64%. A mark in this range indicates that you have met the learning outcomes for this task to a basic level, including responding to questions with limited options for applying analytical methods and techniques, selecting accounting and financial management ideas and interpretative techniques for management decision making and efficient allocation of business resources, and generating basic reports and spreadsheets that could be used for management decision making. This mark also indicates your assignment will: • be neatly presented; • be the result of your original work; • include some references and acknowledge sources used according to APA 6th style; • be mostly complete without too many omissions; • be mostly correct with some errors; • evaluate some of the issues raised in questions; • provide some examples where appropriate; and • comply with most spreadsheet requirements. Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions. Refer to Internet resources for specific advice on business report structures.

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