Assessment item 1Assessment Item 1Value: 20%Due Date: 16-Dec-2018Return Date: 10-Jan-2019Submission method options: Alternative submission methodTaskPart A – Accounting and spreadsheet (60 marks)On 1 Oct 2018, Andrew Brown opened Nundle Services, a small business offering maintenanceservices in New South Wales. During the month of October, the business incurred the followingtransactions:1. 2 Oct, Andrew invested $50,000 cash in the business, which is organised as a soletrader.2. 3 Oct, got a 5 year loan for $30,000 from the ANZ bank, interest is 5% pa.3. 4 Oct, purchased and paid for equipment worth $51,000. Monthly depreciation will be$850.4. 5 Oct, purchased supplies for $6,500 on credit.5. 8 Oct, paid Oct office rent of $7,200.6. 10 Oct, Brown withdrew $2,000 for personal purposes.7. 17 Oct, paid an invoice of $4,500 for advertising8. 25 Oct, paid one year of insurance for $5,600Additional information at 31 Oct:• Supplies on hand was $3,100• Services revenue of $22,500 must be accrued• Monthly payroll is $11,500 and paid once a month on Friday after the month ended. 31Oct 2018 was on Wednesday.• Some customers advanced $10,500 for maintenance services to be provided nextmonth but this amount hasn’t been recorded.Requirements:1. Provide journal entries for all transactions that occurred during October 2018. (8marks)2. Open T-accounts and post all journal entries to the T-accounts. Total all of the T-accounts to determine their balances at the end of the month. Provide yourhandwritten solution – scan or use your phone to copy and paste its image into yourassignment. You can use a free scanning app such as Camscanner, OfficeLens, orGoogle Drive. (10 marks)3. Based on balances from the T-accounts, prepare the trial balance by using an Excelspreadsheet. Present your answers in a normal view, showing columns and rows. (4marks)4. What are temporary and permanent accounts? From your trial balance, choose fourpermanent and four temporary accounts. (4 marks)5. From your trial balance, choose two accounts with normal debit balances and twoaccounts with normal credit balances. (2 marks)6. What are adjusting entries? Why do we have to do adjusting entries? Provide alladjusting entries for Nundle Services in October. (9 marks)7. Using your trial balance in the preceding question and Excel spreadsheet, prepare theten column worksheet for the month ended 31 October. In the spreadsheet, you arerequired to have a data section separated from a report section. Use an IF function forProfit or Loss. Present your answers in both normal and formula views, showingcolumns and rows. (10 marks)8. Using the spreadsheet, prepare three financial reports. Present your answers in bothnormal and formula views. (9 marks)9. Calculate and evaluate the firm’s current and debt ratios. (4 marks)Part B – History of accounting (15 marks)“Double-entry bookkeeping developed by word of mouth and the distribution of books.Pacioli's book was the first on the subject and so it is no wonder that it became so widelyknown. The books on the subject which came after Pacioli's were essentially copies,translations or very similar in their origin and with a tendency to fit their material to the'Method of Venice'” (Mann, 1994, p. 20).Write an essay (about 800 words) to discuss the above quotation in relation to the history ofthe development of accounting and the role of Pacioli's book (on double-entry bookkeeping).You are required to use at least two reading resources in Interact2 that relate to the history ofaccounting.Part C – Ethics (15 marks)Watch the video below:https://www.youtube.com/watch?v=n4NGZ4vWFLwRequirements:Use the video, reading resources in Interact2 and other resources on the internet that relate tothe case to write a business report (about 600 words) addressing the issues below:1. What is the case about?2. What are the five Fundamental Principles of Ethics in accounting? Describe them.3. Using the facts of the case to provide examples for each of the fiveprinciples4. In the case, which and how are the principles of ethics violated?You are required to use the format of a business report, and provide at least one referencefrom the readings in Interact2 and two references from the accounting resources on theInternet.Presentation – 10 marksYou are required to provide a quality presentation the total assignment including referencingthroughout and a bibliography. Details are listed under the presentation and spreadsheetrequirement sections.RationaleThis assessment task will assess the following learning outcome/s:• be able to apply conceptual and technical aspects of accounting and prepare relevantbusiness financial statements.• be able to discuss the historical development of accounting.• be able to appraise the use of information technology including spreadsheet softwarein accounting problem solving, and evaluate the Internet as a professional resource.• be able to demonstrate relevant business communication skills including reportwriting.• be able to explain the importance of ethics in accounting.In today’s business environment we need verbal skills, writing skills, numeracy skills ANDdigital literacy skills. All of these skills are assessed throughout this subject. The earlyquestions 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 byweek.This assignment task is designed to give you an opportunity to demonstrate knowledge andskills in aspects of accounting and information systems including technical issues as well asconcepts such as the accounting equations, cash and accrual accounting, current and non-current assets and liabilities, trial balance, worksheets, income statement, statement ofowner’s equity, balance sheets and the application of spreadsheet software to thepresentation and solution of accounting problems.In this assignment task, you are required to complete all questions and submit all necessaryworkings. A list of references is required at the end of your assignment as well as referencesthroughout your assignment. The assignments in this subject are designed to assess yourapplication of knowledge and skills.Assignment questions include problems, discussion questions, spreadsheets and questionsrelated to use and evaluation of digital resources. The assignment questions are structured soas to simulate a pattern of weekly learning. Students are encouraged to attempt this subject bystudying on a regular (weekly) basis. The nature of the understanding and skills requiredmeans it is unwise to leave study until the last minute. Note the special requirements for thespreadsheet sections of your assignment detailed in the Spreadsheet Advice in Interact2.The final examination in this subject will include questions assessing similar knowledge
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