ACF5950
Assessment 2 - Practical assignment (18%)
Due Date: Wednesday 7 May 2025 11.55pm (Melbourne time)
Details of Task:
Each student's assignment will contain a unique series of business transactions (for the month of June 2024) generated by a computer program. Each assignment is numbered, with a record being kept of which numbered assignment you receive. You will receive your assignment via email and to receive this email you must be officially enrolled in this unit. If you have not received your assignment by Monday 31 March 2025 11pm, or if you are late to enrol, please contact the Chief Examiner, Chenlan Song ([email protected]), as soon as possible to receive your assignment. Please note that it is the students' responsibility to ensure that they liaise with the Chief Examiner if they have not received the assignment.
A few things to note regarding the assignment:
• The business was purchased on 1 June 2024.
• Use straight-line depreciation method
• Round your calculations to the nearest dollar This assessment consists of 2 parts:
Part 1. Excel component (13%)
Using the unique series of business transactions (data) students are required to:
Manually record the transactions through the general journal and general ledger, prepare balance day adjustments, closing entries, financial statements , and a worksheet.
In your Excel component submission, you must include the following:
• A completed 10-column worksheet
• properly classified income statement for the month ended 30 June 2024 (prepared manually using Excel)
• properly classified balance sheet as at 30 June 2024 (prepared manually using Excel)
Marking allocation for the Excel component is as follows:
|
Component
|
Marks
|
|
10-column worksheet
|
6
|
|
Income statement (excel)
|
3
|
|
Balance sheet (excel)
|
4
|
|
Total
|
13
|
Submission details: You are required to submit your assignment through the 'Assessment 2 - excel component submission (13%)' link on Moodle site by Wednesday 7 May 2025 at 11.55pm Melbourne time. The file submitted needs to be in an excel format (.xls or .xlsx).
Penalties for late lodgement: Penalties for late lodgement: The University has a standard penalty for late submission. See the Marking and Feedback Procedure for more information.
Applications for extension of time: Applications for an extension of time allocated to an assessment task must be made by completing the application form found at URL:https://connect- forms.apps.monash.edu/students/special-consideration/.
Part 2. MYOB component (5%)
Students are required to enter the same set of unique business transactions into the accounting software package MYOB.
In your MYOB component submission, you must include the following reports generated using MYOB:
• journal entries (prepared using MYOB)
• trial balance (prepared using MYOB)
• properly classified income statement for the month ended 30 June 2024 (prepared using MYOB)
• properly classified balance sheet as at 30 June 2024 (prepared using MYOB)
A few things to note regarding the MYOB component:
• Students can access MYOB Business software (free 6-month trial) here: https://www.myob.com/au/students/education-trial
• Please ignore GST in all transactions
• To generate the relevant reports, you need to click Reporting → Reports and then select the relevant report to be exported as PDF. In relation to the journal entries, please ensure that you click 'Expand all' before exporting the entries to a PDF file.
• We will provide more information related to the MYOB software on Moodle in due course
Marking allocation for the MYOB component is as follows:
|
Component
|
Marks
|
|
Journal entries (MYOB)
|
1.5
|
|
Trial balance (MYOB)
|
1.5
|
|
Income statement (MYOB)
|
1
|
|
Balance sheet (MYOB)
|
1
|
|
Total
|
5
|
Submission details: You are required to submit your assignment through the 'Assessment 2 - MYOB component submission (5%)' link on Moodle site by Wednesday 7 May 2025 at 11.55pm Melbourne time. The file(s) submitted needs to be the actual output generated using MYOB in a pdf format (.pdf) .