1 QUT Business School
School of Accountancy
BSB110: ACCOUNTING
SEMESTER 1, 2017 ASSESSMENT ITEM NUMBER 1: DECISION MAKING IN ACCOUNTING PART B
Weighting Total:
Due Date and Time: 10%
Upload to Turnitin by 5pm
Friday 5 May 2017 Assessment submitted after the due date without an approved extension will not be
marked and will receive a grade of 1 or 0%. If special circumstances prevent you from
meeting the assessment due date, you can apply for an extension. If you don’t have an
approved extension you should submit the work you have completed by the due date and
it will be marked against the assessment criteria.
Submission Requirements: You must upload the following reports in pdf format to
Turnitin through Assessment/Assignment (Accounting for Decision Making Part B)
Submission Area in the BSB110 Blackboard site by 5pm on 5 May 2017.
The reports required from Reckon Software:
1. Adjusted Trial Balance: 31 March to 31 March 2017 (Reports → Accountant) and
2. Audit Trail Report: (Reports → Accountant → Audit Trail)
The date range should be from 12/04/2017 to current date (date you are
printing).
o In those cases where the Audit Trail Report is not submitted in the
appropriate format (including your student number and name printed on
the report) investigations into plagiarism may be commenced.
o If no Audit Trail Report is provided, the assignment will not be
marked.
• Please make sure that your Reckon User Name (student number and
surname/family name eg 9876543Smith) are included in the Audit Trail Report
generated by Reckon (they may not be handwritten on afterwards).
Group or Individual: Individual This assessment item assesses the following learning outcome:
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply theoretical and technical knowledge across the broad field of
business.
1.2 Apply technical and technological skills appropriate and effective for real world
business purposes and contexts.
BSB110 Semester 1 2017 Assignment 1 – Part B 2
The following information is presented as at 31 March 2017 for CoolApps Pty Ltd. Reckon
accounting software is used to maintain the financial records. Debit
Cash at Bank 16,595 Accounts Receivable 8,520 Prepaid Contents Insurance 1,800 Office Supplies 4,125 Computers: Original Cost Credit 21,750 Accumulated Depreciation - Computers 4,350 Accounts Payable 7,704 Revenue Received in Advance
Wages Payable
PAYG Withholding* 2,025 Loan Payable – Current 1,947 Tax Payable ** 1,619 Loan Payable - Non Current 4,025 Share Capital 21,000
4,554 Retained Earnings
Service Revenue 18,840 Depreciation Expense - Computers
Contents Insurance Expense
Interest Expense 114 Office Cleaning Expense
Office Supplies Expense
Repairs Expense
Rent Expense 2,200 Telephone and Internet Expense 1,200 Utilities Expense 3,560 Wages Expense 6,200
66,064 66,064 *PAYG withholding is tax withheld from staff wages owed to the government.
** Tax Payable is the GST Clearing account set up for the GST owing. This is a Reckon account and GST
amounts will be posted to Tax Payable as you process transactions with GST. Accounts Receivable Details as at 31 March
Learning Games Pty Ltd 3,300 Meals Express Pty Ltd 3,000 Glam Event Planner Pty Ltd 2,220 Total 8,520 Accounts Payable Details as at 31 March
Corporate Express Pty Ltd 2,730 Net Cloud Hosting Pty Ltd 2,622 Sharp Media Pty Ltd
Total 2,352
7,704 BSB110 Semester 1 2017 Assignment 1 – Part B 3 Reckon Instructions
A Reckon software file with all of the accounts and their opening balances in place has
been prepared for you.
The file is located on Blackboard under Assessment – Assessment Item 1 Part B and is
titled CoolApps.QBW.
Required:
1) Before starting any work on this file, ensure you have completed all the practice
exercise, watched the Reckon videos, AND read these instructions IN FULL before you
start!
2) Save the CoolApps.QBW file to your home drive or a USB. Then open this file using
Reckon (you will have earlier downloaded Reckon using the software link provided or
be using the computer labs at QUT which have Reckon installed).
3) ****IMPORTANT****: Set up user for Audit Trail Log to enable production of an Audit Trail
Report, otherwise you will receive 0. This will enable us to identify that it is your own
work. Follow the steps below:
• Click on Company in the Menu bar. Click on Set Up Users. Click on Add User. You
will see the screen below: Type your student number
and family name in this
box eg 9876543Smith
Leave these two boxes blank.
Do not type in a password. • In the User Name type in your student number followed by your surname/family name
(e.g. 9876543Smith). It must not contain any spaces. • Record your User Name information somewhere safe as you will need it to log in and
record all of the assignment transactions. • Do not enter Passwords. Click Next. • Click NO that you do not want to enter a password. BSB110 Semester 1 2017 Assignment 1 – Part B 4 • Click on All Areas of Reckon Accounts (for the user to enable access). • Click Next then Click on Yes to confirm that you do wish to allow the user to access all
areas of Reckon. • Click Finish to complete the set up process of the user. Click Close. • Click on File in the Menu Bar and Choose Close Company/Log Off. 4) Log on with your new User Name (e.g. 9876543Smith) otherwise you are still
logged in as Admin and will receive 0.
Click on File, Open the CoolApps.QBW file from the location that you have saved the
file. Note: DO NOT use your desktop, please save the file to your USB or Network
drive or both!
Now log into Reckon with the User Name that you just created in the previous step
(eg 9876543Smith). If you forget your User Name, log in as Admin and note down the
User Name and the repeat the log in process.
The Admin User is not to be used in any of the assignment process, otherwise you could
receive 0 for the Reckon component. You must be logged in under your own User
Name.
Record any necessary transactions in Reckon logged in and using your User Name.
Tips:
GST codes: where payments have GST included, use the tax code NCG for expenses
Bank Accounts: Check each receipt and payment is processed to the Cash at Bank
account, not Undeposited Funds.
Dates: ensure that dates are entered correctly in the month of March.
Names: are required if the transactions involve Accounts Receivable or Accounts Payable
but for other transactions such as Cash Sales and Cash Cheques, you can simply enter
“Cash Sale” or “Cash” respectively.
IMPORTANT: Regularly save and backup your files. Do not rely on one file location in
case there is a problem such as corruption, losing USB etc. Reckon will name your
original files with the extension .QBW and the backup files .QBB. BSB110 Semester 1 2017 Assignment 1 – Part B 5 5) Print or save to pdf the following reports from Reckon Software: (From the report,
choose File Save as PDF OR File, Print Report to PDF):
•
• Adjusted Trial Balance 31 March to 31 March 2017 (Reports → Accountant) and
Audit Trail Report *(Date Range: 12/04/17 to current date (date you are printing)
(Reports, Accountant: Audit Trail) *IMPORTANT: Where these reports are not submitted in the appropriate format (including
your student number and name) investigations into plagiarism may be commenced.
Please make sure that your Reckon User Name (Student number and Surname) are
included in the Audit Trail Report generated by Reckon (they may not be written on or
inserted afterwards).
If no Audit Trail Report is provided, the assignment will not be marked.
Combine into 1 pdf if possible for ease of marking.
If you don’t have access to Adobe software you can manually print then scan into pdf.
Some helpful instructions re printing or saving to pdf:
1) Maximise the report to the whole screen
2) Choose File, Save as PDF OR Choose File Print Report. Then choose Printer Adobe Pdf. Please tick the box to fit report to 1 page wide. If you don’t have access to Adobe software you can manually print then scan into pdf.
Please ensure the box is also ticked to fit each report to 1 page wide. This is very important and
if this is not done, marks will be deducted!!!!
BSB110 Semester 1 2017 Assignment 1 – Part B 6
Company Information: CoolApps Pty Ltd
The owner of CoolApps Pty Ltd, Ethan Webb, has provided the following transactions for you, the
Graduate Accountant, to determine the accounting implications. You need to decide if each
transaction involves: a normal Reckon transaction, an adjusting entry or requires NO transaction at
all.
CoolApps Pty Ltd uses accrual accounting and prepares adjusting entries and financial statements
on a monthly basis.
Further information
1. 31 March Invoiced Learning Games Pty Ltd for educational apps services, Invoice number
CA126 for $8,800 (including GST $800).
2. 31 March The manager of Toowong Soccer Club advised by email that they wish to go ahead
with the quote from CoolApps Pty Ltd to develop an app for the club. This is expected to
generate annual revenue of approximately $6,600 (including GST $600). The effective date for
services to start is 1 June 2017.
3. 31 March Received cash of $1,500 as part payment on account from Meals Express Pty Ltd.
(Ensure the ‘Deposit To’ shows the ‘Cash at Bank’ account!).
4. 31 March Received a quote from a network electrician to repair wiring in the office for $2,420
(including GST $220).
5. 31 March Received an invoice from Corporate Express Pty Ltd for $946 (including GST $86) in
relation to utilities expenses during March.
6. 31 March Paid Net Cloud Pty Ltd $622 with cheque number 264.
7. 31 March Prepared a quote for Glam Event Planner Pty Ltd for $9,020 (including GST $820)
for developing an event management app to be completed in July 2017.
8. 31 March Paid the monthly office cleaning expense with cheque number 265 for $440
(including GST $40).
9. 31 March Hired a new intern programmer whose annual salary is $36,000 and who will
commence work on 1 May, 2017.
10. 31 March Received cash of $2,200 (including GST $200) from a client for app services
completed. (Ensure the ‘Deposit To’ shows the ‘Cash at Bank’ account).
11. 31 March Submitted a proposal for a tender to supply app update services to Brisbane City
Library for $15,730 (including GST $1,430).
12. 31 March Signed a lease for new office effective from 1 June 2017 with annual rent of $26,620
(including GST $2,420), with monthly payment required from 1 June.
13. Depreciation on Computers is calculated using the Straight Line Method over 5 years with $0
estimated residual value. Round the amount of depreciation to the nearest whole dollar. Note
that the calculation is for 1 month only (i.e. March depreciation only).
14. Prepaid 6 months of Contents Insurance on 1 March (The GST has already been recorded and
can be ignored (refer trial balance)).
15. Wages owing as at 31 March are $3,100.
16. Office Supplies on hand at 31 March total $2,125.
BSB110 Semester 1 2017 Assignment 1 – Part B 7 Support Provided:
• To assist you with using Reckon and to access the software download link please
access the resources on Blackboard: Learning Resources/ Reckon Software Materials.
There is no cost to use this Reckon software in an academic environment. Unfortunately there
is no Mac version (unless you can use Windows emulation mode) so you will need to access a
Windows PC or laptop or to use the QUT labs which have Reckon installed. A list of these
rooms and opening hours is provided but generally weekend access is limited.
The Reckon Practice exercise located under Learning Resources/ Reckon Software Materials
should be completed first so that you can see the detailed screen shots in the demonstration. •
• There are also 3 Reckon demonstration videos that you can watch.
Consultation with Staff and Student Learning Advisors who are able to assist • Discussion Board on Blackboard • Frequently Asked Questions on Blackboard to enable any clarifications or answer any common
questions – this will be an iterative document that will be developed as students make
enquiries (including through Discussion Board)
IT Helpdesk can assist with installation of Reckon and have provided instructions to assist with
downloading for Windows 8 and 10. • Reckon is available in computer labs at QUT and for home use as below.
Lab opening times
https://www.student.qut.edu.au/about/faculties-institutes-and-divisions/faculties/business/manageyour-studies/student-spaces
Labs containing Reckon software
https://secure.qut.edu.au/ithelpdesk/qut/labsoftware/labsoftware.jsp?id=1167&sw=Reckon%20Acc
ounts:%20Academic%20Edition&os=Win
You can also download it for use at home via the following link
http://downloads.reckon.com.au/Reckon%20Accounts%202014%20Academic%20Edition.exe BSB110 Semester 1 2017 Assignment 1 – Part B 8 Here is a summary table to help you when using Reckon
Transaction Section in Reckon Entering invoices received from Accounts
Payable (Suppliers) Suppliers section – Enter Bills To pay existing suppliers
(Accounts Payable) Suppliers section – Pay Bills Entering invoices issued
(Sales on Credit – Accounts Receivable) Customers section – Create Invoices To enter money received from Accounts
Receivable Customers section – Receive payments To enter cash receipts
(NOT Accounts Receivable receipts) Customers section – Create Sales Receipts To enter cash payments
(NOT Accounts Payable payments) Banking section – Write Cheques To enter Adjusting Entries Click on Accountant in Menu bar, Choose
Make General Journal entries To create reports Click on Reports in the Menu bar, Choose
Accountant or Company/Financial Some Basic Reminders When Using Reckon
• Check all transaction dates carefully – both in this document and when entering into
Reckon (remember it will default to today’s date so you will need to change it). • Check all account names and account types carefully in Reckon. • Check the GST (tax) amount and totals very carefully (where applicable). • Double and triple check the entry before you hit Save and Close in Reckon. • Dates for Reports can be changed manually at the top (dates From and To). • If you have problems refer back to the Practice Exercise and Instructions to find the
answer as everything you need to know is covered in those instructions. BSB110 Semester 1 2017 Assignment 1 – Part B

• 1494307168-Decision Making in Accounting Part B Sem 1 2017.pdf

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