MAA261 – Financial Accounting

MAA261 – Financial Accounting

MAA261 – Financial Accounting – Trimester 1 2022 Assessment Task 2 – Manual processing (Individual)

DUE DATE AND TIME:                    Week 6, Friday 15th April 2022, 8:00pm (AEDT) PERCENTAGE OF FINAL GRADE:           15%

Description and requirements

This assessment task is designed to test your understanding of the accounting principles required to record various accounting transactions including tracking inventory through an inventory stock card and balance day adjustments.

You first need to generate your own assignment based on your Student ID. Navigate to the MAA261 Unit site à Content à Assessment Resources à Assignment 2 and download/save the following file: MAA261 T1 2022 Assignment 2.xlsx

Please make sure you use Microsoft Office Excel 3651 to complete the assignment.

Open the MAA261 T1 2022 Assignment 2.xlsx file and navigate to the “Student details” tab. Fill in your Student ID2, first and last name. Navigate to the “Case” tab for case details including business’s opening balances, transactions for the month and additional information.

In the “Stockcard & General Journal” tab, you are required to (this is what you will be marked on):

  1. Prepare the stock card for the month. The stock card will help you calculate Cost of Goods Sold and any inventory loss/gain that you need when recording transactions for the month
  2. Record transactions in the general journal for the month (narrations are not required) including opening balances and balance day adjustments

Note that each student generates an assignment with a unique set of values.

Assignment 2 is expected to take substantial time to complete and directly helps you prepare for the exam as you practice many of the tasks you could be asked to do in the exam, such as preparing general journal entries and maintaining inventory records.

Learning Outcomes

This task allows you to demonstrate achievement towards the unit learning outcomes. The ULOs are aligned with specific graduate learning outcomes – that is, the skills and knowledge graduates are expected to have upon completion of their studies – and this assessment task is an important tool in determining achievement of those outcomes.

If you do not demonstrate achievement of the unit learning outcomes, you will not be successful in this unit. It is good practice to familiarise yourself with the ULOs and GLOs as they provide guidance on the knowledge, understanding and skills you’re expected to demonstrate upon completion of the unit. In this way they can be used to guide your study.

Unit Learning Outcomes (ULO)Graduate                  Learning Outcomes (GLO)
LO1 Apply International Financial Reporting Standards (IFRSs) or equivalent Australian accounting standards (AASB) to record or critically analyse complex transactions and other events.    GLO1: Discipline Specific Knowledge and Capabilities GLO4: Critical Thinking GLO5: Problem Solving
LO2 Apply professional judgement to evaluate the accounting policies used to prepare financial statements.
LO3 Prepare general purpose financial statements and related disclosures in accordance with IFRSs or other relevant national standards (AASB), and critically analyse and interpret the information.

Submission

For Assignment 2, the following one (1) document must be submitted:

  • Your completed MAA261 T1 2022 Assignment 2.xlsx (Excel) file

You must submit your assignment in the individual Assignment Dropbox (“MAA261 T1 2022 Assignment 2”) under Assessment à Assignments on or before the due date.

When uploading your assignment, name your document using the following syntax: your surname_your first name_your Deakin student ID number_MAA261.xlsx For example, “Jones_Barry_123456789_MAA261.xlsx”.

You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy.

Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism.

When you submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment Dropbox folder after upload, and check for, and keep, the email receipt for the submission.

Marking and feedback

Students who submit their work by the due date will receive their marks and feedback on CloudDeakin within 15 working days after the due date.

Extensions

Extensions will only be granted for exceptional and/or unavoidable circumstances outside the student’s control. Students seeking an extension for an assignment prior to the due date should apply directly to the Unit Chair by completing the Assignment and Online Test Extension Application Form. Requests for extensions will not be considered after 8pm on Friday, April 15, 2022 AEDT. Applications for special consideration after the due date must be submitted via StudentConnect.

Late submission

The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked and will receive 0% for the task.

‘Day’ means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date.

Calculation of the late penalty is as follows: this is based on the assignment being due on a Friday at 8:00pm

  • 1 day late: submitted after Friday 11:59pm and before Saturday 11:59pm – 5% penalty.
  • 2 days late: submitted after Saturday 11:59pm and before Sunday 11:59pm – 10% penalty.
  • 3 days late: submitted after Sunday 11:59pm and before Monday 11:59pm – 15% penalty.
  • 4 days late: submitted after Monday 11:59pm and before Tuesday 11:59pm – 20% penalty.
  • 5 days late: submitted after Tuesday 11:59pm and before Wednesday 11:59pm – 25% penalty.

Dropbox closes on Wednesday, April 15 after 11:59pm AEDT time.

Support

The Division of Student Life (see link below) provides all students with editing assistance. Students who wish to take advantage of this service must be organized and plan ahead and contact the Division of Student Life in order to schedule a booking, well in advance of the due date of this assignment.

Referencing

Any material used in this assignment that is not your original work must be acknowledged as such and appropriately referenced. You can find information about plagiarism and other study support resources.

Academic misconduct

For information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document Your rights and responsibilities as a student in this Unit in the first folder next to the Unit Guide in the Resources area of the CloudDeakin unit site.

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