Accounting practice set:
An accounting practice set is a real world simulation of a single month in the accounting cycle of a small business. In this context, the word "practice" does not mean "a casual attempt" but rather an opportunity to demonstrate your accounting skills in your own simulated "accounting practice". This particular practice set will give you practical experience in using your MYOB software by taking you through all of the steps involved in the accounting cycle for a small electronics store called "The Digital Village".
This practice set adopts a computerised approach. This means it requires you to complete the accounting cycle using the well-known accounting software package referred to as "MYOB". NOTE that Perdisco website is not the MYOB software. The MYOB software is not on the internet but is a separate program that you must install on your own computer (or gain access to by some other means such as Federation University's computers). Perdisco website is just a learning tool designed to give you direct experience in using MYOB. To allow your progress to be regularly monitored, you will be required to transcribe your results from MYOB (on your own computer) into this website (on the internet).
Perdisco can then give you feedback that will help you identify and fix your mistakes as early as possible to prevent those mistakes being carried forward throughout the rest of your practice set. By the conclusion of the practice set you will have obtained real-world experience in using MYOB to:
• create and setup a company;
• record transactions;
• prepare a number of financial reports; and
• understand the benefits of using a computerised accounting system which include the automatic posting of transactions and the built-in internal control measures that prevent records from being deliberately modified.
To begin, you will be provided with information about the company and you will use this information to:
• create the company file for "The Digital Village" in MYOB;
• record the given transactions in the company's accounts;
• perform a bank reconciliation;
• record adjusting entries;
• generate an adjusted trial balance; and
• prepare the financial statements.
This practice set is a very large activity that continues over lots of web pages and that will take you many study hours to complete. More details of the structure of this activity and the time it will take to complete are provided in the following table.
|
Section
|
Approximate study time: Up to
|
Maximum points
|
|
Conversion to MYOB
|
2.78
|
hours
|
24
|
|
Company setup
|
5.55
|
hours
|
54
|
|
Practice transaction
|
0.93
|
hour
|
11
|
|
First transaction
|
0.46
|
hour
|
8
|
|
Transactions: Early January
|
5.09
|
hours
|
77
|
|
First trial balance
|
|
Finding and fixing errors
|
1.85
|
hour
|
20
|
|
Transactions: Mid January
|
2.78
|
hours
|
46
|
|
Transactions: Late January
|
2.78
|
hours
|
32
|
|
Bank reconciliation
|
3.70
|
hours
|
37
|
|
Adjusting entries
|
2.78
|
hours
|
41
|
|
Inventory, receivables and payables
|
1.85
|
hour
|
23
|
|
Financial statements
|
2.78
|
hour
|
36
|
|
Printouts
|
1.85
|
hour
|
*
|
|
Total
|
Up to: 35
|
hours
|
409
|
Please read all of the instructions carefully and ensure you allow enough time to complete the above listed activities. Before you start, we suggest that you download and read the STUDENT COMPANION & HELPFUL HINTS document which is provided on your practice set home page. This document provides you with a comprehensive overview of what to expect as you complete this practice set including how this practice set is graded and gives you some hints to maximise your chance of success.