ASSESSMENT ITEM: INTEGRATED CASE STUDY
This assessment item assesses the following learning outcomes:
Knowledge and Technological Skills (KS)
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Higher Order Thinking (HO)
- Exercise independent judgment and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Teamwork and Self (TS)
- Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
ASSESSMENT REQUIREMENTS FOR EACH PART
PART 1: Self-Reflection
As many students have noted, AYB 339 Accountancy Capstone is quite different to other units studies in the accountancy degree.
One of the goals of Accountancy Capstone was to help students understand the role and responsibilities of a professional accountant in public practice and the dynamics in dealing with multiple client issues on a week-to-week basis.
The unit was designed to help students "bridge the gap" from University into the professional accounting workplace and to illustrate "typical" client problems faced by accounting practitioners.
Required:
Using appropriate references to academic literature, please answer the following question:
You are applying for the role of a graduate accountant working in a public accounting firm. The application form asks you to identify and describe the skills that you would bring to the position. Please identify and discuss five (5) non-technical skills demonstrated in AYB 339 that are important for being a professional advisor dealing with clients.
For each of the five (5) non-technical skills that you have identified, please justify and explain why this skill is important to accounting professionals with appropriate reference to the academic literature.
You must use theory and published academic literature to support your views. You must also use the APA referencing style and have a list of references at the end of this section.
PART 2: Enter Year-End Adjusting Journal Entries into MYOB & Print out a revised Profit and Loss Statement and Balance Sheet from MYOB -
a. Students are required to prepare and enter adjusting general journal entries directly into the MYOB data file to take into account all of the relevant and necessary adjustments (please include cents in all of your journal entries).
The MYOB data file is available on the AYB 339 Blackboard site for students to download The MYOB data file was created using MYOB AccountRight Enterprise (Educational Version 19). This version of MYOB is available in the student labs in both B and Z blocks. However, students can use any version of MYOB to open the data file and make adjustments (provided it is version 19 or higher).
It will not be possible to open this MYOB data file if you use the MYOB trial versions available on the MYOB website or any version of MYOB lower than this version.
These entries must be entered and produced using MYOB.
Make sure you use MYOB. Students cannot use other packages like Microsoft EXCEL or Word or any other accounting package, otherwise a mark of zero out of six will automatically be imposed.
b. Adding Account Names to the Chart of Accounts
Please note that students are expected to add additional accounts in the MYOB data file provided on the AYB 339 Blackboard site, as several of your adjusting general journal entries will be made to these new accounts (eg. depreciation expense).
c. Dating your Adjusting General Journal Entries 30 June 2016
Please date all of your adjusting general journal entries 30 June 2016.
Please also include a brief narration of the adjustment in the memo field in MYOB.
d. Printing Adjusting General Journal Entries
Make sure that you only print out your adjusting journal entries and not all of the other journal entries already residing in the MYOB data file that has been provided to you.
Simply select the General Journal function and the date range: 30 June 2016 to 30 June 2016.
e. Accounting Depreciation Entries
For accounting purposes, each individual depreciable asset listed on pages 17 and 18 of this case study should be depreciated over their useful lives based on the following straight-line rates (rate shown in the final column).
f. Print out a Revised Profit and Loss Statement and Balance Sheet from MYOB as at 30 June 2016
Finally, students are required to print out a revised Profit and Loss Statement and Balance Sheet from MYOB for Visual Optics Pty Ltd for the year ended 30 June 2016 taking into account their adjusting general journal entries and include it in their submission.
In MYOB, your print range for the Profit and Loss Statement should be 1 July 2015 to 30 June 2016.
For the Balance Sheet, please print this report out as at 30 June 2016.
Please include cents when printing out both reports.
Failure to print out and include both your adjusted MYOB Profit and Loss Statement and Balance Sheet will automatically result in the loss of two (2) marks.
PART 3: Prepare the 2016 Annual Report for Visual Optics Pty Ltd in Microsoft Word -
a. Students are required to prepare the Annual Report for Visual Optics Pty Ltd for the year ended 30 June 2016. The annual report should include the following documents (in the following order):
- the external financial statements excluding the Statement of Cash Flows, but including all of the notes to the accounts;
- the Director's Declaration; and
- the Accountant's Compilation Report.
There is no need to prepare a Directors' Report or an Auditor's Independence Declaration, as the financial report was not audited.
For the Accountant's Compilation Report, please use the name of the firm that you created and used throughout the semester for your PBLs.
b. Which Accounting Standards Apply?
Visual Optics Pty Ltd is considered a non-reporting entity. Hence, only special purpose financial statements are required to be prepared.
Please ensure that the financial statements (and notes to the accounts) are prepared in accordance with the recognition, measurement and disclosure requirements of all of the AASB Accounting Standards with the exception of the following four (4) AASB Accounting Standards:
- AASB 8 Operating Segments;
- AASB 107 Statement of Cash Flows;
- AASB 124 Related Party Disclosures; and
- AASB 133 Earnings Per Share.
All other AASB Accounting Standards (including their disclosure requirements) must be complied with. This includes the current financial instruments suite of standards (ie. AASB 7, AASB 132 and AASB 139).
c. Income Statement
For the Income Statement, Joe and Maryanne have requested that you classify expenses by nature instead of by function.
Furthermore, Joe and Maryanne only want you to show those expenses on the face of the Income Statement that are specifically required to be disclosed under AASB 101 Presentation of Financial Statements.
d. Statement of Changes in Equity
For the Statement of Changes in Equity, please use the minimum disclosure requirements required under AASB 101 Presentation of Financial Statements.
e. Balance Sheet
For the Balance Sheet, please use the minimum disclosure requirements required under AASB 101.
f. "Real" and "Model" Financial Statements
Students are advised (and encouraged) to download the 2016 financial report of an Australian listed public company (preferably a retailer) and review the content, structure and format of the financial report.
Even though listed companies prepare general purpose financial reports as distinct from special purpose financial statements, it will give students an excellent idea as to the layout, format, structure and content of a financial report.
Furthermore, most of the "Big 4" accounting firms also have model financial statements in pdf format, which can be freely downloaded from the firm's websites.
For example, a generic Google search on the term "model financial accounts Australia" will list several hyperlinks to range of accounting firms websites where these model financial statements can be downloaded in pdf format.
g. Date of Declarations and Reports and Comparative Figures
All declarations and reports should be dated 24 August 2016.
Comparative figures are not required in the financial statements, as the business only commenced trading on 1 August 2015.
PART 4: Prepare the 2016 Company Income Tax Return and Tax Reconciliation for Visual Optics Pty Ltd -
a. Students are required to prepare the company's Income Tax Return & Tax Reconciliation for Visual Optics Pty Ltd for the year ended 30 June 2016
Students are required to prepare the 2016 company income tax return of Visual Optics Pty Ltd. A blank copy of the 2016 company tax return can be downloaded directly from the ATO website in pdf format.
A blank copy of the tax return has also been placed on the AYB 339 Blackboard site.
The company's tax file number is: 819 216 642.
Please use the company's business address as the postal address on the tax return. Do not complete the BSB and account details on the second page of the tax return.
For the purposes of the tax agent declaration (on the last page of the tax return), your tax agent reference number is: 58148-007. Please put your name and contact details in this box.
The income tax return should be dated 24 August 2016. It should be signed by Joe as he is the company's public officer.
There is no need to prepare the dividend franking account for the company or the dividends and interest schedule. Both of these schedules normally form part of the income tax return. However, students are not required to prepare these schedules.
b. Students are required to prepare a One-Page Tax Reconciliation for Visual Optics Pty Ltd for the year ended 30 June 2016
Joe and Maryanne also ask you to prepare a one-page tax reconciliation. Students should start this reconciliation summary with the accounting net profit/(loss) before income tax and then list all relevant adjustments to arrive at the company's taxable income for the year ended 30 June 2016.
This one page reconciliation should be included immediately behind the last page of the company's tax return. There is no need to prepare a deferred tax worksheet for this requirement.
PART 5: Professional Approach to Presentation
This assessment expects a professional approach to presentation similar to that expected in an Accounting firm when delivering documents to a client.
For this reason, you must satisfy the following professional presentation requirements or you will incur penalties as detailed in last section of the criteria sheet.
The following documents are also required to be submitted at the front of your submission:
- the criteria sheets (on pages 30 and 31); and
- the signed student integrity declaration (on page 29).
If you do not submit your criteria sheet - you will incur a (2) marks penalty.
PART 6: Academic Conduct in Completing this Asessment
Academic conduct is expected to be ethical and above reproach in producing this assessment in same way you would produce a client document as part of an accounting firm. The following table provides you with clear examples of what constitutes academic misconduct and what does not. Please carefully read this list before starting the assessment.
This integrated case study is an individual assignment. As such, no collaboration with other students is permitted in any way whatsoever. Any collaboration between students, including comparing answers, sharing ideas and research etc. constitutes academic dishonesty.
Markers will be carefully checking case studies to ascertain whether there is any indication that collusion has taken place (particularly those students that were in the same groups during the semester for the PBLs).
Students who are found to have committed academic misconduct as detailed below will be immediately referred to the QUT Business School academic misconduct committee.
Please note that penalties will be applied not only to the student(s) who have used this information but also to the student(s) who have shared this information.
Attachment:- Assignment Files.rar