ACCT20052 – ISSUES IN FINANCIAL ACCOUNTING
EPACRIS GARDEN DESIGN (MYOB practice assignment)
REQUIREMENTS:
1. Set up the MYOB Accounting Plus v18 for use by Epacris Garden Design using:
a. The chart of accounts
b. The post-closing trial balance as at 31 July, 2009. Make sure you have double checked your figures against the check figures put up on Bb.
c. The subsidiary ledgers and inventory cards.
d. The relevant background information [provided in Section 1 of the Practice Set].
2. Record all the necessary entries, excluding balance day adjustments, to maintain proper accounting records for August. You may need to create new accounts using subsequent account numbers where necessary.
3. Print out an unadjusted trial balance.
4. Record all the necessary balance day adjustments for August.
5. Prepare and print out the following:
a. The General, Sales, Purchases, Disbursements, Receipts and Inventory Journals.
b. General Ledger [summary]. Don’t include accounts with no activity.
c. Trial balance. Do not include zero balances accounts.
d. The Income Statement. Do not include accounts with zero balances.
e. The Balance Sheet. Do not include accounts with zero balances.
f. The Accounts Receivable Reconciliation.
g. The Accounts Payable Reconciliation.
h. The Inventory Reconciliation.
6. Write a report of no more than 1000 words addressing the following issues:
a. Adopting MYOB:
i. Would you recommend that Epacris fully adopts MYOB? Why? ii. What problems would you foresee any company experiencing when they move from a manual accounting system to a computerised accounting system? Fully explain your answer. iii. Is the issue of control over data and information in an accounting information system, more of a problem with a computerised system than it is with a manual system? Explain your answer fully. iv. If Epacris opts to use MYOB fully in their business, describe at least five controls you would recommend they implement. Your answer should relate to Epacris in particular.
b. Company’s financial situation:
i. Based on the information provided in the reports you have printed out for August, and with reference back to your July figures, comment on the following:
1. The financial position of the company
2. Their performance for August
3. Their management of accounts receivable , accounts payable and inventory. ii. What recommendations, if any, would you make to Epacris to assist in improving financial performance and position in 2010?
Assessment criteria
Marking scheme for Assignment
Marks will be allocated for reports submitted as outlined in the table below:
Reports
Marks
Guidelines
MYOB
65 marks
General, Sales Purchases, Disbursements, Receipts and
