BACT105 Business Accounting Assessment

BACT105 Business Accounting Assessment :

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ASSESSMENT BRIEF

COURSE:     Bachelor of Business / Bachelor ofAccounting
Unit Code:	BACT105
Unit Title:	Business Accounting
Type of Assessment:	Assessment 3 – Individual Business Report
Length/Duration:	1,500 words in total. For Business report – internal control and ethics – Part A (1,200 words), and completion of accounting cycle practical question – Part B – requirement (a) to (i) no word limit. Requirement (j) – for the discussion on financial statement analysis (300 words).
Unit Learning Outcomes addressed:	Use the language of BACT105 Business Accounting Assessment financial accounting and financial reporting Explain the purpose, content, format and practical applications of the following financial statements, the profit and loss Statement, the balance Sheet, the statement of cash flows, and the relationship between these financial statements. Apply the accounting cycle and the business process of accounting information systems and their ethical implications Use financial information to support management decision making for solving both programmed and non-programmed business problems. Apply the principle of double entry system efficiently.
Submission Date:	Week 11 (by 11:59 pm Sunday)
Assessment Task:	The assignment requires students to identify and appraise set questions on a given accounting scenario(s) both theoretically and practically.
Total Mark:	20 marks
Weighting:	20%
Students are advised that submission of an Assessment Task past the due date without a formally signed approved Assignment Extension Form (Kent Website MyKent Student Link> FORM – Assignment Extension Application Form – Student Login Required) or previously approved application for other extenuating circumstances impacting course of study, incurs a 5% penalty per calendar day, calculated by deduction from the total mark. For example. An Assessment Task marked out of 40 will incur a 2 mark penalty for each calendar day. More information, please refer to (Kent Website MyKent Student Link> POLICY – Assessment Policy & Procedures – Student Login Required)

ASSESSMENT DESCRIPTION:

THIS ASSESSMENT HAS TWO PARTS: PART A IS TO WRITE A BUSINESS REPORT ON INTERNAL CONTROL AND ETHICS AND PART B IS A PRACTICE QUESTION TO COMPLETE THE ACCOUNTING CYCLE OF A FICTITIOUS BUSINESS. STUDENTS MUST COMPLETE AND SUBMIT BOTH PART A AND PART B FOR GRADING.

PART A (10 MARKS)

“In an effective internal control environment, accountants understand their roles and responsibilities, and act in the best interest of the public to comply with ethical standards”.

Required:

Based on the above statement of BACT105 Business Accounting Assessment, you are required to prepare a business report that address the following questions/areas:

1. What are the characteristics of an effective internal control system?
2. What is ethics?
3. How is internal control related to ethics in accounting?
4. What is the importance of ethics in accounting?
5. What are the consequences of unethical actions?

You are required to gather evidence from research articles (academic and professional) that relate to the above areas of focus. In your report, you are required to support your arguments with real-world examples where appropriate that relate to accounting scandals (Australian and/or international cases) reported on media in the past decades. In this report, you must follow the basic structure of a business report which includes the title page, table of content, executive summary, introduction, main body, recommendations, conclusion and reference. In your demonstration, an expectation is that you shall use authentic academic and professional references. Harvard style reference must be used for both in-text referencing and reference list. The expected length of this part is 1,200 words.

PART B: (10 MARKS)

This practical question in Part B will enable Business Accounting students to understand and apply various steps in the accounting cycle and appraise the flow of business transactions through a simple set of accounting transactions. Assume that the business is using periodic inventory system. Ignore GST.

Question for Part B:

Bella Smith opened a new clothing store titles “Bella Clothing Store” in Sydney CBD on 1 June 2022, which she operates as a sole proprietorship. During the first month of operation, the following transactions and events have occurred. Bella is now interested to know how well her business came out at the end of the first month of operation. Assume that you are a qualified accountant who undertakes accounting assignments of your clients. Bella has approached you and requested to prepare the financial reports of Bella Clothing Store for the month ended 30 June 2022.

June 1

Bella contributes $100,000 in capital to her new business ‘Bella Clothing Store’ by opening a bank account in the name of Bella Clothing Store. Paid the shop rent in advance for 3 months, $6,000. Purchased shop furniture and fittings paid by a cheque, $12,000.

2	Purchased a garment stock worth $30,000 for resale from Asia Apparel Ltd. on credit terms of 2/15, NET 30 Days. Paid freight in $500 cash on the garments purchased (FOB delivery point).
4	Purchased another garment stock worth $18,000 for resale from Fashion Q Ltd. on credit terms of 3/15, NET 30 Days. Paid freight in $150 cash on the garments purchased (FOB delivery point).
6	Banked cash sales totalling $9,500. Cost of the garments sold was $4,700.
8	Sold garments on credit terms of 4/10, NET 30 Days to a business customer, Rainbow Design Ltd., $8,750. Cost of the garments sold was $4,800.
10	Rainbow Designs Ltd returned $750 worth of garments due to defective garments.
15	Banked cash sales totalling $11,500. Cost of the garments sold was $6,300.
15	Bella Clothing took a 5-year bank loan of $120,000. Interest is $600/month.
17	Bella Clothing accepted the discount and settled the amount due on garments purchased from Asia Apparel Ltd.
18	Rainbow Ltd accepted the discount and settled the amount due on the credit transaction.
19	Bella Clothing accepted the discount and settled the amount due on garments purchased from Fashion Q Ltd.
20	Paid fortnight salary (period covering 6 – 17 June) to shop assistant Emilly $1,200.
22	Purchased a garment stock worth $9,500 for resale from Fashion Hub Ltd. on credit terms of 2/15, NET 30 Days. Paid freight in $50 cash on the garments purchased (FOB delivery point).
25	Banked cash sales totalling $14,700. Cost of the garments sold was $7,400.
27	Sold another stock of garments on credit terms of 3/15, NET 30 Days to Rainbow Design Ltd., $11,250. Cost of the garments sold was $6,100.
28	Bella withdrew $10,000 from the business bank account for her personal use.
30	Received the electricity bill $850, and the telephone bill $170 for the month of June.

The following additional information is available.

1. The next fortnight salary payment to Emily (for the period covering 20 June – 1 July) is due on 4 July 2022.
   1. The furniture and fittings have an estimated useful life of 5 years.
   1. The interest on bank loan is due on 15 July 2022.

Required:

1. Record all the transactions in the general journal.
2. Post all the journal entries to the general ledger.
3. Prepare the trial balance of Bella Clothing Sores as at 30 June 2022 (unadjusted trial balance before the adjustments).
4. Prepare the adjustment journal entries.
5. Prepare Adjusted Trial Balance.
6. Prepare closing journal entries.
7. Prepare the income statement (based on the adjusted trial balance) of Bella Clothing Sores for the month ended 30 June 2022.
8. Prepare the statement of changes in equity of Bella Clothing Sores for the month ended 30 June 2022.
9. Prepare the balance sheet of Bella Clothing Sores as at 30 June 2022.
10. Bella is now interested to know how well her business came out at the end of the first month of operation for management decision making. Based on the financial statements prepared, write a brief report (300 words) on financial performance and position of Bella Clothing Store for the period ended June 2022.

ASSESSMENT SUBMISSION:

The BACT105 Business Accounting Assessment must be submitted online via Turnitin in Moodle.

Our Academic Learning Support (ALS) team would be happy to help you with understanding the task and all other assessment-related matters. For assistance, please speak to our Academic Learning Skills Coordinators. They can help you with understanding the task, draft checking, structure, referencing and other assignment-related matters. For online help and support please click the following link and navigate Academic Learning Support in Moodle: http://moodle.kent.edu.au/kentmoodle/course/view.php?id=5

GENERAL NOTES FOR ASSESSMENT TASKS

Appropriate academic writing and referencing of BACT105 Business Accounting Assessment are inevitable academic skills that you must develop and demonstrate in work being presented for assessment. The content of high-quality work presented by a student must be fully referenced within-text citations and a Reference List at the end. Kent strongly recommends you refer to the Academic Learning Support Workshop materials available on the Kent Learning Management System. For details, please click the link http://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606 and download the file titled “Harvard Referencing Workbook”. This Moodle Site is the location for Workbooks and information that are presented to Kent Students in the ALS Workshops conducted at the beginning of each Trimester.

Kent recommends a minimum of FIVE (5) references in work being presented for Business Report in Part B of this assessment. Any paper with less than five (5) references may be deemed not meeting a satisfactory standard and possibly be failed.

Content in Assessment tasks that includes sources that are not properly referenced according to the “Harvard Referencing Workbook” will be penalized.

Marks will be deducted for failure to adhere to the word count if this is specifically stated for the Assessment Task in the Unit Outline. As a rule, there is an allowable discretionary variance to the word count in that it is generally accepted that a student may go over or under by 10% than the stated length.

GENERAL NOTES FOR REFERENCING

References are assessed for BACT105 Business Accounting Assessment and their quality. Students should draw on quality academic sources, such as books, chapters from edited books, journals etc. The textbook for the Unit of study can be used as a reference, but not the Lecturer Notes. The Assessor will want to see evidence that a student can conduct their own research. Also, to help Assessors, determine a student’s understanding of the work they cite, all in-text references (not just direct quotes) must include the specific page number(s) if shown in the original. Before preparing your Assessment Task or own contribution, please review this ‘YouTube’ video (Avoiding Plagiarism through Referencing) by clicking on the following link: link: http://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606

https://www.youtube.com/watch?v=2q0NlWcTq1YA search for peer-reviewed journal articles may also assist students. These type of journal articles can be located in the online journal databases and can be accessed from the Kent Library homepage. Wikipedia, online dictionaries and online encyclopaedias are acceptable as a starting point to gain knowledge about a topic, but should not be over-used – these should constitute no more than 10% of your total list of references/sources. Additional information and literature can be used where these are produced by legitimate sources, such as government departments, research institutes such as the National Health and Medical Research Council (NHMRC), or international organisations such as the World Health Organisation (WHO). Legitimate organisations and government departments produce peer reviewed reports and articles and are therefore very useful and mostly very current. The content of the following link explains why it is not acceptable to use non-peer reviewed websites (Why can’t I just Google?): https://www.youtube.com/watch?v=N39mnu1Pkgw

(Thanks to La Trobe University for access to this video).

MARKING RUBRIC (DETAIL)

BACT105 Business Accounting Assessment Business Report   Student Name:                                                            SID:
Marking Criteria	Fail (0-4.9)	Pass (5 – 6.4)	Credit (6.5 -7.4)	Distinction (7.5 – 8.4)	High Distinction (8.5 – 10)
Research (Part A) /10	Little evidence of research, sources are missing, inappropriate, poorly integrated, or lacking credibility. Lacks clear link of sources to arguments. Limited acknowledgement and use of authenticated research on the key areas of focus.	Basic and sound research. Basic use of sources to support ideas, generally well- integrated, most sources are credible. Limited acknowledgement of source materials and use of authenticated research on the key areas of focus.	Research- is generally thorough. Good use of sources to support ideas, mostly well integrated, sources are credible. May be weaknesses with paraphrasing or integration/ application. Sound acknowledgement of source materials and use of authentic research on the key areas of focus.	Thorough research is indicated. Very good use of sources to support ideas, well- integrated, sources are credible. Sophisticated use of authentic coverage of research (academic and professional) on the key areas of focus.	Thorough research is indicated. Professional use of sources to support ideas, well integrated, sources are credible. Very minor, if any, weaknesses with paraphrasing or integration/application. Annotated critical reflection and integration of authentic research into the report on the key areas of focus.
	Fail (0-9.9)	Pass (10 – 12.9)	Credit (13 – 14.9)	Distinction (15 – 16.9)	High Distinction (17 – 20)
Analysis and Evaluation of internal control and ethics (Part A)   /20	Poorly understood and general discussion without any example of accounting scandals and critical evaluation on the key areas of focus.	Good identification of ethics and internal control with some examples of accounting scandals and critical evaluation on the key areas of focus.	Good identification of issues on ethics and internal control with good examples of accounting scandals and critical evaluation on the key areas of focus.	Very Good identification and elaboration of issues on ethics and internal control with very good examples of accounting scandals and critical evaluation on the key areas of focus.	Excellent work on identifying issues on ethics and internal control with excellent examples of accounting scandals and critical evaluation on the key areas of focus.
	Fail (0-1.9)	Pass (2 – 2.5)	Credit (2.6-3.4)	Distinction (3.5 – 4.4)	High Distinction (4.5 – 5)
Structure (Part A)   /5	The report is not appropriately formatted; more than two of the required sections are missing. Lack of coherence between paragraphs (i.e., no cabooses).	The report format is generally correct but the information under the sections does not completely correspond to the requirements. Recommendations are missing.	The report format is almost correct; the information under the sections corresponds to almost all the requirements. Recommendations are missing or do not derive from the discussion.	The report format is correct; all sections are included; the information under the sections corresponds to the requirements. Recommendations do not suggest specific actions and do not derive from the discussion.	The report format is correct; all sections are included; the information under the sections correspond to the requirements Recommendations do suggest specific actions and derive from the discussion. Critical reflection with engagement of clear opinions. Professionally written report.
	Fail (0-1.9)	Pass (2 – 2.5)	Credit (2.6-3.4)	Distinction (3.5 – 4.4)	High Distinction (4.5 – 5)
Language and Presentation (Part A)     /5	Poor standard of writing. Word limit may not be adhered to.	Basic and sound standard of writing; some errors in punctuation, grammar, and spelling	Good standard of writing; few errors in punctuation, grammar, and spelling.	Very good standard of writing; very few or minor errors in punctuation, grammar, and spelling.	Professional standard of writing; no errors in punctuation, grammar, and spelling. Professional level of referencing and acknowledgment; no errors of style evident.
	Fail (0-4.9)	Pass (5 – 6.4)	Credit (6.5 -7.4)	Distinction (7.5 – 8.4)	High Distinction (8.5 – 10)
Referencing (Part A)   /10	No referencing is evident or, if done, is inconsistent and technically incorrect. No or minimal reference list, mixed styles. No in text citations.	Basic and sound attempt to reference sources; may be some inconsistencies and technical errors in style. Reference list is generally complete with 1 or 2 references missing.	Good attempt to reference sources, inconsistencies, and technical errors in style. Few inaccuracies in reference list and all references listed.	Very good attempt to reference sources, very minor inconsistencies, and technical errors in style. Thorough and consistent reference list and all references listed.	Professional level of referencing and acknowledgment; no errors of style evident. Thorough and consistent reference list and all references listed.
	Fail (0-9.9)	Pass (10 – 12.9)	Credit (13 – 14.9)	Distinction (15 – 16.9)	High Distinction (17 – 20)

Completion of the task (Part B)   /20	Less than 50% of the required tasks have been attempted and completed.	≥50% of the required tasks have been attempted and completed.	≥70% of the required tasks have been attempted and completed.	≥80% of the required tasks have been attempted and completed.	All the required tasks have been attempted and completed. 100% complete.
	Fail (0-9.9)	Pass (10 – 12.9)	Credit (13 – 14.9)	Distinction (15 – 16.9)	High Distinction (17 – 20)
Accuracy of the task (Part B)   /20	Numerous errors. The understanding of the accounting cycle needs to be improved. The presentation format of the financial statements is not correct.	Some errors, demonstrating fair understanding of the accounting cycle. The presentation format of the financial statements is fairly correct.	Occasional errors, demonstrating reasonable understanding of the accounting cycle. The presentation format of the financial statements is reasonably correct.	A few errors, demonstrating great understanding of the accounting cycle. The presentation format of the financial statements is mostly correct.	The task is 100% accurate, demonstrating excellent understanding of the accounting cycle. The presentation format of the financial statements is precise.
	Fail (0-4.9)	Pass (5 – 6.4)	Credit (6.5 -7.4)	Distinction (7.5 – 8.4)	High Distinction (8.5 – 10)
Explanation on business performance /10
/100	= Total Marks
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