Assessment item 2 — MYOB practice set and written component. Due date: Monday of Week 10, 11am AEST ASSESSMENT Weighting: 30% 2 Objectives This assessment item relates to unit learning outcomes 5 and 7 as stated in the Unit Profile. This assessment will also help you to gain or improve your generic skills in areas such as working with others, written communication, and accounting software usage. Assessment task This assessment must be completed individually. This assessment involves 3 steps. Please ensure that you complete all steps prior to submission. All steps must be submitted as one Word document file. Additionally, you are required to submit a backup copy of your MYOB file. Please note that there is a template available for the Word document portion of this assessment on Moodle. You are encouraged to use this template when completing this assessment. Time Management It is possible you will have other assignments due in Week 10. This will not be a reason to request an extension for this assignment. You need to manage your time so that all assessment is completed by the due dates. Please note: NO EXTENSIONS on the assignment will be provided for a delay in book delivery of the Practice Set unless you can provide proof of purchase prior to Friday of Week 3, and you can provide proof that the delivery was not received until after Friday of Week 5. S St te ep p 1 1: : S Se es ss si io on n P Pr re ep pa ar ra at ti io on n( (5 5 m ma ar rk ks s) ) Step 1 involves you writing down some of your ideas, reflections and reactions to the following set readings: 1. Partnership: Chapter 15 of your set textbook, Accounting 9e 2. MYOB: Pages 312-317 of your set textbook, Accounting 9e and the introductory background pages 1-2 (prior to Part A) of your MYOB Practice Set, Wipeout Water World. Read the above set readings like you would a novel or any book, actively seeking to engage with the author and to understand what you are reading. What are the authors trying to say? Let the authors take you on a journey: see what you think of some of the key ideas and concepts being discussed. And while you do this, note down key concepts that occur to you. That’s right; just write them down as you go along. Also, include any questions that occur to you as you are reading. What do you find confusing, difficult to understand or believe, boring, exciting or surprising? This list will help to guide you in communicating what you believe are the key concepts and questions (KCQs) of the reading material. Your personal engagement with the reading is what we are interested in. Do not summarise the readings. I will say it again, do not summarise the readings. We are interested in your reactions, Page 2 of 9 understanding, and questions from the readings. We know what the readings say, so simply giving us a summary of the readings will not be telling us anything that we do not already know. Use the words “I” and “me” in your Step 1. Different people will have different reactions to the readings. Tell us what your reactions actually are. This is what we are interested in. Do not tell us what you think we might want to hear. Be genuine and honest in your reactions to the readings. Give something of yourself in your Step 1. Remember, you are required to communicate the key concepts from the readings in your own words. Each student may identify different key concepts, just as our individual life experiences are different. Throughout this assignment you will be working by yourself. Explain whether you are satisfied with this arrangement, or if you would prefer to work in a pair. Use your reading of Chapter 15 of your set textbook to help you identify some advantages and disadvantages of working in a partnership with another student, and relate it to your efforts on this assignment. There is no set formatting for this section, so you are free to include pictures if you wish. There is also no word limit to your reactions. We are looking for you to show a connection to the reading material. You might like to imagine that your close friend has presented you with the reading material and has asked you to explain to them the key concepts, in an easy-to-understand manner, using examples from your own life experiences (or those of others who you personally know about). For example, your parents may have run a small business and used MYOB – so you can use these experiences to back up your reactions as you are writing your key concepts and questions. You can also use your interactions with others from the unit as part of your examples to support your communication of the key concepts. You might also like to imagine that you are preparing a lecture on the reading material and you are trying to explain it to others, and so you have to think of some interesting examples from your own experiences to assist you in explaining the concepts to others. There are previous assignments available on Moodle (under the Assessment 2 link) for you to have a read through to get an understanding of what is required in this section. Assessment Criteria The assessment marking criteria for Step 1 is as follows: Grade 5 Communicate personally significant insights and engagement with the material, showing connection and understanding beyond any question – an authority on the topics covered 4 Communicate your opinions and reactions, supporting your reactions with significant evidence from your own prior knowledge and previous experience and of others in the unit 3 Communicate your opinions and reactions, providing some support from your prior knowledge and previous experience 2 Simply summarise most of the material, with limited opinions and reactions supported with little or no evidence from your experiences 0-1 Incomplete in significant respects Submission of Step 1 You are required to upload this submission to Moodle, under the Assessment 2 upload link. Please submit your Step 1 as a Word Document, entitled “Your name Student Number Assessment2”. For example: “Maria Tyler S01234567 Assessment2”. Please note that you should also submit your other Steps below in this same Word document file. Remember it is your responsibility to keep an electronic copy of this assignment in case there are problems with the upload. Page 3 of 9 S St te ep p 2 2: : C Co om mp pl le et te e t th he e M MY YO OB B P Pr ra ac ct ti ic ce e S Se et t( (2 20 0 m ma ar rk ks s) ) In order to complete Step 2, students must purchase a MYOB Practice Set – “Wipeout Water World”. The practice set is to be completed using MYOB Accountright Plus v19. This Practice Set and software, must be either purchased or be accessible in order to complete this assignment. The practice set will be available for purchase from the CQUniversity Bookshop. It may also be available for purchase online at http://www.pearson.com.au/products/A-C-BrownMarian/Wipeout-Water-World-An-Accounting-Practice-Set-Using-MYOB-AccountRight-v19Pearson-Original-Edition/9781486022922?R=9781486022922 and there are also some student data files downloads available from this site. It is each student’s responsibility to have access to MYOB Accountright Plus v19 (student edition) - this is also available in computer laboratories at each CQU campus. Do not assume that previous versions (eg. v18) will be compatible. When you start your assignment, it is advisable to work through it entirely on one version. System requirements To install MYOB Accounting software on your personal computer you will need access to a computer with a number of minimum requirements (see link below). You must ensure that you are using a currently supported Windows operating system. Please note that if you are using a Macintosh, you must install Account Edge as per the instructions of the Practice Set, however, you must make sure that you have the appropriate operating system as the Practice Set will not operate with some Macintosh operating systems (in particular, the Practice Set will not work with the latest versions of iOS with MYOB nor anything after 10.7). You must ensure that you have access to a currently supported Macintosh operating system. You must also ensure that you have access to the internet for downloading the relevant files required as part of the Practice Set. It is your responsibility to make sure that your PC is compatible with the minimum operating requirements for the MYOB software required. These minimum operating system requirements can be found at: http://myob.com.au/myob/business/minimum-system-requirements-1258091134850 Prior to Starting Step 2: Dates on Computer Go to the DATE SETTING on your computer to see the format of the date. Ensure that this is in the format DATE-MONTH-YEAR. If it is not in this format, then you should change the setting to this format, or else remember that it is not in this format, before entering any information. A common problem for students is assuming that the date setting on their computer will be DAY– MONTH–YEAR. However, it may be set as MONTH–DAY-YEAR and finding that transactions attempting to be entered on 13/7/2014 will not be accepted, is the first students know that their computer is set to the date setting MONTH–DAY-YEAR. At that stage there is no alternative but to start over again, losing all transactions entered. Language on Computer To set your computer so that dollars are used for your transactions, go to Control Panel and then to Regional and Language Options and change to English (Australian). Reading Students should read all notes in the Practice Set. Failure to be aware of this information cannot be used as a reason for requesting an extension on this assignment. You can also locate online information and support for MYOB AccountRight Plus v19 through the MYOB websites as follows: http://myob.com.au/business/support/accountright-support-1426980923736 Page 4 of 9 http://community.myob.com/ http://myob.com.au/products/small-business/accounting-software/myob-accountedge1423059153169 (This is information about AccountEdge (for Mac users)). There is an updated version of AccountEdge for Macs, student edition, which can be accessed at http://download.myob.com/au/Compliance_2016/AccountEdge/AccountEdge_Pro_EDU _v15.5.zip Training for the use of MYOB The first section (Part A, pages 3-107) of the Practice Set is dedicated to training students how to use MYOB v19. Even if you have used MYOB before, it is required that you complete these pages of the Practice Set. Module 5 (Week 5) of the unit has been allocated as time for you to complete this training. It is worth taking the time to understand this preparatory and training information before entering transactions in the remaining sections of the Practice Set. The order in which you enter transactions is important as it can change the way your figures are recorded (eg. using average cost inventory). Students should not seek assistance in entering transactions if they have not first completed the appropriate training pages of the Practice Set, and consulted this guide. When you need to leave MYOB and want to return later to continue, it is very important to back up (i.e. Save) the Data files you have entered. Be sure to save the data and remember the name of the file you have created and where you have saved it! Also, ensure that you save this data file in more than one location (eg. on two separate USB’s in addition to your home computer). Losing your work because you have not saved it in more than one place is not an acceptable reason for an extension. Getting Started on Step 2: Load MYOB Accountright Plus v19 Student Edition on your computer (follow the instructions in the Practice Set), or access v19 in a CQUniversity computer laboratory. Initial Set Up Set up your company within MYOB. Follow the instructions and details in the Practice Set text by first reading the background and introductory pages of the Practice Set (pages 1-2), which provides you with an introduction to the Practice Set, and then completing Part A of the Practice Set (pages 3-107), which familiarises you with the main features of MYOB. Requirements for Step 2: Complete the training portion of the Practice Set (Part A, pages 3-107). This will teach you how to use MYOB. Familiarise yourself with Table 1 below. Then complete the remainder of the Practice Set (Parts B through E, pages 108-127), except for the July transactions (Part F, pages 128-136). I repeat, do not complete the July transactions (Part F, pages 128-136). The assessable portion of the Practice Set for this unit is Parts B through E, pages 108-127, as follows: Part B - Opening Balances 31 May 2015 Part C - Transactions for June Part D - Reconciliations – June, 2015 Part E - Financial Reports – June, 2015 and Transferring Drawings and Profits to Capital Accounts Page 5 of 9 [Remember, you may need to draw on your pre-requisite unit (ACCT11057 Principles of Accounting) for some knowledge of any transaction journals you require. The chapters of the textbook which we covered in ACCT11057 were chapters 1 through 12 inclusive.] As part of completing Parts B through E (pages 108-127), you will be required by the Practice Set to generate a number of reports (called ‘Printouts’ in the Practice Set). You are required to submit the key figures as shown in the following Table 1. You will need to find these figures using the reports (‘Printouts’) that you learned to generate as part of the Practice Set. Not all Printouts are required in order to complete the figures requested in the Table. Therefore, it is important to familiarise yourself with each report as you generate it in the Practice Set. Table 1: Summary of figures – Wipeout Water World $ 1. Printout 5: Reconciliation Report: Expected Balance on Statement 2. Printout 6: Receivables Reconciliation – Detail: Harvey Travel: 0-30 column: Total 3. Printout 7: Payables Reconciliation – Detail: ABC Wholesalers: Current column: Total 4. Printout 8: GST Detail – Accrual: Tax Paid column: CAP category: Total 5. Printout 9: All Journals: Grand Total Debit column (right at the end) 6. Printout 10: Profit and Loss: Selected Period (June) column: Total Income 7. Printout 10: Profit and Loss: Year to Date column: Gross Profit 8. Printout 11: Profit and Loss July 2014 through 13th Period 2015: Gross Profit 9. Printout 11: Profit and Loss July 2014 through 13th Period 2015: Net Profit 10. Printout 12: Trial Balance: YTD column: Superannuation Payable 11. Printout 12: Trial Balance: YTD column: Sales – retail shop 12. Printout 12: Trial Balance: YTD column: Purchases – restaurant 13. Printout 13: Balance Sheet: Total Current Assets 14. Printout 13: Balance Sheet: Total Current Liabilities 15. Printout 13: Balance Sheet: Total Equity 16. Printout 14: General Ledger Detail: Grand Total Credit column (right at the end) 17. Printout 15: Customer Ledger: Des Harper: Credit column: Total 18. Printout 16: Supplier Ledger: Uniforms & Protective Clothing: Balance column: Total 19. Printout 17: Business Activity Statement: Total Sales G1 20. Printout 17: Business Activity Statement: GST on purchases 1B You must also submit the electronic copy of your own MYOB file as your marker will need to authenticate the author of this file (to ensure that it is your own work and you have not simply copied the figures from someone else). Cheating is penalised heavily in accordance with CQUniversity policy with the highest penalty including expulsion from the university. Any alleged academic misconduct resulting from this assessment will be reported and investigated. If you do not submit your MYOB file then you may not be awarded any marks for this section, regardless of the figures you may have entered into Table 1 in your Word Document. Page 6 of 9 Hints for correcting errors While setting up the data file and entering transactions, students should check their screen against the screen shots provided in the practice set before recording the transaction or moving on. If errors are made while recording transactions, then the easiest way to correct those errors is to use the Transaction Journal flowchart option. Locate the transaction, click on the white arrow to the left of the entry and the original transaction will display. If it is simply a wrong date or amount this can be corrected and the transaction re-recorded. If there is a major problem and the transaction needs to be deleted and done again, go to the menu bar, select Edit and then Delete…. whatever the type of transactions is. At report windows, place the cursor over the figure and if the cursor changes into a magnifying glass double-click and MYOB takes you to the Find Transactions screen where you can select the entry to view and amend or delete. Assessment Criteria Each of your figures submitted for Table 1 will be marked for accuracy. Each figure will be worth 1 mark, giving a total mark out of 20 (so this table is worth 20 marks in total). If your figure is relatively ‘close’ (eg. within the nearest $100 rounded), then you may be awarded part marks. If your figures are totally inaccurate, you may be awarded part marks for your MYOB workings (determined from your submitted MYOB file) – this will be at the sole discretion of the Unit Co-ordinator and will be indicated in your returned marking sheet. Submission of Step 2 You are required to upload this submission to Moodle, under the Assessment 2 upload link. Please submit your Step 2 as a Word Document, entitled “Your name Student Number Assessment2”. For example: “Maria Tyler S01234567 Assessment2”. Please note that you should also submit your other Steps in this same Word document file. You are also required to upload to Moodle, under the Assessment 2 upload link, a copy of your MYOB file that you completed for your Practice Set. Please back-up your MYOB file, naming this backup file “Your name Student Number MYOB Backup file”. For example: “Maria Tyler S01234567 MYOB Backup file”. Please upload this backup file to Moodle. This backup file should be unique for each student. Your markers will be checking these files for authenticity of completion. If your MYOB file is found to be the same as another student’s file, both (or all, if there are more than two) students will be subject to academic misconduct investigation. Please ignore any notice from Moodle or Turnitin stating that your MYOB backup file is unsupported. If you can upload it, and see it there – your marker can also access it. Turnitin simply can’t process MYOB files, which doesn’t matter for our purposes – your marker is the only one who needs to check and ‘process’ your MYOB file. Remember it is your responsibility to keep an electronic copy of this assignment in case there are problems with the upload. S St te ep p 3 3: : F Fe ee ed db ba ac ck k ( (5 5 m ma ar rk ks s) ) Step 3 involves you providing (and receiving) feedback to at least three other students in our unit on their draft assignment 2, and documenting the usefulness and quality of such feedback. You must use a Discussion Forum on Moodle to find (at least) three students to whom you can provide feedback, and receive feedback from (this may be referred to below as your feedback group). From past experience, students have found it more advantageous to secure three other student’s feedback earlier than later. Also, you may like to provide feedback to more than three students (particularly those who request feedback later), which is a great benefit to you in improving your skills in providing feedback to others. Conversely, you may receive feedback from less than three students. Do not worry – the main benefit of Step 3 is in giving quality and thoughtful feedback to others in our unit. The process of thinking about the feedback you give to others in our unit will help you greatly with your own assignment as you think about what the assignment requires and how Page 7 of 9 others have addressed these requirements. Please note that 3 of the marks to be obtained in this section are based on evidence of quality feedback that YOU have provided to others (up to 2 marks may be obtained for your commentary about the usefulness and quality of the feedback that you have RECEIVED from others). Please use Table 2 below as the template for providing your feedback to others. Getting feedback: Prior to 5.00pm AEST on Friday of Week 8, please email the draft work of your assignment 2 (word document only – NOT your MYOB file) to the students you have made contact with to provide/receive feedback and, if you wish, state in your email the specific areas where you would particularly value feedback. You can usually find the email address of people in our unit by clicking on Participants in the People box on the right hand side of Moodle. Additionally, you can use the format [email protected] as a general template for all CQUniversity student email addresses. Giving feedback: Prior to 5.00pm AEST on Wednesday of Week 9, please ensure you have provided quality feedback to at least three students in our unit. If the students in your feedback group have not emailed you their draft (or final) assignments for you to provide feedback on by the due date, please attempt to obtain their draft from them. If they are non-responsive, or have not completed a draft of their assignment by this date, then you must again use the Discussion Forum on Moodle to locate other students who are willing to exchange/provide you with a draft for feedback. Remember, you MUST provide feedback to a minimum of three other students, so you may need to use the Moodle Discussion Forum to locate more than three other students to provide/receive feedback from. When you are providing feedback to others on the accuracy of their Step 2, please do not disclose your figure/s. Simply state that they may wish to go back and check over their MYOB transactions related to the figure/s in question. Remember, you may also wish to give feedback to more than three students, particularly in a response to those who may have put out a later request for feedback on the Moodle Discussion Forum (even if you have already completed your assignment). You should include all feedback that you have given, in your Word document, but the minimum you include must show feedback to at least three students. Additionally, providing feedback to more than three students can form part of your latter discussions (see below). Include the feedback you have given to the three students in the unit in your assessment 2 Word Document file. If you do not include the evidence of the feedback that you have given to other students in your Word Document file, you will be scored zero for this section. You are also required to discuss in detail (in your Word Document) whether or not you found feedback from other students useful and why this was the case. You can include in your discussion both how useful (or not) you found feedback from the three students asked to provide you with feedback and also any feedback you received from other students in the unit through your interactions with them on discussion forums, social media and through other means (eg. face to face in class, if you are enrolled on the same campus). You should include in your discussions here any limitations, problems or concerns you had with obtaining or giving feedback, and include any suggestions that you have for improvement of this section in future. Table 2: Peer feedback sheet for Assessment 2 Feedback From: Feedback To: My Comments Step 1 Session Preparation Step 2 Key figures Other comments: Page 8 of 9 Assessment Criteria The assessment marking criteria for Step 3 is as follows. Up to 3 marks for providing quality, comprehensive feedback to others (1 mark per student to whom quality feedback is given, as evidenced by a copy of the feedback sheet placed in your Word document file). Part marks may be awarded as follows: Grade per feedback given (ie. per student) up to a maximum of three students 1 Provided extremely detailed, high quality, thoughtful and contentcomprehensive feedback 0.75 Provided detailed, high quality, and thoughtful feedback 0.5 Provided detailed and thoughtful feedback 0.25 Provided basic feedback 0 Incomplete in significant respects Up to 2 marks for communicating personally significant insights on the exercise, usefulness and quality of the feedback given to and received from others. Part marks may be awarded as follows: Grade 2 Communicate personally significant insights and engagement with the exercise, usefulness and quality of the feedback given to and received from others, showing connection to the exercise and understanding beyond any question (using experiences as examples from the exercise and prior knowledge/experience). 1.5 Communicate your opinions and reactions on the exercise, usefulness and quality of the feedback given to and received from others, supporting your reactions with significant evidence from the experience/prior knowledge. 1 Communicate your opinions and reactions on the exercise, usefulness and quality of the feedback given to and received from others, providing some support from the experience/prior knowledge. 0.5 Communicate limited opinions and reactions supported with little or no evidence from your experiences 0-0.25 Incomplete in significant respects Submission of Step 3 You are required to upload this submission to Moodle, under the Assessment 2 upload link. Please submit your Step 3 as a Word Document, entitled “Your name Student Number Assessment2”. For example: “Maria Tyler S01234567 Assessment2”. Please note that you should also submit your other Steps below in this same Word document file. Remember it is your responsibility to keep an electronic copy of this assignment in case there are problems with the upload. Page 9 of 9 S SU UM MM MA AR RY Y O OF F S SU UB BM MI IS SS SI IO ON N R RE EQ QU UI IR RE EM ME EN NT TS S: : You will be required to submit two files to Moodle, under the Assessment 2 upload link. Steps 1, 2 and 3 must be submitted in ONE Word document file, entitled “Your name Student Number Assessment2”. For example: “Maria Tyler S01234567 Assessment2”. You are also required to upload a copy of your MYOB file that you completed for your Practice Set. Please back-up your MYOB file, naming this backup file “Your name Student Number MYOB Backup file”. For example: “Maria Tyler S01234567 MYOB Backup file”. Please upload this backup file to Moodle. This backup file should be unique for each student. Your markers will be checking these files for authenticity of completion. If your MYOB file is found to be the same as another student’s file, both (or all, if there are more than two) students will be subject to academic misconduct investigation. Remember it is your responsibility to keep an electronic copy of this assignment in case there are problems with the upload. Please remember that there is a template available for the Word document portion of your assessment on Moodle. You are encouraged to use this template when completing this assessment. There are also assignment exemplars from previous terms, displayed with permission, for you to view on Moodle. Please note that although none of these assessments scored 100%, they provide a good indication of what is required in order to achieve a quality mark. Marking Scheme Grades will be allocated to Assessment 2 as follows: Mark Your Mark Step 1 Session Preparation 5 Step 2 Summary of Key Figures 20 Step 3 Individual feedback with other students 3 Comments on the usefulness of others’ feedback 2 TOTAL 30