Manual v Computerised Accounting Systems On Moodle under Topic 1 "Manual Accounting Systems v Computerised Accounting Systems", there is a quiz. It will randomnly select 10 from a bank of questions for you to answer. There is a practice quiz, which can be attempted as many times as desired, but the "real quiz" can only be attempted once. Each correct answer will be worth 0.5 mark. Access to the quiz will close 5pm Friday 20th May. Question Two – 15 marks (4+7+4) Selection of Accounting Software Accounting professional are often asked by clients for advice on choices for accounting software. This question concerns ascertaining a business' requirements and preferences, and preparing a report with your recommendations. Required: a) Contact a small business and prepare questions to determine their requirements and expectations of an accounting system. Provide the questions and brief details of the business owners responses. (4 marks) b) Prepare a report with your suggestion for an appropriate software solution for the business. Use your experience with MYOB, Reckon and another alternative, along with research, to compare their suitability. Your reasoning and depth of comparison will be what is assessed, not the particular software chosen. (7 marks) c) Prepare a PowerPoint presentation that summarises your findings and recommendation. The PowerPoint slides must utilise at least three advanced PowerPoint features. Each student will conduct their class presentation in the final class, Friday 20th May. (4 marks) Note: 1. The name of the company, with contact details, is to be provided in part a) 2. There will be a discussion opened on Moodle for each student to list the name of the business they are interviewing. Only one student can interview each business – first in best dressed. 3. Any references (websites, magazines, books) are to be listed in an Appendix following the report. 2 Question Three – 5 marks Single Entry Accounting Systems Amazeballs maintains a good set of records but is preparing to convert to a full double-entry system. He provides you with the following information from his records: Assets and liabilities at the start and end of 2015 financial year. The numbers marked with a "?" do not need to be calculated – they have been omitted to stop you cheating to calculate the profit figure. Amazeballs Statement of assets and liabilities 1/7/2014 30/6/2015 $ $ Assets Cash at bank 21 300 209 030 Trade debtors 11 000 51 000 Trading stock 12 100 27 500 Prepaid Insurance 8 500 10 200 GST Paid 0 ? Shop Equipment – at cost 85 000 65 000 Accumulated depreciation (40 000) (36 100) Total Assets $97 900 ? Liabilities Trade creditors 8 600 30 800 Accrued Wages 3 000 11 200 Revenue Received in Advance 0 1 000 GST Collected 0 ? Total liabilities 11 600 $88 200 Net assets $86 300 ? Owner's equity Capital – M McMillan $86 300 $86 300 Plus Profit Total owner's equity $86 300 ? 3 Total GST Net of GST Cash received and paid during the year $ $ $ Receipts Received from accounts receivable 317 500 317 500 Cash sales for the year 115 500 10 500 105 000 Sale of equipment 11 000 1 000 10 000 Rental revenue 13 200 1 200 12 000 Payments Payments to accounts payable 101 000 101 000 Cash purchases 20 570 1 870 18 700 Wages paid 83 000 83 000 Insurances paid 19 800 1 800 18 000 Other expenses 45 100 4 100 41 000 Additional information: • the sale of equipment was an item that cost $20 000 (excluding GST) and had been depreciated to $11 000 at the time of sale. No further depreciation applied to this item. • depreciation on other equipment is 15% x written-down value Required: Using the information provided above, complete the Income Statement below; 4 Amazeballs – Income statement for the period ended 30 June 2015 $ $ Revenue Cash sales Credit sales (1 mark) Less Cost of goods sold Opening inventory Cash purchases Credit purchases (1 mark) Closing inventory Gross profit Rental Revenue Loss on Sale of Equipment (1 mark) Less Expenses Insurance (0.5 mark) Other Expenses Wages (0.5 mark) Depreciation of machinery Net profit/loss (1 mark) 5