BUSN7008 Financial Statements & Reporting
Financial Statements & Reporting
Hello, dear friend, you can consult us at any time if you have any questions, add WeChat: THEend8_
BUSN7008 Financial Statements & Reporting
MYOB Assignment
Assessment Weighting: 20%
Due Date: 4th May 2023 (Week 9 Thursday) 4:00 pm (Canberra Time)
Assignment overview
MYOB is a leading accounting software in the Australasian market. Students are expected to self-learn
MYOB and complete an MYOB practice set by Week 9. A step-by-step MYOB instruction document has
been uploaded on the Wattle page. Through completing an accounting cycle with the MYOB software
in a realistic commercial scenario, students will gain the technical skills, practical experience and
develop analytical and communication skills that are sought after in the job market.
The formation of groups and time budgeting
This assignment is to be completed by students either individually or up to 4 members (no time
extension will be provided on the basis of doing it individually). Group members can be any student
enrolled in this course.
Please note that it usually takes 20+ hours to self-learn the software and complete this assignment.
Time planning and self-discipline are essential.
Internet-based MYOB
Get access to internet-based MYOB via:
One group, one company file: a group member can create a new company file and invite
other group members to work on the same company file. As to how to add your groupmates
to a company file, please visit:
Please register an account with MYOB using your university email address for 180-day trial.
Let your group member know the email addresses that you used to register your MYOB
accounts, so that they can add you as a member to work on the same company file.
Questions?
Mr Dixin Wu ([email protected]). Consultation timetable on Wattle.
Submission
Students should combine all their works together as one PDF file in the sequence of cover
sheet, financial reports required in part A, financial analysis report required in part B, and
submit this document on Wattle via Turnitin.
Each group only needs to submit ONE copy (i.e., please ask one of your groupmates to submit
your assignment on Wattle, the remaining group members do not need to submit it again).
Submitting more than once will result in 100% similarity score.
2
Assignments are to be submitted with an RSA Assignment Cover Sheet attached to the front
page (available on Wattle). All members of the group MUST sign the cover sheet for the
assignment. STUDENTS WHO DO NOT SIGN THE COVER SHEET ARE ASSUMED TO HAVE
MADE NO CONTRIBUTION TO THE ASSIGNMENT AND WILL RECEIVE NO MARKS.
It is assumed that each group member contributed equally unless the group inform the
lecturer that they did not. If group members agreed that they did not contribute equally,
please email the lecturer (copying to all members of the group) a Statement of Contribution
which describes why and how they are unequal, and the percentage of contribution of each
group member. The lecturer, at their discretion, may (or may not) adjust the marks for each
member accordingly.
Late submissions will not be graded (i.e., zero) unless an extension is granted by the lecturer
prior to the due date.
Documentation, Referencing, and Plagiarism
Please note that each member of the group is expected to contribute substantially. You are
required to keep brief notes of group meetings and major conversations between group
members, including the topics discussed, the duration of these meetings and conversations and
the group members involved. These notes will not be submitted with the assignment but
must be made available to the lecturer if s/he wishes to read them.
Where necessary, please use Harvard referencing.
When requested, you are required to permit “lecturer role” access to the company files on
MYOB cloud to the lecturer. This allows the lecturer to collect evidence of non-plagiarism.
Plagiarism will NOT be tolerated. The College policy is as follow:
The College regards plagiarism as any appropriation of the ideas or expressions of another
without relevant and appropriate acknowledgement. This includes unattributed appropriation
of text or content and may extend to improper referencing. Plagiarism will not be tolerated in
this course and all discovered instances would be pursued to the full extent allowable under the
rules. Where students have doubts as to how to deal with or acknowledge source materials in
the assignment, they should consult the lecturer or tutor. Please also refer to the ANU Code of
Practice for Student Academic Integrity.
3
1-0000 Assets
1-1000 Current Assets
1-2000 Non-current Assets
1-2100 Cleaning Equipment
1-2110 Cleaning Equipment at Cost
1-2120 Cleaning Equipment Accumulated Depreciation
1-2200 Furniture and Fixtures
1-2210 Furniture & Fixtures at Cost
1-2220 Furniture & Fixtures Accumulated Depreciation
1-2300 Office Equipment
THE COMPANY: Cleaning Master
Larry Little recently quit her public service job to start a cleaning company, Cleaning Master, in a
Canberra suburb after discovering the lack of good cleaners in that affluent suburb and market
demand far outweighs the supply of quality cleaning. Larry has also decided that she would
eventually take online bookings, after establishing the business, if all goes well. While she is getting
her business going, she is not going to draw a salary from the business.
She has employed three full time cleaners. Larry is starting her business on 1st July 2022. Given her
lack of experience with accounting software, she has employed you to prepare the accounts for her
first month of operations using MYOB. You need to set up MYOB in accordance with her business
needs. The following sections detail relevant business information for the setting up of accounts and
related information.
1. Business Details
Company Name: Cleaning Master
ABN: 17 256 235 228
Address: Florey, ACT 2615
Phone Numbers: 02-2828 6868
Financial Year: 1 July 2022 to 30 June 2023
2. Accounts List
MYOB’s built-in list for a cleaning service under the administrative and support services industry
classification is an appropriate starting point. Using that template, Larry decided on the following
chart of necessary accounts for Cleaning Master. You will need to edit some of the account names,
delete others and create some new accounts based on the template provided by MYOB. Some
accounts may not be deleted – these will just have a zero balance. Some of the accounts you will just
rename through the Edit function.