ACC500: Business Decision Making Assessment

Descriptions: The pivotal role of accountants today is to undertake much accounting work using computers (small accounting software or ERP system). The practice set question in this Assessment 2 enable Business 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. The assumptions will be considered in the question include the business is a sole proprietorship (non-GST) and use of perpetual/periodic inventory system. The practice set question will be provided by the academic coordinator on Moodle along with the questions and Excel templates to complete the accounting cycle steps for this part.

In this assessment you will require to complete and prepare individually the following tasks from the selected questions:

• General journal

• Cash receipt (special) Journal

• Cash payments (special) Journal.

• Sales and purchase (special) journals

• Account receivable subsidiary ledgers and schedule (extract)

• Accounts payable subsidiary ledgers and schedule (extract)

• General Ledger

• Trial Balances (unadjusted, adjusted and post-closing)

• Income Statement (Statement of Profit or Loss)

• Balance Sheet (Statement of Financial Position)

(Note: Student must complete these requirements using the provided EXCEL templates)