In this assessment, you must NOT use generative artificial intelligence (AI) to generate any materials or content in relation to the assessment task.
Due Date: Wednesday 1st May 2024 at 4:30pm (week 9)
Value: 10%
Purpose: To demonstrate your ability to use accounting software
Submission: uploaded via Moodle
Components: A practical (recording keeping) component, and a written response. You must use MYOB software to complete the practical component.
Use your student email to register for a free 6-month trial via the following link: https://www.myob.com/au/students/education-trial
Requirements: Please read the specific requirements below. You are required to enter all of the financial data contained in Assignment – Part One for Jasmine’s Tutoring business into MYOB software. There are 2 separate tasks involved.
Refer to the transaction and adjustments data provided in Assignment - Part One
Assignment requirements:
Task 1 – You are required to enter all of the data related to Jasmine’s Tutoring business into MYOB software and produce specific reports. Please follow the MYOB instructional videos available in Moodle under Assignment – Part Two.
You need to:
(i) Enter Jasmine’s capital contributions at 1 April 2024
(ii) Enter the transactions for the month of April 2024
(iii) Print three reports – a Trial Balance, a Profit and Loss (same as an income statement) and a Balance Sheet
(iv) Enter the adjusting entries required at 30 April 2024
(v) Print four reports - a Trial Balance, Journal Entries report, a Profit and Loss (same as an income statement) and a Balance Sheet
Task 2 – MYOB is among a number of affordable software packages available to small businesses that Jasmine has heard about. As her new friend at university, she asks you:
“I’ve heard that there are lots of cheap software packages available to small business owners like me. Do you think I should start using something like MYOB to keep my accounting records? What advantages, disadvantages and other factors do you think I personally need to consider?”
Based on your personal experience using MYOB for this assignment, write an informal report to Jasmine that addresses her queries. The report should be friendly, informative and be written in a way that she will understand (given her limited experience in accounting and record keeping).
Maximum 300 words (+/- 10%).
Include your written report at the end of the document that contains your MYOB reports (i.e. only submit one PDF document so that your entire Assignment Part Two submission is within one document).
No referencing is required.
Artificial Intelligence must NOT be used.
Marks for the assignment will be awarded based on the accuracy of recording data through MYOB in Task 1, along with presentation, layout, clarity of expression and depth of critical thinking in your written response (Task 2).
Late Penalties - 10% deduction per calendar day or part thereof for up to one week. Submissions more than 7 calendar days after the due date will receive a mark of zero (0).