Accounting Practice Set Custom Essay

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General information on project: The objective of the Accounting Practice Set is to provide students with a “hands on” approach to identifying transactions and of measuring, recording, and communicating accounting information to users in the form of financial statements. This Accounting Practice Set consists of completing the accounting cycle for a sole trading service entity for one month using EXCEL. On completion of this Accounting Practice Set you should have demonstrated that you achieved the following Assurance of Learning Goals: 1. Have knowledge and skills pertinent to a particular discipline (KS) 1.1 Integrate and apply disciplinary theory and skills to practical situations 1.2 Incorporate the use of technology appropriate to the discipline and context 2. Be a critical thinker and effective problem solver (CTA) 2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue SUBMISSION REQUIREMENTS You are required to complete and submit your accounting practice set in EXCEL using the template provided on Blackboard. Your Practice Set Excel file must contain on the first page (Chart of Accounts) a footer which you create containing your name and student number. Do not handwrite this ? you must enter the details using Excel. You must sign the declaration on the first page of the Excel file that the practice set is your own work. When you have completed the accounting practice set, you are required to print off the EXCEL files and hand in that printed copy to your lecturer. ? In the Print function, select Entire Workbook ? Print three (3) formulae pages: o Subsidiary ledger o Worksheet o Balance Sheet ? Your final printed copy cannot be handwritten (please refer to uploaded file as these instructions are included for further details. DO NOT rely on the information i copy pasted, follow the uploaded file) CLARIFICATIONS FOR UPLOADED FILE: 1. It has been brought to my attention that there are a few minor discrepancies between the instructions for the Accounting Project (word doc) and the corresponding cells in the Excel file. Please see the below for the necessary corrections and clarifications: Clarifications for the Accounting Project Footer: this only needs to go on the first page (chart of accounts tab). No need to transfer through. In the word document, under the Instructions for Completion of Practice Set section: Page 6 – Point 3: Subsidiary Ledgers ? this should say ?make sure you have formulas in F38 and G80?. You need to insert these formulas yourself, it has not been done for you. Page 6 – Point 5: Worksheet ? under the first dot point it should say ?In columns C to N, make sure you only have formulas rows 38, 39 and 40?. Page 7 – Point 6: Income Statement ? this should say ?make sure you have an appropriate formula in C24 and B36?. Again you need to insert these formulas yourself, it has not been done for you. Cheque numbers (for Cash Payments Journal): in order to get the cheque numbers to have the ?0? in front of them, you need to format the cells. So, right click on the cells in the cheque number column, go to format cells then scroll down to custom (under the category). On the right hand side where it says Type: type in 000 and then hit ok. This should now allow you to put 076 in the cheque number column. If this is unclear to you, please ask me in class and I will show you how to do it on excel. Remember to read all the instructions for the Accounting Project very carefully and follow them. If you have questions seek my help early and make sure you have done exactly what has been asked of you. (Clarifications will also be uploaded

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