× Limited Time Offer ! FLAT 20-40% off - Grab Deal Before It’s Gone. Order Now
Connect With Us
Order Now

ACC601 Introduction To Financial Accounting Assignment Sample

Assignment Brief

Individual/Group Individual
Length 1500 words (+/- 10%)

Learning Outcomes:

The Subject Learning Outcomes demonstrated by successful completion of the task below include:

a) Articulate and implement regulatory and ethical frameworks and the use of accounting information to support business decision-making.

b) Apply the accounting cycle and double entry accounting principles to process transactions.

Assessment Task

There are two parts to this assessment. Firstly, Part A, requires you to write a business letter with suggestions on how to address the ethical issues discussed in a case scenario. Secondly, Part B requires you to process accounting transactions using Xero (cloud-based accounting software) and prepares a reflection report discussing your experience and knowledge gained from this task.

Instructions

Part A – Ethics Case Scenario

University introduced a project that gives students the opportunity to gain work experience as an intern in a public accounting firm. As a participant in this project, you had an opportunity to work at JM Accounting, a public accounting firm for a month. During the internship period, you received training from several employees of JM Accounting. In particular, you had opportunities to work closely with two individuals, John Roberts and Peter Clare. John works as a trainee accountant and Peter is John’s manager who works as a senior accountant.

John is now in his first year of training within the firm. A more senior trainee has been on sick leave, and John is due to go on study leave. John has been told by Peter that he must complete some complicated reconciliation tasks before he goes on leave. The deadline suggested by Peter appears unrealistic, given the complexity of the tasks.

John feels that he is not sufficiently experienced to complete the work alone. He would need additional supervision to complete it to the required standard, and Peter appears unable to offer the necessary support. If John tries to complete the work within the proposed timeframe but fails to meet the expected quality, he could face repercussions on his return from study leave. He feels slightly intimidated by Peter, and also feels pressure to do what he can for the practice that is now going through challenging times. John is facing ethical dilemmas about what he should do.

Required

Write a business letter in your own words, addressed to John Roberts explaining:

1. the ethical principles that will be affected if he performs the reconciliation tasks, and
2. possible courses of action that he can take in this situation.

Part B – Reflection Report

Please follow the instructions below to complete this assessment.

1. Register an account with Accounting Pod. Access to Accounting Pod will be granted via email invitation to each student’s Torrens email address from the Accounting Pod team.

2. Complete the practice set by following the instructions provided by Accounting Pod. Note: Accounting Pod will offer you immediate task feedback (i.e., one piece of feedback per Xero technical task) and interactive technical support via its educational platform (during business days and within 24 hours response time)

3. Prepare a reflection report answering the following questions on 5 topic areas. Each topic listed in the template below requires evidence to support your reflection such as including a screenshot with an example of a specific practice set question relating to that topic.

Solution

Part A: Ethics Case Scenario

XYZ
Intern
JM Accounting

Date: 12th April 2022

John Roberts
Trainee Accounting
JM Accounting
884 Stanley St, East Brisbane QLD
4169 Australia.

Dear John,

I am writing this letter as I heard you are facing some ethical dilemmas regarding the reconciliation tasks allocated by Peter Clare. The prime purpose of this letter is to share my opinion regarding your confusion to maintain professional ethics before moving towards study leave.
Possible Ethical Issues for adopting the task

I get to know that the works allocated by Peter have an unrealistic expected timeframe and their completion possibility is beyond your professional experience. In such a scenario if you opt for the reconciliation then it will cause the violation of the ‘objectivity’ principle within the fundamental principles of APES 110 Code of Ethics forProfessional Accountants (Vermeesch, 2018). The objectivity principle is directed to not compromising judgements in the business and professional arena due to any sort of conflict of interest, biases, and undue pressure creation from any other irrespective of seniority. As it can deteriorate the quality of the activity and its adverse effects also can be implicated over the entire organisation.

Due to such compromise from your side, the needed integrity for the tasks would not be achieved which is also is a violation of the features of maintaining integrity in financing activities like straightforwardness and honesty as per APS 110 code (Vermeesch, 2018).

Also, Peter has not provided due supervision for the reconciliation tasks which can be dangerous for providing the required skill level and professional knowledge to ensure the competency of the tasks. Lack of competency in those tasks can hamper the expectation of the valued clients of JM Accounting which can generate negative implications for the organisation in the upcoming future. APS 110 also directs to maintain such competency in the professional activities and deliver the solution which nodes existing standards regarding technical and professional of the finance operations along with maintaining legislative regulations as well (Vermeesch, 2018).

I know you are feeling intimidated as if you turned the reconciliation then you have to face some negative issues within your professional career and this feeling also appears due to the behaviour of Peter. You should have to remember that if you optimise the reconciliation due to such a feeling then such activity can discredit the occupation desirables.

Driving by your level of expertise the quality of the reconciliation can be at stake due to such a challenging deadline which also can hamper three principles that are integrity, competency maintenance, and objectivity.
Possible Solutions regarding Ethical Issues

a. If you are opting for the reconciliation then you have to put your entire effort into the work. Any sort of half-heart action would not be correct in this regard. In that case, you have to shrink your study leave and move to leave after completing the work with quality and competence. Also, you should appeal for needed assistance to the top management of JM Accounting as by this any sort of quality concerns would not have arisen further.

b. If you do not want to act on the reconciliation without any future reputations then inform the top management regarding the entire situation including your purpose of such an application. Your application also should include your ethical dilemmas as well. If Peter receives orders from the top management only then he would not pressurise you for doing the work. Also, you can inform the violation of the professional behaviour from Peter’s side, however, for assignment help this activity should be entirely your discretion.

Sincerely,

XYZ

Part B: Reflection Report


References

Fill the form to continue reading

Download Samples PDF

Related Sample

Assignment Services