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ACCT2158 Financial Accounting
Business Folio (Team Assignment)
INTRODUCTION OF BUSINESS FOLIO
The Business Folio consists of two related phases. This scaffolding exercise aims to reach the learning outcome that you will be able to record financial information through both manual accounting information systems and computerised accounting information systems, and compare and consolidate your knowledge within both systems. You will be given structured instructions to set up a business, create your own Chart of Accounts, and prepare a set of transactions within a general journal. This forms the Business Information Introduction Phase. Based on the feedback from your tutors from this phase and supporting materials, demonstrations, instructions on computerised accounting system, you will then process the information that you created in the Introduction phase, through a computerised accounting system.
Capability in this application is achieved through the development of generic capabilities. Therefore, the best preparation for this folio is to study the lecture materials and the readings from the text as well as consider real life examples of businesses.
Each phase of your Business Folio must be accompanied by an Assignment Cover Sheet. Hard copies must be submitted to your lecturer. Arrange your RMIT cover sheet (make sure all your group members have signed on the cover sheet) as the first page. Please include: Group Number (your lecturer will assign your group number to you in week 2), RMIT Student Numbers, Names, Assignment One. For example: G1, s1234567, Felix Ng Chee Yew, Assignment 1.
All assignments will be marked as if submitted on time then the mark awarded will be reduced by 10% for each day (or part of a day) it is late. For example if an assignment is worth 10 marks and you are one day late, then you will be penalised 10% of 10 marks which is 1 mark. This one mark will be subtracted from the assessed mark. Assignments that are late by 7 days or
Business Folio (Team Assignment)
INTRODUCTION OF BUSINESS FOLIO
The Business Folio consists of two related phases. This scaffolding exercise aims to reach the learning outcome that you will be able to record financial information through both manual accounting information systems and computerised accounting information systems, and compare and consolidate your knowledge within both systems. You will be given structured instructions to set up a business, create your own Chart of Accounts, and prepare a set of transactions within a general journal. This forms the Business Information Introduction Phase. Based on the feedback from your tutors from this phase and supporting materials, demonstrations, instructions on computerised accounting system, you will then process the information that you created in the Introduction phase, through a computerised accounting system.
Capability in this application is achieved through the development of generic capabilities. Therefore, the best preparation for this folio is to study the lecture materials and the readings from the text as well as consider real life examples of businesses.
Each phase of your Business Folio must be accompanied by an Assignment Cover Sheet. Hard copies must be submitted to your lecturer. Arrange your RMIT cover sheet (make sure all your group members have signed on the cover sheet) as the first page. Please include: Group Number (your lecturer will assign your group number to you in week 2), RMIT Student Numbers, Names, Assignment One. For example: G1, s1234567, Felix Ng Chee Yew, Assignment 1.
All assignments will be marked as if submitted on time then the mark awarded will be reduced by 10% for each day (or part of a day) it is late. For example if an assignment is worth 10 marks and you are one day late, then you will be penalised 10% of 10 marks which is 1 mark. This one mark will be subtracted from the assessed mark. Assignments that are late by 7 days or