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ACC601 Introduction to Financial Accounting
Question:
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 prepare a reflection report discussing your experience and knowledge gained from this task.
Instructions
Part A – Ethics Case Scenario
Torrens University Australia has 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 AccountingPod. Access to AccountingPod will be granted via email invitation to each student’s Torrens email address from the AccountingPod team.
2. Complete the practice set by following the instructions provided by AccountingPod. Note: AccountingPod 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.
ACC601 Introduction to Financial Accounting
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