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AYN520 Integrated Case Study: Academic Misconduct and Self-Reflection

This integrated case study focuses on academic misconduct, specifically cheating, and the importance of self-reflection in professional practice. Students are required to analyze non-technical skills demonstrated in AYN520 and justify their significance in accounting professionals.

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AYN520 Integrated Case Study: Academic Misconduct and Self-Reflection

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  1. AYN 520 Integrated Issues in Professional Practice Integrated Case Study (36%) Some Comments 1

  2. Overview • The integrated case study is worth a total of 36 marks (comprising 36% of the assessment). The case study effectively replaces the final exam in this unit. • The case study is due for submission no later than 7:00 pm on Friday 27 October 2017. • The case study is an individual assignment. It cannot be completed with another student or in a group. 2

  3. Academic Misconduct - Cheating • Being an individual assignment, no collaboration with other students is permitted. • Any collaboration between students, including comparing answers, sharing ideas and research etc. constitutes academic dishonesty. • Markers will be carefully checking case to determine whether there is any indication that collusion has taken place (particularly those students that were in the same groups during the semester for the PBLs). 3

  4. Academic Misconduct - Cheating • Students who are found to have committed academic misconduct as detailed below will be immediately referred to the QUT Business School academic misconduct committee. • Please note that penalties will be applied not only to the student(s) who have used this information but also to the student(s) who have shared this information. 4

  5. Academic Misconduct - Cheating • Last year, several students were referred to the academic misconduct committee to face charges of major academic misconduct regarding the case study. • Each of these students faced severe penalties (including automatic failure of the unit), which prevented these students from graduating. • Several students were automatically awarded an overall mark of zero in the unit, resulting in them having to redo the unit again. 5

  6. Academic Misconduct - Cheating • To this end, each student is required to sign a student integrity declaration (contained on page 31 of the case study) confirming that they have not used or plagiarised the work of others. • Students who do not sign this declaration will not have their integrated case study marked and will automatically be awarded a mark of zero out of 36 for the case study. 6

  7. Examples of what constitutes (or does not constitute) Academic Misconduct 7

  8. Ignore any additional information in PBLs during the semester relating to Toy Market Pty Ltd. Only use information contained in the case study provided to you. The case study is nota PBL, hence, there is no missing information. Integrated Case Study is not a PBL 8

  9. Summary of Assessment • The integrated case study consists of four (4) parts totalling 36%: Part 1: Self-Reflection (10 marks); Part 2: MYOB Adjusting Journal Entries (6 marks); Part 3: Annual Report (14 marks); and Part 4: Company Tax Return and Tax Reconciliation (6 marks). 9

  10. Integrated Case Study (36 marks) – Consists of Parts 1 to 4 Part 1: Self-Reflection (10 marks) Part 2: MYOB Journal Entries (6 marks) Part 3: Annual Report (14 marks) Part 4: Tax Return & Tax Reconciliation (6 marks) Summary of Assessment 10

  11. Self-Reflection Part 1. Self-Reflection (10 Marks) • As many students have noted, AYN520 Integrated Issues in Professional Practice is quite different to other units studies in the accountancy degree. • One of the goals of this unit was to help students understand the role and responsibilities of a professional accountant in public practice and the dynamics in dealing with multiple client issues on a week-to-week basis. 11

  12. Self-Reflection • The unit was designed to help students "bridge the gap" from University into the professional accounting workplace and to illustrate "typical" client problems faced by accounting practitioners. 12

  13. Self-Reflection Required: • Using appropriate references to academic literature, please answer the following question: You are applying for the role of a graduate accountant working in a public accounting firm. The application form asks you to identify and describe the skills that you would bring to the position. Please identify and discuss five (5) non-technical skills demonstrated in AYN520 that are important for being a professional advisor dealing with clients. 13

  14. Self-Reflection Required: For eachof the five (5) non-technical skills that you have identified, please justify and explain why this skill is important to accounting professionals with appropriate reference to the academic literature. [10 marks] 14

  15. Self-Reflection • (c) You must use theory and published academic literature to support your views. • You must also use the APA referencing style and have a list of references at the end of this section. • You should have a one separate academic reference for each of the five (5) skills that you have listed above in your answer. This will be worth marks. 15

  16. Self-Reflection • Your writing must be in the first person, that is, you must write using the word “I”, as in “I believe …”, “I disagree with ….”, “In future, I will …”. • This is very important as this assessment is a self-reflection so you must express your critical views and opinions on these issues. • It is also important to note that on completion of this unit, you will probably be graduating and entering the accounting profession. 16

  17. Self-Reflection • Your writing must reflect this with appropriate structuring and correct use of grammar and spelling. Please include a list of references at the end of the document. • You must use 11 point Arial font with 1.5 line spacing. Make sure each of your responses is clearly labelled. • The maximum number of words is 1,000 (excluding references). 17

  18. MYOB Adjusting Journal Entries Part 2. MYOB Adjusting Journal Entries (6 marks) • Students have been provided with a MYOB data file on the AYN 520 Blackboard site. • This incorporates the transactions entered by Toy Market’s bookkeeper, Odette Winter, during the period from 1 August 2016 to 30 June 2017. 18

  19. The first task students should do is to print out the MYOB profit and loss statement (for the period 1 July 2016 to 30 June 2017) and the balance sheet of Toy Market Pty Ltd as at 30 June 2017. Please note that the MYOB data file is not a “real” client data file. All we did was enter journal entries so as to arrive at closing balances at 30 June 2017. Hence, please do not waste any time analysing the journal entries already posted. MYOB Adjusting Journal Entries 19

  20. MYOB Adjusting Journal Entries • Furthermore, please do not e-mail Stuart Tooley or Mike Booth asking to explain the journal entries. • They are not designed to make any sense. The figures have merely been entered into MYOB to arrive at closing balances. 20

  21. Part 2 requires students to prepare and enter adjusting journal entries directly into the client’s MYOB data file using MYOB’s “record journal entry” function. Please date all of your adjusting journal entries 30 June 2017. Please make sure to include a brief narration in the memo field in each journal entered into MYOB. MYOB Adjusting Journal Entries 21

  22. In the case of any temporary differences that give rise to DTA's and/or DTL's, please do not record multiple journal entries in MYOB for each individual DTA and each individual DTL. Instead, students are asked to please combine all of those adjustments that give rise to DTA's into one journal entry and those adjustments that give rise to DTL's into a separate journal entry. MYOB Adjusting Journal Entries 22

  23. Furthermore, when drafting your external financial statements (and in particular, the notes to the financial statements), please show (ie. disclose) your deferred tax assets (DTA’s) and deferred tax liabilities (DTL’s) separately, rather than offset the two amounts in the financial statements. MYOB Adjusting Journal Entries 23

  24. MYOB Adjusting Journal Entries • A reminder that all journal entries should be coded to N-T (unless otherwise indicated in the case study). • Please print off your adjusting entries. There are two ways in MYOB that this can be done. 24

  25. MYOB Adjusting Journal Entries • The first way is via “Accounts” Command Centre, using the “Transaction Journal” flowchart option. • Select the “General” tab and then specify the date range “30 June 2017 to 30 June 2017”. • This way, only your general journal entries will be printed. 25

  26. MYOB Adjusting Journal Entries 26

  27. MYOB Adjusting Journal Entries • The second way is via the "Reports" option in the top menu bar of the option at the bottom of the Command Centre. • Select the "Accounts" tab and scroll down to "Transaction Journals" heading and select "General Journal". • Once again, this way, only your general journal entries will be printed. 27

  28. MYOB Adjusting Journal Entries 28

  29. Adding Accounts to the Chart of Accounts Students are expected to add relevant accounts to the MYOB data file provided on the AYN 520 Blackboard site, as several of your adjusting entries will be made to these new accounts (eg. depreciation expense etc.). MYOB Adjusting Journal Entries 29

  30. MYOB Adjusting Journal Entries • Please include cents in your MYOB journal entries. • Students are asked to print the revised MYOB Profit and Loss Statement and Balance Sheet for Toy Market Pty Ltd for the year ended 30 June 2017 and attach this at the end of your MYOB journal entries. • Failure to do so will automatically result in the loss of two (2) marks. 30

  31. MYOB Adjusting Journal Entries • Make sure you use MYOB. • Students cannot use other packages like Microsoft EXCEL or Word or any other accounting package, otherwise a mark of zero out of six will automatically be imposed. 31

  32. A Note on Accounting Depreciation On 1 August 2016, Toy Market Pty Ltd purchased the following assets outright (all amounts shown GST-exclusive): (a) Leasehold Improvements: Fit-out (consisting of floor tiles, ducted air-conditioning, lighting, shelving and signage) - $128,400. Accounting Depreciation 32

  33. Accounting Depreciation (b) Property, Plant and Equipment: • Cash register - $5,800 • Desktop computers (general) - $6,280 • Photocopying machine - $7,290 • Facsimile machine - $770 • Furniture (freestanding) - $22,850 33

  34. Accounting Depreciation (c) Computer Software: • MYOB AccountRight and retail point of sale software - $10,450 (d) Leased Motor Vehicle: • A motor vehicle (ie. a 2,400 cc Mazda 3) costing $36,500 financed via a non-cancellable lease. 34

  35. For accounting purposes, each individual depreciable asset should be depreciated over their useful lives based on the following straight-line rates (shown in the final column in the table on page 7 of the case study and on the following slide). Accounting Depreciation 35

  36. Accounting Depreciation 36

  37. There are 8 individual assets. However, instead of putting through 8 separate depreciation/amortisation journal entries in MYOB, students are asked to only record four (4) journal entries in MYOB for each of the four (4) classes of assets, namely: leasehold improvements (1 asset); property, plant and equipment (total of 5 assets); computer software (1 asset); and leased motor vehicle (1 asset). Accounting Depreciation 37

  38. Annual Report Part 3. Annual Report of Toy Market Pty Ltd (14 marks) • Based on the adjusted MYOB management accounts, prepare the annual report for Toy Market Pty Ltd for the year ended 30 June 2017. 38

  39. Annual Report • The annual report of Toy Market Pty Ltd should include the following documents (in the following order): • the external financial statements and notes to the accounts excluding the Statement of Cash Flows, but including all of the notes to the accounts; • the Director’s Declaration; and • the Accountants Compilation Report. 39

  40. Annual Report Which AASB Accounting Standards Apply? • Toy Market Pty Ltd is considered a non-reporting entity. Hence, special purpose financial statements are required to be prepared. • However, please ensure that the financial statements (and notes to the accounts) are prepared in accordance with the recognition, measurement and disclosure requirements of allof the AASB Accounting Standards. 40

  41. Annual Report • However, students do not need to comply with the disclosure requirements of the following four (4) AASB Accounting Standards: • AASB 8 Operating Segments; • AASB 107 Statement of Cash Flows; • AASB 124 Related Parties; and • AASB 133 Earnings Per Share. 41

  42. Annual Report • In other words, all other AASB Accounting Standards (including their recognition, measurement and disclosure requirements) must be complied with. • This includes the financial instruments suite of standards (ie. AASB 7, AASB 132 and AASB 139). • Please note that the unit company has elected not to early adopt any new Accounting Standards (eg. AASB 9 Financial Instruments, AASB 15 Revenue from Contracts with Customers or AASB 16 Leases). 42

  43. Annual Report • When presenting the external financial statements (including the detailed notes to the accounts) for Toy Market Pty Ltd, please round each figure to the nearest whole dollar. • In other words, do not include cents. 43

  44. Annual Report • Students are advised (and encouraged) to download the 2016 or 2017 financial report of an Australian listed public company (preferably a retailer) and review the content, structure and format of the financial report. • Even though listed companies prepare general purpose financial reports (ie. in accordance with all of the AASB Accounting Standards), as distinct from special purpose financial statements, it will give students an excellent idea as to the layout, format, structure and content of a financial report. 44

  45. Annual Report • Furthermore, most of the “Big 4” accounting firms also have model financial statements in pdf format, which can be freely downloaded from the firm's websites. • For example, a generic Google search on the term "model financial accounts Australia" will list several hyperlinks to range of accounting firms websites where these model financial statements can be downloaded in pdf format. 45

  46. Annual Report • However, when preparing the external financial statements for Toy Market Pty Ltd do notinclude AASB references in the left-hand margin like the model financial statements do. • Students should also prepare a Director’s Declaration for Elizabeth and Nicole to sign as well as including the appropriate Accountant’s Compilation Report. 46

  47. Annual Report • All declarations and reports should be dated 3 September 2017. • Comparative figures are not required in the financial statements, as the business only commenced trading on 1 August 2016. 47

  48. Annual Report • Furthermore, being a small proprietary company, the company’s accounts were not audited for the 2017 financial year. • Hence, please do not include an Audit Report or an Auditor’s Independence Declaration. • There is also no need to prepare a Directors' Report. 48

  49. Annual Report • The company’s 2017 financial statements must be prepared using Microsoft Word. • Students are notpermitted to use any other electronic account preparation software packages (eg. Handisoft, Solution 6, MYOB Accountants Office etc). • Failure to prepare the financial statements using Microsoft Word do so will automatically result in the loss of fourteen (14) marks. 49

  50. Tax Return and Tax Reconciliation Part 4. Prepare the Company Income Tax Return & Tax Reconciliation for Toy Market Pty Ltd for the year ended 30 June 2017 (6 marks) • Students are required to prepare the 2017 company income tax return of Toy Market Pty Ltd. A blank copy of the 2017 company tax return can be downloaded directly from the ATO website in pdf format. • A blank copy of the tax return has also been placed on the AYN 520 Blackboard site. 50

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