ACC201 Financial Accounting 1

Assessment information

This assessment is a real-world simulation of a single month in the accounting cycle of a small business that requires students to use the actual MYOB accounting software. Students first learn about the key software features used in the practice set by working through Perdisco’s MYOB Learning Centre, and then create and set up company files, record transactions and generate financial reports using MYOB.

You will have access to two practice sets:

1. 'Practice set (trial)
2. 'Practice set (assessment)
As the name suggests, the trial practice set is you for you to try out the Perdisco practice set and understand how it works. This practice set is NON-ASSESSABLE.

The assessment practice set is what matters – we will records the marks you score in this practice set as your final mark for this assessment.

How the VirtualTutor practice set works

This is a computerised practice set.

The VirtualTutor MYOB practice set requires you to use AccountRight to complete a one-month accounting cycle for one business from a range of fictional retail businesses that supply electronic goods. The practice set is designed to be a similar experience to completing paper-based practice set books except that this practice set and its associated learning resources are delivered online using a web browser. In this context, the word "practice" does not mean "a casual attempt" but rather an opportunity for you to demonstrate your accounting skills in your own simulated "accounting practice".
The accounting cycle implemented in your practice set is shown below. This practice set adopts a computerised approach. This means it requires you to complete the accounting cycle for your allotted company using AccountRight. You can learn about the key software features used in this practice set by working through the MYOB Learning Centre which is explained in the next section.

During the accounting cycle, you will set up company records in AccountRight, record transactions and generate financial reports using AccountRight. To allow your progress to be regularly monitored, you will be required to transcribe your results from AccountRight to our practice set website and answer questions about AccountRight on an ongoing basis. Our Regular feedback will help you identify and fix your mistakes as early as possible to prevent those mistakes being carried forward throughout the rest of your practice set.
By the end of this practice set, you will have obtained real-world experience in using AccountRight and should be able to perform many activities in this software that are commonly performed by professional accountants. You will understand the benefits of using a computerised accounting system which includes automatic posting of transactions and built-in internal control measures that prevent records from being deliberately modified.