SENECA COLLEGE OF APPLIED ARTS AND TECHNOLOGY
SCHOOL OF ACCOUNTING AND FINANCE

TERM WORK DETAILS for ACC 533
10%QUIZZES: [Top]
  • Quizzes will be offered frequently.
  • They will not be announced in advance. Be prepared !
  • They will be short answer (True/False, Multiple Choice, etc.)
  • There are to help students learn the terminology and theme concepts in each chapter.
  • The 10 highest scores will count - there will be no opportunity for making up missed quizzes.

5% TOPICAL REPORT:[Top]

The goal of this assignment is to have students keep up to date with changes in the accounting profession. The strategy is to have students continually scan media for news about their chosen career. During the term, each student should report on one of his or her findings. Although daily newspapers tend to have the most up-to-date news on important issues, they are not usually a good source for this assignment. (Changes in accounting are not often of interest to the public at large.) The "Bottomline", accounting journals, or the Internet will more likely provide a wider choice of interesting items.

Each report should be in the range of 750 - 1000 words. It must be a professional report complete with cover page and bibliography (ideally a copy of the news item reported on would be included in an appendix). Of course the report will be free of spelling and grammatical errors. The report will be due at the beginning of the last class of the term. (The report will not be accepted at the final exam.)

The report should consist of three parts, each approximately 1/3 of the length. The first section will be a summary of the news item. (The test here will be to determine whether the student can choose the critical points.) The second section will be the student?s conclusion. (Does the student agree/disagree with the article? How will the item affect the accounting profession? Etc.) The final section will show the relevance of the article to the student?s studies or career. (Why did the student choose the article? Does it add to, confirm or detract from anything in the course of study? How does it bear on the student's career goal or strategy?)

Before the student begins the detailed writing, the choice of the article must be approved by the professor and registered. (Only three students will be allowed to write on any one item.) Show/discuss the news item with the professor and get written approval before continuing.


10% COMPUTER SPREADSHEET ASSIGNMENT: [Top]

Groups will form and prepare an imaginary manufacturing firm. You may use the project from ACC 431 as your starting point.
(Your firm must produce at least two products using at least two materials and labour and both variable and fixed overheads. The assignment (FOR 5%) will be to prepare a master budget for YOUR firm. Subsequently, individuals will prepare a final master budget with unique changes in original information. (FOR 5%). Detailed requirements will be outlined in class.


COMPUTER SPREADSHEET ASSIGNMENT

OBJECTIVE: To practice using spreadsheets in accounting situations

SPECIFIC LEARNING OUTCOMES: After completing this assignment, the student will be able to build and operate an entire master budget for a manufacturing firm.

PROCESS STEPS:
1. Each team will imagine a manufacturing process that involves at least 2 raw materials, direct labour, and both fixed and variable overhead. The firm will produce at least two products (i.e. different sizes or regular & deluxe).
2. The team will prepare a data sheet with all of the inputs, namely:
  • A monthly sales budget for each product (# x $) and the required ending inventory of each finished good (for next month?s sales).
  • A monthly production budget including the required ending inventory of raw materials (for next month's production) and their purchase cost.
  • The direct material purchases budget.
  • The direct labour budget
  • The fixed and variable overhead budgets (items and costs).
  • The selling and administrative expenses budget
  • The cost of goods sold budget and pro forma income statements.
  • The budget for capital expenditures.
  • A cash budget including collection, disbursement, and financing schedules
  • A pro forma balance sheet
3. The team will prepare data and formula sheets.
The report will have a cover sheet indicating the team (firm or product) name, and each of the members listed in alphabetical order. The team must be prepared to hand in a copy of their computer disc containing both the data and report sheets.

Secondly you should prepare a FORMULA SHEET for the report to management.For Example:
-- Inputs Product A Product B Product C Period
-- Cost/unit Cost 1000 Cost/unit Cost600 Cost/unit Cost500 Totals
-- Raw Materials
-- Rolled Steel
-- Leather
-- Etc
-- Etc
-- Total Raw Material
-- Direct Labour
-- Assembly
-- Fin/Insptn
-- Total Direct Material
-- Variable Costs * * Although it is not necessary to separate your overhead
-- applications into individual items, you will not be penalized for doing so.
-- Fixed Costs *
-- Cost/Unit A Total A Cost/unit B Total B Cost/unit C Total C TOTAL.

There should be no DATA on this sheet, only Formulae.
Therefore the management report should show the cost of producing 1 unit of each ofproducts A, B & C as well as the total costs for the period for each of A, B & C. Finally itshould show the total period cost of each raw material, total raw materials, each type oflabour, total direct labour, total varible overhead, total fixed overhead, and TOTALCOSTS.
When your group has completed the assignment, each member should retain a disc copy for the individual assignment to follow.

ACC 533

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TERM WORK
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     Quizzes
     Topical Report
     Computer Ass.

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