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Sports Station : A Computerised Accounting Practice Set Using MYOB Version 19 - Wendy Pabst

Sports Station

A Computerised Accounting Practice Set Using MYOB Version 19

Paperback

Published: 16th August 2012
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Sports Station is a computerised practice set using MYOB AccountRight Plus V19. This practice set is designed to give students experience in recording a variety of business transactions common to small businesses, so that they will gain an understanding of a computerised accounting system, how it operates, how to set up a data file and enter opening balances, how to record transactions, and how to produce useful reports. This ‘hands-on’ methodology reinforces the students’ understanding of accounting fundamentals typically encountered in practice, and is therefore, suitable for students undertaking a course in accounting or computer-based accounting information systems.

Completion of the practice set for a one month period, should ensure a greater appreciation of the following:

  • The steps in a typical accounting cycle for a small business
  • The use of subsidiary ledgers
  • The perpetual inventory system
  • Balance day adjustments
  • The bank account reconciliation
  • How the accounting cycle culminates in the preparation of financial statements
  • How GST is recorded and the effect it has on transactions
  • The variety of source documents, and
  • How to extract information from source documents to record transactions

CHAPTER 1 Introduction  1

Completing the practice set  2
Installing MYOB AccountRight Plus  2

CHAPTER 2 Guided tour of MYOB  4

Running MYOB AccountRight Plus and loading the data file  4
MYOB AccountRight Plus graphical interface  5
Overview of MYOB command centres  6
Accounts  7
Banking  7
Sales  7
Time Billing  7
Purchases  7
Payroll  7
Inventory  7
Card File  7

CHAPTER 3 Setting up the data file  8

Business background: Sports Station  8
Create a new data file  8
Set up the business details using the New Company File Assistant 9
Set up the accounts list  13
Double-entry accounting and linked accounts  16
Entering general ledger opening balances  17
Check the Accounts List  19
Set up customer cards and enter opening balances  20
Set up supplier cards and enter opening balances  25
Set up inventory items 29
Record inventory opening balances  34
Initial bank reconciliation  36

CHAPTER 4 Entering transactions for period 1  40

Reversing journal entries  40
Reversing wages payable at the end of October  41
Reversing prepaid insurance 41
Purchase order  42
Cash sales  43
Spend money  45
Pay a supplier (including prompt payment discount) 47
Convert a purchase order into a bill  49
Credit sales (new customer)  51
Receipt from a customer 53
Bad debt  54
Receive money  56
Journalise profit on sale of asset  58
Spend money (payment of wages)  59
Pay supplier  60
Petty cash  61

CHAPTER 5 Reports  63

Using the command centre to produce reports  63
Using the main menu bar to produce reports  65
Profit and loss  66
Balance sheet  67
Trial balance  68

CHAPTER 6 Completing the practice set  69

Period 2 transactions (10 November to 17 November)  69
Period 3 transactions (18 November to 23 November)  69
Period 4 transactions (24 November to 30 November)  70

APPENDIX 1 Transactions - November 2012  72
APPENDIX 2 An introduction to the GST and PAYG  88
APPENDIX 3 Chart of accounts  90

ISBN: 9781118439852
ISBN-10: 1118439856
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 104
Published: 16th August 2012
Weight (kg): 0.31
Edition Number: 1