TASK back to top Your task is to prepare one year of management accounts for a farm business. This is part A of a two part excel spreadsheet task. Part B (assessment 3) will build on what you have...

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TASK

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Your task is to prepare one year of management accounts for a farm business. This is part A of a two part excel spreadsheet task. Part B (assessment 3) will build on what you have completed in this assessment task.
You will be allocated an assessment case study with information about a mixed enterprise. The assessment case study allocated to you will be available via the Interact2 subject site during the second week of the session. You will be notified by an announcement when the case studies are available.
The information provided in the assessment case study is to be used for completing both Assessments 1 and 3. The case study you will be assigned contains information about the property and its enterprises, a spreadsheet containing an incomplete cash flow statement and a spreadsheet containing an incomplete depreciation schedule.
Topics 1 to 3 are related directly to this assessment and maintaining progress through these topics lectures and tutorials will enable you to confidently undertake and complete this assessment.
The task for this assessment is part A of a two part assessment
You are required to prepare the following management financial statements:



  • Statement of Financial Position (Opening Balance Sheet) at the beginining of the year

  • Cash Flow report

    • In completing the information in the 'CashMth' sheet, you will have to include any interest paid by the business in the row called “Interest - Overdraft”

    • At the end of the cash flow report you will provide the following

      • A quarterly GST reconciliation

      • A graph reflecting receipts, payments and monthly cash flow






You will be provided a template on the Interact2 site you can use as guidance.


You MUST ensure you include you case study number, name and student number is included on cover page of your assessment.


RATIONALE

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SUBJECT LEARNING OUTCOMES

This assessment task will assess the following learning outcome/s:



  • Be able to identify the financial resources and demonstrate an understanding of the financial management objectives of agricultural business

  • Be able to construct, analyse and interpret the meaning of biophysical and financial statements that define the performance of an agricultural business


This assessment case study based on an agricultural production business is designed to



  • Develop your financial management knowledge and skills in preparing, balancing and presenting financial statements.

  • Agribusiness decisions are supported by modelling financial evidence. Whilst this assessment covers financial statements, the development of your excel skills will enable alternative scenario's to be modelled as a budget for a subsequent year by changing some variables.

  • Develop professional, simple models of complex business systems to support decision making for profitable businesses.

  • Assist you to develop your learning through application of principles covered in Modules 1-3 of the subject.



GRADUATE LEARNING OUTCOMES

This task also contributes to the assessment of the followingCSU Graduate Learning Outcome/s:



  • Academic Literacy and Numeracy (Skill) - Charles Sturt Graduates demonstrate the literacy and numeracy skills necessary to understand and interpret information and communicate effectively according to the context.

  • Academic Literacy and Numeracy (Application) - Charles Sturt Graduates consider the context, purpose, and audience when gathering, interpreting, constructing, and presenting information.

  • Information and Research Literacies (Skill) - Charles Sturt Graduates demonstrate the skills required to locate, access and critically evaluate existing information and data.

  • Information and Research Literacies (Application) - Charles Sturt Graduates synthesize and apply information and data to different contexts to facilitate planning, problem solving and decision making.

  • Digital Literacies (Skill) - Charles Sturt Graduates use, create, communicate and share multimodal information in digital environments.

  • Digital Literacies (Application) - Charles Sturt Graduates ethically, legally, safely and critically use technology to select, create and share information and participate in online learning, professional and social communities.


MARKING CRITERIA AND STANDARDS

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Rubric











































CriteriaHD (85-100%)DI (75-84%)CR (65-74%)PS (64-50%)Marks

Opening statement of position (balance sheet) is balanced and includes assets, liabilities and equity. It is set out as required in a professional statement. Assets, liabilities and equity were correctly identified and calculated for inclusion in the statement of position (balance sheet) as per the case study.



All the information is included in the opening statement of position (balance sheet) as per the case study.


Statement of position balances.


Assets and liabilities correctly classified as current and non current.


Excellent understanding of the requirements to prepare and present a professional opening statement of position (balance sheet).



Few or no errors in the information included in the opening statement of position (balance sheet).


Statement of position balances


Majority of assets and liabilities correctly classified as current and non current.


Very good understanding of the requirements to prepare and present a professional opening statement of position (balance sheet).



Some minor errors in the information included in the opening statement of position (balance sheet).


Statement of position balances.


Some of assets and liabilities correctly classified as current and non current.


Proficient understanding of the requirements to prepare and present a professional opening statement of position (balance sheet).



Some errors in the information included in the opening statement of position (balance sheet).


Attempted with some errors to classify assets and liabilities into current and non current.


Demonstrated understanding of the requirements to prepare and present a professional opening statement of position (balance sheet).


/10

Cash-flow report correctly includes all the information necessary in a professional statement. All calculations are accurate and correlate to information in the case study. Interest owed, GST reconciliation and cash flow graph included in the report.



All information is included in the cash flow report as per the case study.


All line items, totals and calculations (including GST reconciliation) are correct.


Excellent understanding of the requirements to prepare and present a professional cash flow report (including graphical representations).



All information is included in the cash flow report as per the case study.


Majority of the line items, totals and calculations (including GST reconciliation) are correct.


Very good understanding of the requirements to prepare and present a professional cash flow report (including graphical representations).



All information included in the cash flow report as per the case study.


Most of the line items, totals and calculations (including GST reconciliation) are correct.


Proficient understanding of the requirements to prepare and present a professional cash flow report (including graphical representations).



All information included in the cash flow report as per the case study.


Attempt at inclusion of all line items, with a number of errors present. Attempt to calculate totals and GST reconciliation.


Demonstrated understanding of the requirements to prepare and present a professional cash flow report (including graphical representations).


/10

Professional preparation of well formatted financial statements. Cells are linked within the spreadsheet to indicate source information. Statements are presented in a professional manner, as though being prepared for a client.



Financial statements are professional and laid out in a superior format for a client.


All cells are linked where necessary to indicate source information.



Financial statements are professional and laid out in an excellent format appropriate for a client.


Majority of cells are linked where necessary to indicate source information.



Most of the financial statements are professional and laid out in an format appropriate for a client.


Most cells are linked where necessary to indicate source information.



An attempt to lay out the financial statements in a professional manner is evident.


Some of the cells are linked where necessary to indicate source information.


/5

Subject Grade: /10



Mark: /25




PRESENTATION

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PLEASE NOTE: Clear presentation of financial information is important for management decision making. Markers reserve the right not to mark poorly presented statements.


The management financial reports, Assessment 1, are to be prepared utilising spreadsheet software and must be submitted in a Microsoft Excel (.xls) or compatible format.



  • All spreadsheets must be neatly presented (i.e. is appropriately formatted on the spreadsheet), accurate and in accordance with the information contained in the allocated case study

  • Your cover sheet, is the first workbook in the spreadsheet, will include your case study number, name and student number


REQUIREMENTS

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Please note you are expected to complete and submit this assessment item using Microsoft Excel spreadsheet software.


Answered Same DayApr 01, 2021AHT231Charles Sturt University

Answer To: TASK back to top Your task is to prepare one year of management accounts for a farm business. This...

Preeta answered on Apr 04 2021
150 Votes
OpenPos
        STATEMENT OF POSITION (BALANCE SHEET)
        ALDENVALE AS ON 01.01.2020
        ASSETS
        Current Assets                $
        Bank        (356,031)
        Accounts Receivable:
         - Western Wool Buyers    5,300
         - Graaincorp
(Wheat)    113,790
                119,090
        Livestock:
         - Cow (1700 per cow for 150 cows)    255,000
         - Bulls (2500 per bull for 6 bulls)    15,000
         - Heifer Yearlings (720/heifer for 65 heifer)    46,800
         - Steer Yearlings (875/ steer for 64 steer)    56,000
                372,800
        Sheeps:
         - Ewes (240/ewe for 1150 ewes)    276,000
         - Rams (700/ram for 35 rams)    24,500
         - Hoggets (200/hogget for 435 hoggets)    87,000
                387,500
        Grain ($380/tonn for 25.44 tonns)
                9,667
                    533,026
        Non-Current Assets
        Land ($5600/ha for 1175 hectres)    6,580,000
         Increase    98,700
                6,678,700
        Fixed term Deposit    30,000
         Addition    10,000
                40,000
        Vehicles        92,875
        Plant and Machinery        214,248
        Structures        398,265
        Fixed Improvements        705,688
                    1,451,076
        Total Assets                1,984,102
        LIABILITIES
        Current Liabilities
        Accounts Payable:
        - Orange Rural    3,525
                3,525
        Non-Current Liabilities
        Property Development Loan        337,000
                    340,525
        NET ASSETS                1,643,577
        Represented By:
        OWNER'S EQUITY
        Balance as at 1-7-X5                1,643,577
CashMth
                    CASH FLOW STATEMENT for                         
                    ALDENVALE AS ON 01.01.2020
            JAN    FEB    MARCH    APRIL    MAY    JUNE    JULY    AUGUST    SEPT    OCTOBER    NOV    DEC     TOTAL        GST
        RECEIPTS                                                    $
        CROP SALES                                                    
        Wheat                                                107,200    107,200        Y
        LIVESTOCK SALES
        Cattle    2,025                            1,500    17,472    32,403    28,350        81,750        Y
        Sheep            11,040    1,400        43,990                27,768    47,282    82,775    214,255        Y
        WOOL SALES                                            53,035        53,035        Y
        ACCOUNTS RECEIVABLE
        Western Wool Buyers            5,300                                        5,300        Y
        Graaincorp (Wheat)        113,790                                            113,790        Y
        OTHER RECEIPTS
        -interest            244            244            244            325    1,057        N
        -machinery                5,200                17,800            43,000        66,000        Y
        -fixed deposit                                                    - 0        N
        GST Component    203    11,379    1,634    660    - 0    4,399    -...
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