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Student name: Michael booth
Student number: S0076804
Student course code and number: ACCT11059 Accounting and online communication
Assessment number: Assignment 2, Step 3 & 4
Due date: Tuesday 12/9/2017
Weighting: 18 marks
Executive summary
Assignment 2. Step 3
This assignment report involves restating financial statements for 4Imprint on excel spreadsheets moving around different items in a firm’s financial statements and display the level of understanding (misunderstanding) of what each item of the company report is.
The assignment also displays the link to the post on my blog of my comments and responses to restating your firm’s financial statements and a summary on issues and concerns I had in restating my firm 4Imprints financial statements and the results of my discussions with students and any benefits of the feedback process for me.
Table of contents
Page 1. Title page
Page 2. Executive summary
Page 3. Table of contents
Page 4. Assignment 2 Step 3, Summary of issues and link to blog
Page 5. Ass. 2 Step 4, Feedback for Aandita
Page 6. Ass. 2 Step 4, Feedback for Hennie
Page 7. Ass. 2 Step 4, Feedback for Dylan
Page 8. Ass. 2 Step 4, Feedback for Travis
Page 9. Ass. 2 Step 4, Feedback for Chloe
Page 10. Ass. 2 Step 4, Feedback from Chloe
Page 11. Ass. 2 Step 4, Feedback from Telesia
Page 12. Ass. 2 Step 4, Feedback from Telesia continued
Page 13. ASS.2 Step 4, Feedback from Telesia continued
Page 14. Ass. 2 Step 4, Summary of Feedback and benefits
Page 15. Ass, 2 Step 4, Summary of Feedback and benefits continued.
Assignment 2, Step 3
Summary of issues I had with restating the financial statements
I pretty much had, and have trouble with everything to do with this subject and mixed up operating and financial components and couldn’t grasp the concepts or recall the information from earlier study within the subject.
I struggle using excel and don’t how to make things work.
I couldn’t work out the operating and financial assets division or get the understanding of the business its process and how it operates to do this, there is a lot of information to go through and I just can get it to work in my head and can’t get any resolve with it all yet.
I couldn’t balance most of the figures possibly all of them and I couldn’t understand the feedback to make it work.
One of the students Chloe said that the reports were laid out wrong but I couldn’t get them to balance either on their own reports and have struggled from the outset with this company.
I can see from telesia’s extensive feedback that I made and make a lot of mistakes because I haven’t had the information sink in and am experiencing an information overload or lack of information sinking in, it’s all there to see but when someone explained it for a different company, it doesn’t make sense then and doesn’t make sense when I can’t relate it to my own company, I can do accounting (I thought anyway and have managed accounts) in business before but am struggling with these concepts and especially this course, so it’s very depressing.
I have tried and failed again and feel very lowly about it all despite my extended efforts and extensive time put into the subject but it is what it is.
Please find link to my blog below: -
Assignment 2, Step 4
Feedback left for others
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Feedback I received was so very helpful and Chloe was helpful from start to finish
Peer Feedback Sheet: ASS#2: Step 4
Feedback From: Chloe Thomson
Feedback To: Michael Booth
My Comments
Step 3
Restated Statement of Changes in Equity
Balance Sheet
Income Statement
Commentary and Discussion with others You have used formulas to link your original statements to you restated tab – although you should delete the numbers from the header rows (e.g. Assets, Liabilities, etc.)
You should check your spelling and use capitals for line items.
Formatting – use boarders (Bottom/top lines) to highlight calculation lines. Also make sure you have consistent fonts.
You have not actually restated your financial statements. I suggest you watch/re-watch the lectures from Week 5, 6 & 7 (from about the 30-minute mark) as Maria goes through the entire process of restating each of the financial statements
Step 4
Individual feedback with other students Not Provided
Overall ASS#2: Step 3 & 4
I think you need to re-watch the lectures and have another look at your restated statements then you will be on the right track.
Another feedback that was very helpful from Telesia
Feedback From: Telesia Fonoimoana
Feedback To: Michael Booth ()
My Comments
Step 3
Restated Statement of Changes in Equity
Balance Sheet
Income Statement
Commentary and discussion with others
(Note: You may wish to give some comments
on their Excel spreadsheet) Restatements:
Statement of Changes in Equity:
• You structure was hard to follow and to see where you separated the operating and financial income
• I would suggest that you include a ‘other operating comprehensive income’ heading and a ‘total other operating comprehensive income’ heading so it is easier to read
• I can see that you included the transactions with shareholders items with the financial. These items should be separated.
• It would also help if you put some top and bottom border on your totals so you can identify them easier
• I would include a ‘Transactions with shareholders’ heading just to make it easier to identify those items as well. It is totally up to you though.
• I made some changes and saw that the equity at the end of the period amount wasn’t matching the closing balance from your Assessment 1 financial statement. So, I had a look at your annual reports and the figures and I saw that you inputted some numbers incorrectly. It would be great to double-check your figures again with the annual reports.
• I would suggest to use some formulas for the totals as well just to check if your figures are also correct and match the ones in your annual report
• Once you have fixed all these errors then your statements of changes in equity should be good.
Balance sheet:
• Your figures and items are nicely presented and I can see that you have bolded some important headings and totals which is great
• Your structure for the items however seem to be in the wrong order, this may be the reason why you are having trouble balancing the NOA and Total NFO + Equity
• Assets is spelt incorrectly for operating assets
• You should split your cash and cash equivalents into operating and financial
• The structure should be Operating Assets then Operating Liabilities then Net Operating Asset (NOA)
• It would be good to include total headings for operating assets and liabilities just to make it easier to know what the figures are for
• You have forgotten to include two items for the operating liabilities which is the liabilities held for sale and current tax. These two items are for the years 2014 and 2013 and they will make the figures balance
• For the NOA you would do OA + OL because your OL is negative.
• Although you don’t have any financial obligations or financial assets, I still would include the heading and totals just to show why NFO is 0
• Include all your equity and the total and then finish with Total NFO + Equity.
• The Total NFO + Equity should match the Equity anyways because your NFO is 0.
• Once you have done all of this then your NOA and Total NFO + Equity figures should match
Income Statement:
• You should start with the operating revenue which you have done which is good
• Then do the operating expenses which you have also done which is great
• You should either have an operating profit or loss before income tax
• Then you should do the tax expense and tax benefit. The first tax benefit should match the bottom tax benefit but be positive.
• Your financial income, finance costs and pensions finance charge should be sorted into either financial expenses (FE) or financial income (FI)
• Then comes the Net financial expense before tax and the tax benefit. This is the bottom tax benefit which should be calculated by multiplying the NFE by the Company tax rate for the year. If this number is negative, it should be positive for the top tax benefit number
• Then you should have other financial comprehensive income and then net financial expense after tax (NFE) and finish with Comprehensive net profit after tax (CI). This amount should balance your Total Comprehensive Income in your restated statement in changes in equity.
• Once you have done all this and the figures balance then the income sheet should be good
Step 4
Individual feedback with other students
• I have seen you give constructive feedback to other student via the draft forums which is great!
Overall ASS#2 (Steps 3 & 4)
• It would be a great idea to look at a few examples or check out the WestFarmers example given on Moodle to look at the structure. This is could be very helpful in setting out your items and figures nicely or getting an idea how to set it out
• You could also watch the video lecturers done by Maria Tyler which she goes into detail for each financial statement
• Although you have some changes to make, you should be on the right track
• Don’t forget to do some commentary of your journey through restating these financial statements.
• Other than that, your ASS 3 does have some work to do but still look good.
• Minimal grammar errors were found which is great!
• Good job so far, keep the hard work up. í ½í¸Š
Summary of the feedback process and its benefits
Assignment 2. Step 4
Step 4 shows feedback I have given to other students in the unit on their draft Assignemt 2 Step 3 and I have posted draft work of my Assignemntn 2 Step 3 on my blog at; .
I have provided a link to my blog on the Draft Ass. 2 Step 4 feedback forums and have posted a few comments and feedbacks in the Draft Ass. 2 feedback forums with some great feedback provided to help me and my work.
The feedback I received was helpful and highlighted how much I am struggling with the terminology of this course and in recalling information from the course and its structure.
I tried to help people with their feedbacks and left a bit of a mad rant on my blog in the heat of it all and smiled when someone read it and commented how he felt better.
I was up after midnight doing 18 hr days for the last 3 nights up after midnight and been re-watching lectures so I might get some headway with my project but had no luck, and while I was up provided one or two feedbacks and helped some other students running late as well to get a feedback, although my feedback was low quality.
My feedbacks may not have been that useful but it’s all I had to give unfortunately at that point and I had to laugh at how hopeless I was and was feeling and thinking it’s all counterproductive and I am going backwards getting more confused and its impacting on my health and other subjects so it has many benefits to have feedback and support.
I was very lucky people felt so sorry for me and provided such quality feedback but I am still going through it trying to understand how to get it all to work and balance and I haven’t grasped the understanding of the company, the terminology, or how it operates that makes no sense to me and basically compounding the lack of understanding and confusion that I have from this learning process when relating to the reports for my company and others, so I haven’t learnt the material very well.
I have kept persisting trying to learn it all despite not knowing or not having the information sink in and surely it must, eventually.
The only reason I keep going rather than just give up is that I am or can be smart enough, I may be suffering but I am usually successful and think I can do anything I put my mind to and I do know accounting stuff and have managed and run big business’s before. I know a lot of useful stuff in general and do accounting from my own business but am failing and struggling with this course and feel very bad for it.
The interaction or communication part with humans is always easy when you are sincere but the point would be to provide quality feedback and demonstrate my understanding of the material presented and it’s a shame I couldn’t, and couldn’t really help anyone so I feel terrible about that and then cranky at being made to look stupid in this course.
I left a link to my blog commented and had comments on my blog, I put a post on face book linking to my blog for the restated financials on the unit face book page and have conversed on the forums a lot and eventually emailed Chloe my statements for some help and advice, that she did and I am very lucky, she was very very kind to help me, I feel bad I couldn’t do better or be better at this and feel useless by providing feedback, but it is what it is.
The end.
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