Information Technologies to Analyze Transaction Data - Accounting and Finance Assignment Help

Assignment Task :

Unit Learning Outcomes Assessed: 

1. Analyze how various transactions will affect the accounting equation, the balance sheet, and the income statement and communicate this to a range of stakeholders;

2. Apply, analyze, synthesize and evaluate information from multiple sources to make decisions about the financial performance of entities including assets, liabilities, owner’s equity, revenue and expenses;

3. Employ information technologies to analyze transaction data and financial statement to facilitate data-driven decision-making;

4. Assess the impact of taxation and other liabilities, relevant legislation and industry codes of practice on business and define management strategies. 

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. These tutorial questions are available in the Tutorial Folder for each week on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions for weeks 6 to 10 inclusive and submit these answers in a single document. 

The questions to be answered are: 

Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded.

a) Purchased inventories on credit

b) Sales of inventory on credit

c) Received payment of a customer’s account

d) Payment of monthly rent by cheque

e) End of period closing entries

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