ACCTG 211 - Financial Accounting Assignment 1 2026 | University of Auckland

Reference: Assignment 1

Note:

(a) Reading 1 (available on Canvas/Modules/Lecture Materials/Topic 1) is relevant to this assignment and provides background for all the ACCTG 211 topics.
(b) You must use the Assignment 1 Answer Booklet word document provided on Canvas to submit your answers online.
Do not change the format of the answer booklet when submitting it online. At times, more space has been provided than is necessary to answer a question.
(c) It is your responsibility to ensure this assignment is successfully submitted before 6 pm on Friday, 04 March 2022.

What does 'successfully submitted' mean?

It means your completed Assignment 1 Answer Booklet word document was accepted by Speedgrader, and the said document is downloadable and readable by the ACCTG 211 markers.
(d) This assignment counts for 5% of the final grade for the course.
(e) If you have questions about this assignment, use Piazza to discuss with other students and teaching staff.

QUESTION 1 

Note: For True/False type questions, you must answer 'True' or 'False.'

This question relates to the Expanded Course Outline; refer to Canvas/Modules/Expanded Course Outline.
The official university course outline is the Digital Course Outline (DCO); this only provides a broad overview of the course.

a) True or False? Extensions for all five assignments are possible.
b) True or False? I am required to enrol myself onto Piazza.
c) On which page of the Expanded Course Outline will you find a summary of the following? - the assignment due dates
-the lecture topics
-the PW due dates
-the weeks when tutorials will be held.
d) True or False? Late assignments will be accepted for marking if you have a reasonable ex- planation.
e) True or False? To provide an adequate foundation for potential success in ACCTG 211 a B grade in ACCTG 102 is highly recommended.
f) True or False? There is no plussage in this course.
g) True or False? If I have problems submitting my assignment online, then I will not be offi- cially excused from submitting the assignment because this is an example of a 'non-excep- tional circumstance."
h) True or False? PW2 is due before 6 pm on 01 April.
i) True or False? Assignment 4 is due before 6 pm on 20 May.

QUESTION 2

Note: For True/False type questions, you must answer 'True' or 'False.'

This question relates to the information provided in the Peerwise 1 to 5 document; refer to Canvas/Modules/PeerWise (PW) 1 to 5.

a) On page 5 there is an individual student PW report; you are required to determine the stu- dent's mark for PW5.
b) How many distractors were there in the PeerWise MCQ example?
c) True or False? I should only answer MCQs that meet the design requirements.
d) True or False? True or False questions meet the MCQ design requirements.
e) True or False? MCQs that do not meet the design requirements will be deleted.

QUESTION 3

To ensure you post and balance general ledger accounts in the manner required by ACCTG 211, you must follow the three examples below. There is no GST in these examples. After you have worked through the three examples below in detail go to the answer booklet and answer Question 3.

Example 1: Accounts receivable BEFORE it is balanced

Left side = Debit side ($ Dr side):

• 01/3/22 Opening balance: 60,000
• 31/3/22 Sales: 700,000
• Adds up to 760,000

Right side = Credit side ($ Cr side):

• 31/3/22 Cash: 688,000
• 31/3/22 Allowance for DD: 3,200
• Adds up to 691,200

Note: The debit side adds up to $760,000, and this is greater than the credit side of $691,200, a difference of $68,800.

The debit side > credit side by $68,800; therefore, a debit balance of $68,800 for reporting purposes i.e., Accounts receivable is an asset; therefore, a debit balance.

Accounts receivable AFTER it is balanced

• 01/3/22 Bal b/d** = Opening balance: 60,000
  • Note: The account starts with an opening balance of $60,000; this was the closing balance for February.
• 31/3/22 Sales: 700,000
• 31/3/22 Cash: 688,000
• 31/3/22 Allowance for DD: 3,200
• 31/3/22 Bal c/d* = Closing balance: 68,800
  • It makes the credit side add up to the larger debit side ‘total’
• TOTAL: 760,000 (top and bottom underlined on both sides)
• 01/4/22 Bal b/d** = Opening balance: 68,800
  • Note: The closing balance for 31 March is the opening balance for 1 April.
  • Note: The two TOTALS are on the same line/row.

Explanation:

• The debit side > credit side by $68,800; therefore, a debit balance of $68,800 for reporting purposes in the balance sheet as at 31 March 2022, i.e., Accounts receivable is an asset, hence, a debit balance.
• Historically, ‘Balance c/d’ (Bal c/d) was written here. It refers to the balance to be carried down (c/d) in the GL account. It is a balancing figure, i.e., the $68,800 amount needed to make the debit and credit columns total to the same figure of $760,000.
• Bal b/d is the balance of the GL account. The term ‘balance b/d’ refers to the balance brought down, and this is the balance of the account.