![]() You will need this software to complete Steps 8 and 9 of this assignment, so please ensure you are able to complete both steps within 30 days from the time that you install MYOB onto your computer. Important note: You only have 30 days within which to trial MYOB for free, beginning from the date that you download and install it onto your computer. In this step, we will trial MYOB software, one of the leading small business accounting software in Australia. Did you know that you can ‘try-before-you- buy’? Most computerised accounting systems will provide an option where you can trial a version of their software for free (usually for a period of up to 30 days). In this step, you will learn how to use MYOB AccountRight (Windows), or MYOB Essentials (Mac). Step 2: exposing you to a commonly used accounting software. ![]() What does your firm disclose (and not disclose) about its Inventories? Has your firm changed its Inventories practices over the years that you are reviewing? If so, why? How might this have affected your firm’s financial statements? Does your firm disclose what type of Inventories system it uses (perpetual or periodic)? What method of Inventories does it use (weighted average, FIFO, LIFO, specific identification)? What are some of the associated issues and costs that your firm might be facing with its Inventories management? Why might this be the case? Are there any areas where you think your firm could improve its Inventories management? How did you identify these areas? If you have had any experience with Inventories, make sure you also describe these experiences. Are they large or small numbers? What do these figures mean? You might find that your firm’s note on Inventories contains key terms such as Raw Materials, Work in Progress, Finished Goods, Net Realisable Value. Note the figures for Inventories for your firm. You will find specific information about your firm’s Inventories policies as part of the detailed notes to the financial statements. As you are doing this, write down the key concepts that you find interesting, and whether they relate to each year or just one year. Make sure that you do this for EACH year for which you have downloaded an annual report. Read these comments to get a feel for how your company manages its Inventories. You can also find comments on Inventories in the notes to your firm’s financial statements. You may find your document has a search function. Open each soft copy file and search for where ‘Inventories’ is referred to. Go to your firm’s annual reports that you downloaded as part of Step 3. Inventories often form a significant part of a firm’s business (although not all firms have Inventories for example, Ryman Healthcare does not have any Inventories). ![]()
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