Assessment Task One (Steps 2-6)

Course ACCT11059 – Accounting, learning and online

communication

Degree Bachelor of Property

Patrick Turner 12074322

Campus Distance (Newcastle)

Step 2

Moodle profile & personal blog:

Personal Moodle profile - Patrick Turner Personal blog - The General Ledger

Step 3

My company – Bovis Homes Group PLC

The company allocated to me in week one for the assessment is Bovis Homes Group PLC.

Since learning this, I have endeavoured to learn as much as I can about Bovis Homes and

unearth the truths (the good and the bad) about this company since its inception. To achieve

this (and to gain the most I can from this assignment), I have attempted to look beyond the

glossy pages of the annual report to understand the company itself, how it functions as well

as how it has changed over time. Overall, I found this to be a particularly valuable exercise

in the case of Bovis Homes as its recent history (as I will explain later in detail) has greatly

affected the company and will undoubtedly be reflected within its financial statements.

First Impressions

Honestly, I was really hoping to be assigned an Australian company (or at least an

international company I am familiar with) as I felt that I would feel more engaged in the

assignment and would relate to its past and current position more easily. This apprehension

is likely due to my lack of education and experience surrounding accounting and business.

Accordingly, I initially felt quite worried when faced with a UK-based company I had never

heard of. Despite this, I look forward to the challenge and am excited to delve into the annual

reports of the Bovis Homes Group and think the company will provide a great platform to

apply what I have learnt to analyse and understand its business realities.

Upon opening the company website it was obvious that the company builds speculative

housing (a.k.a ‘spec’ homes) much like various companies here in Australia such as

McDonald Jones Homes, Montgomery Homes, Beechwood Homes and Eden Brae Homes.

Spec home builders typically have a large portfolio of stock home designs that people can

choose from and allow for a small degree of upgrades and options depending on budget.

Despite the fact that you often have limited choice of particular details, these kit-style setups

are a popular option due to their value for money (not to mention everyone dreams of

someday owning a brand-new home!). These types of houses are clearly popular in the UK,

with Bovis being one of the United Kingdom’s largest private residential building companies.

A distinct advantage of large spec home companies, such as Bovis Homes, is that they have

considerable purchasing power and can therefore afford to pass savings on to buyers for

certain luxuries such as stone bench tops, timber flooring and European-style appliances that

would otherwise be unaffordable for many people. In addition, the UK government’s Help to

Buy equity loan scheme (introduced in 2013) has boosted the property construction industry,

with the policy encouraging buyers to purchase new residential homes. This creates a

promising opportunity for high-output building companies like Bovis to meet the growing

demands of the market.

Bovis’ website conveys a sense of quality in their service(s) in a confident manner. In

particular, the website homepage is quite welcoming and has quick links to pages such as,

“Why choose us?” and “Why buy new?”. As expected, these pages are filled with

outstanding testimonials and photos of very satisfied customers, which exhibits experience.

It was also hard to miss the large figures presented on the investors page including 2016

figure highlights such as revenue (£1,054.8 million, +11%), profit before tax (£154.7 million,

-3%) and gross margin (22.3%, -2.2%). Furthermore, I can see from their website that the

share price is currently 1,124 GBp (+0.36%) with a dividend of 41.3p per share and dividend

yield of 5.04%. While revenue seems to be relatively large, the decreases in profit and gross

margin along with the increasing dividend yield (+1.42%) appears to tell a contrasting story

(perhaps they are trying to attract more investors to combat their recent difficulties?). I am

clearly speculating here, but I trust that some of these numbers will begin to be clearer as I

filter through their latest annual report and learn more throughout the unit. Overall, I feel

more content with my company than I did in week one and look forward to finding out what

is really going on beyond the numbers the Bovis Homes Group chooses to display on their

sleek website.

Bovis Homes Group PLC – The Backstory

Before attempting to analyse Bovis’ annual reports, I think it is crucial to gain an insight into

the company to better understand what is happening. Bovis Homes PLC is a public limited

liability company based in Kent, United Kingdom. The company has been operating since

1965 and was the second largest homebuilder in the United Kingdom by 1972. Since then,

the company has focused on servicing the private housing market and primarily designs,

builds and sells new traditional-style homes for private customers. The services offered by

Bovis Homes are extensive and covers many key aspects of the property development

processes including land acquisition, planning, design, surveying, engineering, construction,

sales and after-care services.

At present, Bovis Homes operates eight regional businesses and offers a range of properties

ranging from one-bedroom apartments up to six-bedroom detached family homes. They also

have a considerable land bank of 25,494 plots (as of the beginning of 2017), which

constitutes over 4 years of land supply. The conversion of these land plots is a key driver of

value for the Group. On the surface (and considering my lack of experience in business), this

company seems to be quite a force in the market. For instance, Bovis employs more than

1200 staff and 4000 sub-contractors and completed a total of 3,977 homes in 2016. To put

the growth of the company in perspective, the number of house completions doubled in just

five years! However, this is where things begin to get interesting. While their website

promises to deliver homes of the highest quality, several well-publicised articles have been

written alleging that Bovis offered cash incentives (~£3,000) to entice customers to move into

unfinished homes prior to Christmas in order to reach ambitious sales targets in 2016. As a

result, shortcuts were clearly taken and quality rapidly deteriorated (see examples below).

Consequently, a Facebook group and YouTube channel were created by unhappy customers

called “Bovis Homes Victims Group” in which almost 2,500 people have shared their

complaints. Whilst perusing several internet pages I also came across an interesting article

that highlighted that the company had a 62% turnover rate of site managers during the year -

something is very wrong here! It appears that the rapid growth of the company has

eventually caused its production processes to burst at the seams and has had a detrimental

effect on other aspects of the business (i.e. employee welfare, customer satisfaction etc.).

Despite Bovis’ desperate attempt to deliver on their planned quantity of private home

completions in 2016, they fell short by around 180 by the close of December. The reason is

suggested to be due to major short-term resource shortages (i.e. skilled construction labour).

Thus, subcontractors and suppliers are a very important area of the business.

In early January of 2017 Bovis’ CEO David Ritchie was sacked after a profit warning in

which profits fell 3 per cent to £154.7 million – far from its forecast of around £170 million.

Shares in Bovis also plummeted 10%, wiping £115 million from the company’s value – what a

disaster. Interim CEO Earl Sibley acknowledged their decline in customer service standards

and allocated £7 million to compensate customers who had problems with their new homes.

Enter Greg Fitzgerald. Greg Fitzgerald was headhunted to restore the company back to its

previous glory as the previous CEO of Bovis Homes’ closest rival, Galliford Try PLC. There

are some clear (and well publicised) challenges the firm is currently facing and the key

strategy of the new CEO is to get investors back onside as well as focusing on rebuilding

customer relationships, decreasing costs and delivering high quality homes by reducing the

growth plans of the company. Under Mr Fitzgerald’s management, Bovis aimed to complete

10-15% fewer homes in 2017 to ‘reset’ the business. Further, Bovis is investing in

apprenticeships and trying to reduce the labour shortage (and increase workmanship quality)

through its launch of the Bovis Homes Training Centre, a dedicated training facility. To

prove the new CEO’s confidence in the company’s future, he has invested over £3 million of

his own money into the company. As a result, shares have risen more than 30%! Evidently,

the new CEO’s leadership is getting strong buy-in from investors. Although such matters

will take time to fix, the initial approach taken by Bovis is starting to have a positive effect.

Now to look at the financial statements contained within the 2016 Annual Report.

2016 Annual Report – The Nitty Gritty

Upon opening the 2016 annual report for Bovis Homes Group, I was quite overwhelmed by

the sheer size of it – 144 pages no less! As expected, the report reflected the typical structure

including a letter from the CEO, a highlights section, various charts, the four financial

statements, a lot of footnotes and a plethora of marketing.

Remembering the accounting equation from the first week (i.e. assets = equity + liabilities) I

decided to begin with the balance sheet. I found the balance sheet quite easy to read – it was

set out nicely under headings for assets, liabilities and equity and no items were particularly

confusing. I could also see that all numbers needed to be multiplied a factor of 1,000 to attain

the true GBP values. It was easy to locate total assets = £1,630,326 comprising £57,617 non-

current and £1,572,709 current assets. Further, total liabilities = £614,399 including

£170,014 non-current as well as £444,385 current assets. Finally, total equity was

£1,015,927. Naturally I put the formula to the test to see if the components balanced: total

assets (£1,630,326) = equity (£1,015,927) + total liabilities (£614,399). It is all finally

making sense! I then turned to the income statement, which was split into a group income

statement and a statement of comprehensive income. I found this statement straightforward

and did not have any issues regarding revenue or any expenses. Moreover, the statement of

cash flows was also relatively easy to understand. As with the income statement, the

statement of cash flows was for a specified period, in this case 12 months ending December

31, 2016 and outlined cash receipts and payments during the accounting period. It is now

clearer why potential investors and lenders would be interested in this component of the

financial statements as it gives a useful indication of cash management.

The statement of cash flow was by far the most confusing to comprehend. At first, it looked

like a Sudoku puzzle but I eventually made sense of how the rows of each variable in the

other statements had been transposed into columns. It was more that many of the terms used

were totally unfamiliar to me. It felt like reading another language. This feeling was similar

to what it was like the first time I tried reading and understanding a computer coding

language. It was just a whole bunch of numbers, letters and words that didn’t appear to say

anything of meaning to me – how could this possibly tell me anything? However, once you

spend the time to learn what each component means and the intricacies and rules of it all, you

can make sense of it collectively and use it in a very powerful way. Specifically, I noted that

the total equity from the previous accounting period was the same as the current financial

year and could see the dividends paid to shareholders and total comprehensive income.

However, I am still having trouble with a few of the concepts such as shared equity

reclassified to the income statement and issue of share capital.

Peer Discussions and Blogging

I have been following the progression of some excellent blogs throughout the unit so far and

have found it to be quite an interesting approach to learning. In particular, I have thoroughly

enjoyed learning about the myriad of firms that other students have been assigned and have

found it beneficial to read how they are dealing with all the new concepts along the way. In

the case of my blog, I welcome others to provide honest and genuine feedback in the hopes

that I can improve on it week-to-week and look forward to engaging in open discussions

about various topics I have covered.

My Top Three Blogs

I have delayed the completion of this component of the assignment to try to allow other

students time to develop their blogs and visit as many as I can. Although this seemed like a

good idea at the time, selecting just three blogs was a difficult task as I found many blogs to

be quite good in different ways. In order to be as fair and consistent as possible, I decided to

appraise each blog based on two fundamental components:

1. Presentation – While this is highly subjective, given the masses of blogs available on

the internet covering almost every topic you could ever think of, I really think that a

well thought out and neatly presented blog will be far more successful than a very

boring or generic one. Let’s face it we have probably all opened a webpage at some

point and closed it soon after because it does not look legitimate. It is quite

distracting and I find myself struggling to trust the accuracy of the content on the site

as a consequence. This component encompasses my initial impressions and feelings

when I open the webpage and look around without reading much more than the title.

In other words, does it grab and hold my attention?

2. Blogs that are interesting and well-written. While I do enjoy the informality of many

blogs, they should still be carefully written and flow between relevant ideas without

getting too side-tracked or seem like a diary entry. Topics discussed should also be

backed up with a credible form of evidence and find a good balance between

objective and subjective ideas.

While these criteria are relatively ambiguous, they do help to justify how I selected my final

top three blogs. A link to my blog post about my favourite bloggers in the unit can be found

here – My top 3 accounting blogs and the list can also be found below:

1. Isabella Plautza – Hold the vision, Trust the process

https://isabellaplautzaccounting.wordpress.com/

Isabella’s blog stuck with me when going through others for a number of reasons.

With respect to my first criteria, the way she has presented her blog is very clean and

neat. I also appreciated how easy it was to find her posts. However, the best aspect

of her blog is that her posts are well-constructed and flow quite nicely, which makes

them easy and enjoyable to read.

2. Keira Esler – A University Adventure

https://keiraesleraccounting.wordpress.com/

While Keira’s blog is quite plain in terms of design, I couldn’t help but immerse

myself in the content she has posted. Her ideas are not only well-written, they convey

a strong understanding of the underlying concepts that have been taught in the unit so

far and makes reading her post very worthwhile. Overall, her blog undoubtedly has

made a valuable contribution to my own learning and one I will follow closely

throughout the unit.

Chris Peters – Chris Peters Accounting

https://chrispetersaccounting.wordpress.com/

While Chris’ blog was neatly set out, it was the variety of different content (as well as

the quality) that he has posted that first caught my attention. There has clearly been a

lot of work invested into this blog and I found his ideas to be insightful and well-

written. Chris clearly has a good grasp of the topics covered so far and is effective in

highlighting these with reference to his own company, XTEP International Holdings

Ltd. I believe Chris’ blog and work is the most well-rounded I have read.

Accordingly, his has to be my favourite and is one I will visit time and time again

during this course.

Step 4

Bovis Homes PLC Annual Report Links:

Annual Report 2016 Annual Report 2015 Annual Report 2014

Completed – see Excel spreadsheet for inputted financial statements

Step 5

KCQs - Chapter 2

Chapter two of the course notes aimed to equip students with a better understanding the game

of financial accounting. Specifically, providing the financial information of a firm to parties

of interest outside of the firm itself, known as financial accounting as opposed to

management accounting. This distinction highlights how information of any kind can be

spun to target certain audiences, despite the fact that a company usually only keeps one ‘set’

of accounts. I found this to be particularly true within my firm's annual reports. Although

they did concede to several shortcomings with respect to their targets, everything is worded

in a particular manner and presented in a very positive light.

Prior to this course, I never really considered how the business activities of a firm would

affect more than the business itself and its equity providers, so this chapter was immediately

appealing to me. This idea really ties in with how interconnected even the general

community is with companies as consumers and potential equity providers. I have always

wondered how investors gathered information about firms to determine whether they are

worth investing in or not. I therefore found it quite surprising to learn that it was so difficult

to get the necessary information to understand what is happening within a company

(particularly in the past). With my total lack of knowledge, I thought that an individual was

essentially ‘in the know’ or not. In other words, investors are businesspeople who either have

good insider knowledge or are very good at playing the stock exchange game. By contrast,

the point that managers are not confined by official rules when it comes to accessing financial

information about their firm was not surprising to me as I am sure that insiders in large

companies in particular are able to exercise their influence to gain access to information with

ease. As wisely stated by Einstein, you must know the rules of the game and then play better

than anyone else!

In the case of government entities (such as the ATO) and banks, it seems reasonable to

require proof of income, assets and liabilities in order to assess risk for mortgage purposes

etc. However, I never realised that many companies are legally required to publish data

relating to their financial and general business performance for members of the public to see

under the Corporations Act. When a firm is required to provide financial information to

persons external to the company, it seems only appropriate that there should be a standardised

way to present such information. Further, given that big companies are often good at 'playing

the game', I can understand why there are regulations to ensure that companies cannot omit or

warp critical information used to make important business decisions. One of the more

confusing concepts that I came across concerns when exactly entities such as trusts and

partnerships are required to actually produce financial statements for external parties? I

understand they can choose to, but is the main reason to attract potential investors for sole

traders and partnerships?

One of the most surprising concepts that I came across within the chapter was the fact that the

rules (GAAP) governing how general-purpose financial statements are to be presented (while

similar) can differ between countries. I find it difficult to come up with a rationale as to why

these rules are not standardised across the world. My best guess is that differences in

business culture and standards of reporting mean that each individual country alters particular

rules to ensure they are relevant and appropriate? One question that persisted was how would

one go about presenting information for international firms that have branches all over the

world such as PwC or KPMG – do they comply with the local regulations based on where the

company is based? A quick web search did not provide a clear answer unfortunately.

Another thing I find quite interesting is that the GAAP enforced in Australia comprises

thousands of pages and is continually changing to stay relevant with emerging issues.

However, if nobody can keep up with all the rule changes let alone know them all, it would

be extremely difficult to enforce such a large body of rules for the ASIC. It therefore seems

to defeat the purpose somewhat. This point highlighted that it is not feasible to have a written

rule for everything, leaving large grey areas open to interpretation requiring judgements to be

made. This makes sense as often we just need to look at a situation on a case-by-case basis

and can’t possibly have a step-by-step answer for every situation due to the complexity of

business. An over-reliance on rules would probably cause the whole system to grind to a

halt, rather than merely guide the reporting of financial information to ensure it is reliable and

accurate.

Accrual accounting was another major topic of chapter 2. I found this to be interesting as I

had no idea that firms recorded transactions as they occurred rather than when money

changes hands. Initially, my thoughts were why would you include transactions in an

account before money has actually been paid? Would this not just muck up the accounts and

cause confusion? This was perplexing for me. While I can understand that if you were a

building firm (like my assigned company, Bovis Homes) and you had a lot of money owing

(potentially millions), it probably should be counted even before the debt is paid. But what

happens when transactions fall through? In particular, for companies that deal with much

smaller products at a high volume? This would surely make it difficult to keep up with the

accounts!

The final topic relating to quality of information with reference to financial statements such

as the importance of factors such as relevance and faithful representation were

straightforward concepts to me. It is essential to have all aspects balanced to ensure the

information conveyed is a fair, accurate and meaningful. This concept resonated with me as

due to my previous work as a science researcher. For example, a piece of equipment can be

reliable, but not valid for its intended use – which deems it useless!

KCQs - Chapter 3 (sections 3.1 and 3.2)

This reading built on chapter 2, which outlined the basics of financial statements. By this

point, I understood the purpose and general principles surrounding financial statements but so

many questions were left for me to ponder such as what should they look like and what do

they include? The previous chapter provided a good understanding of what to avoid,

however I still did not necessarily know what to expect. Accordingly, chapter 3 was a good

natural progression in the learning process.

The fact that no rules exist regarding how firms must set out their financial statements or the

naming of the various items within the statements was baffling to me. I thought having

uniform names for things as well as standard templates would make everyone’s job a lot

easier and would eliminate misleading or confusing names for certain items. I was equally

surprised that most expenses for a company are not required to be disclosed.

There are four fundamental financial statements (balance sheet, income statement, statement

of changes in equity and cash flow statement) was a completely new concept to me. Further,

I was surprised by the need to have more than just the balance sheet and income statement.

However, after learning that the statement of changes in equity details the changes in

shareholder's equity over a period it made more sense to me. While I had heard of a

balance sheet before, I was unaware that it was a snapshot of a firm’s financial position at a

specific point in time or that it included assets, liabilities and equity. I found it quite easy to

see how these aspects interacted with the formula: Assets + expenses = equity + revenue +

liabilities within my company’s balance sheet. It was not until I actually applied this concept

to the raw numbers in the financial statements that I gained a deeper understanding of how

interdependent each component is. As for the other three financial statements, I had never

heard of them prior to this unit. However, I am eager to learn how they can help me better

understand the business realities of Bovis Homes. Despite this, I can see some familiar

concepts standing out to me such as revenue minus expenses equals a firm’s income for a

period.

The idea that a firm's annual report functions as a marketing document is an interesting

concept. After looking through my firm's annual reports from the past few years I can

definitely see that despite their recent difficulties the report is filled with photos of satisfied

customers and colourful graphs that really just try to put a positive spin and outlook. They

clearly put a lot of thought and work into presenting the business in a promising light!

The opening paragraph of section 3.2 was an extremely interesting part of the reading for me.

I never appreciated businesses as active 'living' things that in a constant state of flux. Given

the balance sheet is merely a snapshot as at a certain date, it makes sense to look at these at

regular intervals to see how things have changed. This reminds me of my previous

experience as an exercise scientist, whereby we would measure a variable, wait a period of

time for the effects of a stimulus such as training to let the body adapt then take another

measurement or snapshot later on to quantify and understand how the body adapts over time.

This is an effective exercise for highlighting noteworthy changes (good and bad) or even

stagnations that may be of interest.

Although the cashflow statement showing the opening cash balance as well as inflows and

outflows over a period makes sense, I don't understand why it needs to be counted as an asset

in the balance sheet as well as have its own 'cash flow statement'. I also found it interesting

that the cash flow statement is devoid of judgements that often need to be made within the

balance sheet etc.

Lastly, the idea that revenue & expenses are temporary factors separated from equity as

revenue or expenses was a new concept that I did not know but its process and rationale were

logical. These are then transferred over at the end of a period into a profit and loss account

and subsequently transferred to equity. This wipes the revenue and expense accounts clean

again and allows for the recalculation of profits. This point reinforced the idea of how value

is transferred between accounts and that value is not always just created or destroyed.

Step 6 – Peer Feedback

Feedback To: Georgia Lane

https://moodle.cqu.edu.au/mod/forum/discuss.php?d=268128#p752991

My Comments

Step 1

KCQs

I really enjoyed reading your step one. Your writing has great flow and you add in good examples and draw from experiences, which really adds to your thoughts. Overall, you covered the major concepts well and were succinct. Great work!

Step 2 To ensure you can get full marks here I would add some basic details about yourself in your Moodle profile – what are your interests etc.?

Not sure if you have a photo or not – maybe other students can’t see them. In any case, make sure you upload one to your Moodle profile.

Links are provided.

Introductory words in Description box

Photo and description

Link to your blog/Set up blog

Step 3 Background – The background information provided about your company was of good quality, however I think that you could have expanded on what the primary focus of the company is in terms of services and also a bit more about the structure of the company.

Background information on company

Comments/KCQs

Also, the news articles you added links for were also a purposeful addition, good job! All in all it was a good brief overview.

KCQs – Overall, I think you covered the annual report for your company quite well. You indicated areas of strength and challenges in the company as well as incorporated your understanding of the financial statements themselves. One thing you could think about doing is perhaps adding a few extra examples into your writing to highlight the points you make.

Comments to others – good description to justify top blogs.

Comments on other’s blogs

Step 4 Nice layout and clear attention to detail. All totals are very easy to read and everything seems in order. Not much else to add here – really great job I think you will do

well in this section.

Input company’s financial statements

Step 5 Not completed at this stage.

KCQs

Step 6

Individual feedback with others

Good quality feedback given to three other students marked according to the criteria.

Constructive and thorough, good job!

Overall ASS#1 Overall, I think you have done a fantastic job. Your work is well thought out and thorough in all areas. Please use this feedback as positive, constructive feedback and best of luck with the assessment and the rest of the unit!

Feedback To: Tenille Ashton

https://moodle.cqu.edu.au/mod/forum/discuss.php?d=268082#p752990

My Comments

Step 1

KCQs

Excellent writing style – engaging, persuasive and succinct. Enjoyed your inclusion of personal experiences and thoughts

relevant to the topics. Appreciated that you avoided summarising the reading. To improve, your step one may benefit from a few more key

concepts and a little more depth for each one. Great job overall!

Step 2 Link to blog provided – blog looks great! Need to add a link to your Moodle profile

o Ensure that you have a brief description about yourself and a photo.

Introductory words in Description box

Photo and description

Link to your blog/Set up blog

Step 3 Good brief description – simple outline of what Phosphagenics does as well as some details about their current challenges and links to relevant articles.

This section may benefit from some extra details in each paragraph as well as more information about the structure of the company etc.

Annual report KCQs may also benefit from more details, but the concepts you did choose to discuss were beneficial.

A few more sentences on each of your favourite blogs may be necessary. Even try to incorporate examples of what stood out to you in particular for each one. Overall, good work in this section!

Background information on company

Comments/KCQs

Comments on other’s blogs

Step 4 Very neatly formatted Excel workbook with all four years of financials completed.

Formulas used well and appear accurate. I think this is a strong section!

Input company’s financial statements

Step 5 Enjoyed your writing style – very engaging and easy to follow. Good use of personal experiences/examples. Could include a few more key concepts but those chosen

were strong and relevant. Remember to proof read your work before the final

submission – there are a couple of simple spelling mistakes in this section.

KCQs

Step 6

Individual feedback with others

Useful and honest feedback was provided to three other students.

Overall ASS#1 Overall, you have done some quality work in your assignment one. Please use this feedback as positive, constructive feedback and best of luck with the assessment and the rest of the unit!

Feedback To: Harry Dodsworth

https://moodle.cqu.edu.au/mod/forum/discuss.php?d=268373#p752988

My Comments

Step 1 Good concepts chosen for KCQs Like that you listed the pain points of each section within the

chapter than gave your own insights/understanding.

KCQs

Step 2 General description in both blog and Moodle profile (could add a Moodle profile link for the marker).

Photo also provided.Introductory words in Description box

Photo and description

Link to your blog/Set up blog

Step 3 Very succinct background on the assigned company (Sogefi). Includes all relevant details and liked that you outlined the 3

main divisions within the business (i.e. air & cooling, filtration and suspension).

Comments/KCQs for the company’s annual reports were quite insightful and compared performance with 2015 KPIs.

Could consider adding a few more concepts as this section did seem a little brief, but the quality was great.

Top 3 blogs given with a well-informed justification.

Background information on company

Comments/KCQs

Comments on other’s blogs

Step 4 Excel spreadsheet was of high quality – neatly presented and numbers appeared to be accurate.

Could have used formulas for totals etc. to demonstrate understanding of the relationship between some items on the financial statements.

Input company’s financial statements

Step 5 Good start to chapter 2 – choice of concepts to include were great, but would add a few more if you have time.

Chapter 3 not yet completed at the time this feedback was written.

Keep working hard, you are doing good work!

KCQs

Step 6

Individual feedback with others

Evidence of individual feedback was provided for three students in the unit.

Comments appear to be relevant and constructive, but could benefit from a few more details in certain areas.

Overall ASS#1 Great effort overall, you are well on your way to submitting a strong assignment 1! Please use this feedback as positive, constructive feedback and best of luck with the assessment and the rest of the unit!