FAR110 Financial Accounting 1 Group Assignment 2026 | UiTM Malaysia

University	Universiti Teknologi MARA (UiTM)
Subject	FAR110 Financial Accounting 1

FAR110 Group Assignment 2026

Course Code: FAR110

Course Name: Financial Accounting 1

Programme: Diploma / Bachelor of Accountancy

Semester: 1

Academic Year: 2026

1. Assignment Title

Group Task: Recording and Reporting Basic Accounting Transactions

2. What This Assignment Is About

This assignment is for you to practice what you learned in class.
The focus of FAR110 is to record business transactions, prepare simple financial statements, and know the steps from start to finish.:contentReference[oaicite:1]{index=1}

You and your group will look at a business scenario, record the transactions, and prepare the accounts and statements.

3. What You Should Learn

By doing this task you should be able to:

Record transactions using double entry
Prepare journals and ledgers
Complete a trial balance
Prepare simple financial statements
Explain what the results show in plain terms

4. Group Formation

Group of 4 – 5 students
Every member should do some part of the work
Choose a group leader to organise and check work

5. What to Do

Task 1: Business Scenario

Choose or create a small sole proprietorship business. Write basic details about it:

Business name
Owner name
Type of business (e.g., retail, services)
Location (optional)

Task 2: Journal Entries

Record at least 12 transactions using journal entries. Make sure debit and credit are correct.

Task 3: Ledger Accounts

Post the journal entries into ledger accounts. Make sure balances are correct.

Task 4: Trial Balance

Prepare a trial balance after posting to ledger.

Task 5: Financial Statements

Prepare these simple statements:

Statement of Profit or Loss
Statement of Financial Position

Task 6: Simple Explanation

Write in natural words:

Did the business make profit or loss?
What do the numbers mean?
Why is this accounting work important?

6. Report Format

Length: ~2,000 – 2,500 words (tables not included)
Font: Arial or Times New Roman
Font size: 12
Line spacing: 1.5

7. Appendices

Journal entries list
Ledger accounts
Trial balance
Statement working notes

8. Submission

One file per group only
Upload on UiTM online system (UFUTURE / i-Learn)
Late submission can lose marks

9. How It Will Be Graded

Your work will be marked on:

Correct recording of transactions
Neat and correct ledger posting
Accurate trial balance
Correct financial statements
Explanation that shows understanding

10. Academic Integrity

Make sure the work is yours. Do not copy from other students or online. If material is used from books or websites, write references.

End of Group Assignment Template
FAR110 – Financial Accounting 1 (2026)

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