ATF20603 BUSINESS ACCOUNTING Financial Records and Performance Analysis
University | Asia Pacific University (APU) |
Subject | AAC20303: Financial Accounting & Reporting |
GROUP ASSIGNMENT (20%); PRESENTATION (10%)
After graduating from Universiti Malaysia Kelantan (UMK), you and four of your friends decided to run a small trading business. The business ran quite well for the last 3 years. As your business grows, you notice that the accounting record is not properly managed, which leads to various problems. In one serious business meeting, it was agreed that the business should practice what had been learned in the UMK basic accounting course.
Hence, it is your group task to produce a complete set of accounting records, including all transactions that occurred for the last two months.
The number of transactions must meet the minimum requirements as follows:
i. Expenses: 10 cash transactions, 5 accrued transactions
ii. Purchase of goods: 10 cash transactions, 5 credit transactions
iii. Sales: 20 cash transactions, 10 credit transactions
iv. Sales & Purchase Returns: 2 transactions each
v. Payment of loan: 2 transactions
vi. At the end of the two months
● Provide depreciation for each fixed asset
● Provide doubtful debts 5% of outstanding debtors
The number of accounts/ledgers must meet the minimum requirements as follows:
i. Fixed Assets: 3 accounts
ii. Current Assets: 5 accounts
iii. Current Liability: 3 accounts
iv. Non-Current Liability: 2 accounts
v. Expenses: 7 accounts
* Make your transactions as unique as possible. Any plagiarism or similarity with other group assignments will be penalized.
REPORT REQUIREMENT:
1. Introduction: the idea or the story line of how your business comes into existence.
2. Background of your business—when started, why the name, logo, and location chosen.
3. Provide an organizational chart of the business; all group members must have positions in the business, with pictures. Describe the role of each position.
4. Introduce the products that you are selling in a way as if you are promoting the features of the product to your clients.
5. Key in all transactions as required above in an accounting software to generate common accounting reports such as ledgers, trail balances, income statements, and balance sheets.
6. Describe the performance of the business with reference to income statement and balance sheet information.
8. Suggest what area could be improved for the business.
9. Conclude the report.
10. Attach 5 examples of source documents for the two-month transactions.
◆ Report submission is at Week 13.
◆ A brief tutorial session will be provided to illustrate the Autocount Accounting Software function.
◆ Final submission should be through eCampus.
◆ Assignment Format: must be written in English and should have all the necessary academic
writing criteria. Microsoft Word; Font Arial, size 11, 1.5 spacing.
◆ Online/Recorded Presentation: Consult your lecturer for the presentation arrangement.
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