ACC101 Financial Accounting 2020 Term 2 INDIVIDUAL ASSIGNMENT DUE DATE – 1st November 2020 (SUNDAY) OBJECTIVE The aim of this individual assignment is to enhance the ability of students to apply...

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ACC101 Financial Accounting 2020 Term 2 INDIVIDUAL ASSIGNMENT DUE DATE – 1st November 2020 (SUNDAY) OBJECTIVE The aim of this individual assignment is to enhance the ability of students to apply financial accounting concepts and treatments to practical business scenarios based on the knowledge gained from studying the subject. REQUIREMENT You are about to start a business and would like to train your accounting trainees before the commencement of trading. The groundwork for recording transactions is ready and accounting control system and documents have been set up by a consulting company. You have to prepare a report outlining the accounting system so that your trainer can base the training on the highlights of the report. This report should focus on how you would apply what you have studied in Financial Accounting with relevant examples and accounting treatment for the following criteria. Criteria Competencies Marks Introduction Provide a brief introduction of the business, including the type of business and main business activities. 4 Non-current assets, depreciation and disposal Description of non-current assets in the business, its methods of depreciation and any disposal using the necessary ledger accounts. 16 Accrual and prepayments Explanation of how accruals and prepayments are treated in the business with appropriate examples using journal entries and ledger accounts. 16 Irrecoverable debts and allowances Identification of the type of irrecoverable debts and allowances made for receivables by demonstrating the policy of the business. The treatment of specific and general allowances as well as increase and decrease in allowances should be clearly indicated. 16 Control accounts Preparation of sales ledger and purchases ledger control accounts with the purpose of control accounts. 12 Financial statements Preparation of a trial balance (with at least 20 items) and a complete income statement and balance sheet, considering the figures included for the above sections. Include the financial statements as an annex to the report. Only a synopsis is required within the report. 20 Conclusion Summarization of the key points with a brief recommendation for any stakeholder group. 8 ACC101 Financial Accounting 2020 Term 2 Referencing and formatting Provide references in appropriate format and organize the assignment in an orderly fashion. 8 GENERAL GUIDELINES • This assignment caries total 100 marks and it contributes 20% of assessment for the subject. • Then length of the assignment should be 2,000 – 2,500 words excluding references and appendix. • Penalty for late submission of the assignment is 5% of the total marks for each day late. • Plagiarism and cheating are serious offences and will be penalized accordingly. • The softcopy must be uploaded to Moodle/Turnitin in Microsoft Word format. • Marks will be deducted for not observing any of these guidelines.