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...

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
ief introduction of the business, including the type of business and
main business activities.
4
Non-cu
ent assets,
depreciation and
disposal
Description of non-cu
ent 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
I
ecoverable debts
and allowances
Identification of the type of i
ecoverable debts and allowances made for
eceivables 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
ief 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.
Sep 17, 2021ACC101Alphacrucis College
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