ACC106 Introduction to Financial Accounting and Reporting Assignment Sample UITM Malaysia
This assignment sample gives students a fundamental understanding of the basic accounting concepts, principles, and techniques needed in order to prepare financial statements for small business. Topics such as the double-entry system, procedures in preparing financial statements are covered by this assignment sample. The goal of which is not only to provide students with essential knowledge about keeping full set accounts but also to teach them how that information can be used both internally and externally via reports or other means.
The course also includes how to prepare financial statements for merchandising or service enterprises that are in need of funds management skills. This is so they can become an expert on total recording processes as well as maintaining full sets of accounts necessary for any company interested in this subject matter.
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Assignment brief of ACC-106 Introduction to Financial Accounting and Reporting UiTM Malaysia
Assignment Task 1: Prepare financial statements and bank reconciliation statements using the basic accounting knowledge for a sole proprietorship business
In this assignment sample, students will be able to prepare financial statements and bank reconciliation statements using basic accounting skills. A sole proprietorship is a structure of a business that provides its owner with all the control and responsibility. They are bound to their company’s financials in ways they would not be if it were an LLC or corporation, as these structures have multiple owners who share both the rewards of success and risks from debt. Financial statements can provide an in-depth look at a company, but they are not always relevant to potential buyers. A lender may be interested in the relationship between a sole proprietor’s business and personal assets because it could determine how much credit someone is qualified for.
Step 1- Design your sole proprietorship’s cash flow projection to reflect the symbiosis between you and your business.
The topmost section of the statement must include all available sources of income, including personal assets such as infusions from an account that belongs solely to you or loans from family members. If these are not enough, only then turn to friends for help with a more personal loan in order to maintain some semblance of sanity when it comes time to balance out what money probably won’t be coming back thanks mainly due t0 finances being tight on both sides.
” The lower section reflects funds flowing into our company during the designated period”. In order to maintain a successful business, you have to be careful with how much of your company’s funds are spent on personal expenses. This can take the form of materials used for production or rental costs.
Step 2– In order to make your business appear more attractive in the eyes of a potential financial institution, prepare your sole proprietorship’s income statement so it shows P&L as happening from the perspective of personal taxes.
For this reason a sole proprietorship’s profit and loss statement, it is irrelevant how much money you withdraw from your business. This does not affect what goes on your financial statements or in any way reflect that this has actually happened. The only factors taken into account are gross revenue minus operating costs to compute net income which can be considered as nothing but “leftover.”
Step 3- You have two options to show your personal investment in the company, total equity or book value. When you calculate the asset side of a balance sheet it is all tangible and intangible assets plus cash on hand that belongs to the business; when calculating the liability side it’s everything owed by the business involves accounts payable, loans taken out for financing purposes which also includes any unpaid salaries from employees as well as loans personally used by owners such as yourself who may be able to infuse back into their own enterprise if they were experiencing a cash flow shortfall. A lender or potential buyer will ask this too so don’t forget.
Your Balance Sheet has 2 main components: Assets Side – All Tangible & Intangible Assets + Cash On Hand Liability Side.
Preparing a Bank Reconciliation statement
A bank reconciliation statement can be difficult to understand without a background in accounting. It shows how the records on paper match up with those stored electronically at an individual or business’ financial institution.
Step 1: Comparing the deposit –Compare the deposits in your business records with those on the bank statement. Compare each deposit you recorded under the “debit side of the bank column” to its corresponding entry under “credit side of cashbook”. Similarly, compare any entries that appear beneath both columns. This will show anything out-of-order or discrepancies in your work.
Step 2: Adjusting the bank statements- Adjusting the balance of your bank statements and make sure it’s accurate. You can do this by adding deposits in transit, deducting outstanding checks, or correcting errors with a simple click of two buttons.
Step 3: Adjusting the cash accounts- When it comes to managing the finances of a business, there are many obstacles that need to be accounted for. These include NSF checks and bank charges as well as accounting errors such things as duplicate payments or incorrect tax codes.
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Assignment Task 2: Work collaboratively with other students in completing the accounting simulation project
This assignment example lets students work collaboratively with other students. Anytime you can work collaboratively, the workload is more evenly distributed to allow for participation from everyone. For this unit, I prefer the share economy space-sharing model where we all contribute to creating a space of mutual respect that benefits all parties involved.
There are a few fundamental rules that you should be aware of when it comes to collaborative work with others.
1). Check for understanding each time a discussion is had with someone by repeating what you heard, rewording it, or asking questions on how they worded their thoughts in order to make sure the intention is clearly understood. This will help avoid confusion later on. For more guidance, see these tips on active listening and communication skills.
2). Stick to the task at hand rather than jumping from topic to topic during discussions; again, this will reduce the probability of confusion and keep conversations running smoothly. If another conversation does come up which was not part of the original dialogue problem then direct all joint efforts there until complete before.
Assignment Task 3: Analyse financial statements using simple financial ratios for sole proprietorship businesses
This assignment sample help students to analyze financial statements using a simple financial ratio. There are four types of ratio
- Common ratio
- Liquid ratio
- Efficiency ratio
- Solvency ratio
Financial ratio analysis is an important tool for understanding the present and future of companies. Those who have Wall Street investment firms, bank loan officers, knowledgeable business owners all use this powerful technique to better understand a company’s current financial health and wealth as well as its potentials in order to make smarter decisions with their money or time spent on research.
Financial ratios provide a roadmap to analyze the past, present, and future of your company. They can assist you to recognize problems that need fixing or avoid potential ones before they happen. You also have an opportunity to compare performance with other companies in your industry to see where there are opportunities for growth.
Financial ratio analysis provides insights into not only what has happened but more importantly, it helps predict how things will play out going forward so you know when adjustments need to be made now instead of later on down the road which could lead to expensive outcomes like bankruptcy court filings–not something we want as a business owner.
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