ACC106 Introduction To Financial Accounting And Reporting Assignment Example UiTM Malaysia

This course will provide you with a fundamental understanding of the basic accounting principles, techniques and concepts needed for merchandising or service enterprises. You’ll learn about double-entry system recording procedures as well as how to maintain full sets of accounts to keep your business organized.

This course is designed for individuals who want to learn the basic accounting principles, techniques, and concepts needed for merchandising or service enterprises. You’ll learn about double-entry system recording procedures as well as how to maintain full sets of accounts to keep your business organized. This course will give you a strong foundation on which to build your accounting knowledge.

This course is beneficial for individuals who want to learn the basics of accounting and how it applies to running a business. You’ll come away from this course with a better understanding of double-entry system recording procedures, how to maintain full sets of accounts, and the importance of keeping your business organized from a financial standpoint. Whether you’re just starting in business or you’ve been running your own company for a while, this course will give you the skills and knowledge you need to better understand and manage your finances.

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Assignment Task 1: Prepare financial statements and bank reconciliation statements using the basic accounting knowledge for a sole proprietorship business. 

Assuming you would like a detailed answer for both how to prepare financial statements and bank reconciliation statements for a sole proprietorship business, I have included that information below. 

To begin, one must first understand the types of financial statements. The four main types are the balance sheet, income statement, statement of retained earnings, and statement of cash flows. A sole proprietorship will typically only need to prepare the first three since they do not issue stock nor do they have shareholders. 

The balance sheet is a snapshot of the company’s assets, liabilities, and equity on a given day. It is important to note that all companies must report their Assets at their “historical cost” which is the original price paid for the asset less any depreciation that has been taken. This method of valuation is different from the “mark-to-market” or “fair value” methods used by some businesses.

Assignment Task 2: Work collaboratively with other students in completing the accounting simulation project.

Work collaboratively with other students in completing the accounting simulation project. By doing so, you will be able to learn from each other and gain a better understanding of the material. In addition, working together will make the project go much smoother and faster. Here are some tips on how to successfully work together:

• Communicate effectively with each other. Discuss what needs to be done and how you can divide up the work between yourselves.
• Stay organized. Create a plan or use a tool like Asana to keep track of tasks that need to be completed. This way everyone knows what needs to be done and when it needs to be done.
• Be responsive to each other’s questions or concerns. If someone is having trouble understanding something, take the time to explain it to them.
• Give feedback. Offer suggestions on how something can be improved or offer praise when someone does a good job.

By following these tips, you’ll be able to work together effectively and complete the accounting simulation project successfully.

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Assignment Task 3: Analyse financial statements using simple financial ratios for sole proprietorship businesses. 

There are a variety of financial ratios that can be used to analyze the financial statements of a sole proprietorship business. Some of the more important ratios include:

• The solvency ratio measures the ability of the business to pay its debts.
• The profitability ratio measures the profitability of the business.
• The liquidity ratio measures the ability of the business to meet its short-term obligations.
• The efficiency ratio measures how efficiently the business is operating.

Each of these ratios provides insights into different aspects of how the business is performing financially and can be useful in evaluating the overall health of the business.

When analyzing the financial statements of sole proprietorship businesses, it is important to keep in mind that these businesses can be quite different from one another. As such, it is important to tailor the analysis to the specific business being evaluated. For example, a business with a high solvency ratio but a low liquidity ratio may be in better financial shape than a business with a reverse situation.

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