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The Group Project offers the students the opportunity to work in teams and develop their knowledge, problem-solving skills, and critical thinking skills. In addition, students will have the chance to demonstrate their ability to prepare financial statements from a set of accounts, as shown in the trial balance.
This project integrates and reinforces the concepts and procedures acquired in the relevant chapters. It also provides an overview of how the accounting record will be used to inform the users about the company’s operation, performance, financial health, and cash management for a given accounting period.
In a real-world situation, the adjusting entries will be commonly recorded when more information is available. However, this project will only be using the account balances from the trial balance for preparing the financial statements.
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