ACC1AMD Fundamentals of Accounting - Assessment 2

TASK

You have decided to launch your own business. You are required to compile a business report answering questions 1-5 below in the order presented. You need to undertake market research and specify the references that were required.

Question 1      (Week 1)                                                                                             (20 marks)

As the owner and accountant of your business explain the nature of ethics and its importance within the profession, social responsibility and good governance. Ensure you address APES 110 and include a real-world example of poor professional, social responsibility and governance. (250 words)

Question 2      (Week 2)                                                                                             (15 marks)

Select a service business that you would like to run, choose a name and location for your business. Explain the service you are selling (only 1 service should be selected) and further explain what form of organisation that would be most appropriate for your business (i.e. sole proprietorship, partnership or private/public company). Provide at least two reasons for your organisation’s form and briefly explain why you did not choose the other forms of business. (150 words)

Question 3      (Week 3)                                                                                             (15 marks)

Assume you will start your business on the 1st of July 2024. You have been provided with further advice and have now chosen to use a private company structure. Undertake market research and prepare a list of appropriate business transactions relevant to your business that will occur during July (the transactions are not recorded in this question). Your list of transactions should be referenced properly to demonstrate your appropriate market research.

You should provide a list of at least 10 different transactions related to the activities of your business. To demonstrate your understanding of recording business transactions you must ensure that they are all of a different nature.

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NOTE: it is expected you will undertake research into the industry in which your business operates to ensure the transactions relate to the business type and the value is reasonable. You are expected to gather this information from the internet, you are not expected to enquire directly with such businesses. I anticipate a minimum of 5 different references will be required (in total, not for each transaction).

Question 4      (Week 3)                                                                                             (20 marks)

Use the information from question 3 and record the transactions in the general journal using excel, include dates and narrations. Copy the journal into your business report from excel.

Question 5      (Week 4)                                                                                             (15 marks)

Use the information from question 4 and record the transactions in the general ledger (T.Accounts), balance the general ledger and produce a Trial Balance using Excel. You are to copy the general ledgers and Trial Balance into your business report from Excel.

Presentation                                                                                                              (15 marks)

The assignment is to be presented in accordance with the “Assignment Presentation Guide” on the LMS.

Please ensure you review this presentation guide and compile your assignment as a business report using the automated front page, table of contents, headings, page numbering and layout.

INSTRUCTIONS/REQUIREMENTS

Assignments must be presented in accordance with the “Assignment Presentation Guide” on the LMS. As stated above, please ensure you review this presentation guide and compile your assignment as a business report using the automated front page, table of contents, headings, page numbering and layout.