ACC 406 – INTERMEDIATE FINANCIAL ACCOUNTING & REPORTING
GROUP PROJECT 20%
INTRODUCTION:
This assignment is designed to enhance the students to demonstrate teamwork through acquisition and
organisation of accounting information in the preparation of financial statement of sole proprietorship or
partnership. Students are required to form a group of 4 members.
INSTRUCTIONS:
1. In a group of four (4) members, you are required to create a business trading.
a. Each group SHOULD NOT be doing the same business activity. The business activities and
form of business are assigned by your lecturer.
Business activities:(Eg: pasty shop, car services shop, laundry shop, dental clinic, printing
shop, etc…..)
Form of business: (Trading or partnership ONLY)
2. You are required to submit a report that at should contains the following information;
a. Explain the background of the organization
Organisation details, Owner’s capital, location, type of business, business activity,
b. Explain the characteristics of the chosen business
Liability, No. of owner, books and accounts keeping, business establishment, profit sharing,
c. Classification of possible business items:
Assets, Liabilities, Drawing, Capital, Revenues, and expenses
d. Explain on the correct recording process for the business.
Focus on accounting cycle, how the business should record its business transactions
e. Identify and explain
5 advantages and disadvantages of accounting recording process.
3. Report format
a. Cover page
b. Table of content
c. Introduction
d. Content
e. Conclusion
f. References
4. Important notes
a. The assignment must be typed with the minimum of 15 pages.
b. Font type/size: Arial 11/ Times New Roman 12
c. Line Spacing: 1.5
d. Alignment: Justified
e. Enclose group photograph and any related items if possible
f. Marks will be deducted for late submission