EPPD 1033 ACCOUNTING PRINCIPLE SEMESTER I SESSION 2023/2024
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FACULTY OF ECONOMICS AND MANAGEMENT
EPPD 1033 ACCOUNTING PRINCIPLE
SEMESTER I SESSION 2023/2024
PROJECT: FINANCIAL STATEMENT OF SERVICE OPERATIONS (10 MARKS)
This project is a simulation of business processes aimed at increasing students' understanding of the types of businesses and forms of ownership, economic processes and the preparation of financial statements. In groups of 4 members, students will create a single-owned business (simulation only) that runs service operations for 3 months. In the establishment phase, students will register the business, design the logo and business resource documents, and design the activities, mission and vision of the business. In the operations phase, each business will conduct a transaction, with part of the transaction involving interaction with other student group businesses. The business transactions will be recorded in journals and ledgers. In the final phase, each business will provide a financial statement.
PART A: GENERAL INSTRUCTIONS
1. Students will form a group of 4 members.
2. Each group needs to determine the type of business conducted. Examples of service
business types:
o Advertising
o Delivery
o Photocopy
o Accounting firm
o Salon
3. Each group also needs to specify the name of the business being run. The business name
must be registered by completing the Business Registration Form (Form A) and Business Name Verification Form (Form PNA.42) which can be downloaded from the Malaysian Companies Commission (SSM) website.
4. The business chosen is a sole-proprietorship business.
5. Each group is required to record business transactions manually.
6. Each group is required to record the same transactions using UBS accounting software.
. Tutorial on using UBS software can be obtained at the link below:
https://www.youtube.com/playlist?list=PLSJ1Lk_eDbwtvqNBrH7n- Ff3TOQCAV6nK.
. UBS software installer can be downloaded from UKMFolio.
PART B: PROJECT IMPLEMENTATION
The details of project implementation activities are as in the table below:
|
WEEK |
ACTIVITIES |
LEARNING OUTCOMES* |
|
1 & 2 |
Form a group of 4 members |
- |
|
3 |
o To register your business (on a simulated basis only), each group needs to: o Download Form A and Form PNA42 from the website of Suruhjaya Perusahaan Malaysia o fill in the forms o List the forms into one PDF file o In this activity, each group should state the following information: o Business name (as registered with SSM) o Business logo o Main activities of the business o Business Mission and Vision |
1 & 2 |
|
4 |
Design source documents that will be used in your business transactions. Examples of source documents are: oOfficial receipts o Sales invoice o Payment voucher |
1 & 2 |
|
5 |
Make at least 30 transactions for the first 3 months of business: o Every transaction needs to have source documents and be recorded. o The 30 transactions consist of 10 transactions with other groups and 20 transactions not with other groups (i.e. paying workers' salaries). You can use the space in UKMFOLIO or whatsapp group to connect with members of other groups. o Analyse each transaction carried out using accounting equations. |
1 & 2 |
|
6 |
Use the same transactions created in the previous week: o Prepare an account chart for your business o Prepare journal entries for each transaction o Open all related accounts o Post all journal entries o Prepare trial balance |
3 |
|
7 |
1) Prepare at least 5 adjustment entries o Prepare adjustment records o Post adjustment notes 2) Prepare adjusted trial balance |
3 |
|
8 |
1) Prepare financial statements 2) Prepare closing notes 3)Prepare post adjusted trial balance |
5 |
LEARNING OUTCOMES:
1. Explain accounting in the business world.
2. Identify the basic concepts and principles of accounting that are accepted as a guide to current accounting practices.
3. Identify, record, classify and summarize transactions in a complete accounting cycle.
4. Identify, record, and communicate accounting information in Published Financial Statements ethically.
5. Provide financial statements for single-owned businesses, partnerships, companies and non- profit organizations.
PART C: PROJECT DELIVERY
Each group must submit the entire project outcome including the company’s financial report generated through UBS, no later than December 29, 2023 (week 11) via UKMFOLIO. The overall result of this project will cover 10% of the total grade.
2023-12-20
FINANCIAL STATEMENT OF SERVICE OPERATIONS