ACC1AMD: Creative Problem-Solving Graduate Capabilities - Business Financial Performance - Business Assignment Help

Assignment Task:

General information and requirements 

This is an individual assignment due in on Sunday 4th October 2020, by 11.59pm. 

Assignment Length  

Each question provides a guide as to the approximate word length of each answer. It is recommended  you are close to these limits, but you do not need to achieve them exactly.  

Submission 

All submissions must be typed in a minimum 11 font, with 1.5 line spacing using WORD saved as a .pdf  file and submitted via the Turnitin link on LMS. You are only able to submit 1 file. 

Referencing 

All submissions will be reviewed by a program called “Turnitin” and this will identify instances of  plagiarism (copying). This is a very serious offence and can result in you receiving no marks for the  assessment task. Refer to the “Assignment Presentation Guide” available under the “Assignment” tab  for guidance. 

Late Assignment Penalty 

“The standard penalty for late submission of assessment tasks is 5% of the marks for that task for each  delay in submission of a day or partial day up to a maximum of five (5) working days after the due  date.” 

Please note after 5 days of the submission date, your assignment will not be marked.

Presentation - (1 mark) 

Assignments must be presented in accordance with the “Assignment Presentation Guide” available  under the “Assignment” tab. 

Task 

Assume that you have decided to launch your own business. Answer questions 1-8 below  in the order presented. You need to undertake market research and specify the references that were required.

Question 1 - (0.5 mark) 

Select a business that you would like to run (it should be a service business). Select a name and a  location for your business and explain the service you want to sell. 

Question 2 from week 1 - (1 mark) 

Explain what form of organization your business will take (i.e. sole proprietorship, partnership or  company). Provide at least two reasons for your selection and explain why you did not choose the other forms of business (100 words). 

Question 3 from week 3 - (0.75 mark) 

Explain how your business will contribute towards sustainability aspects (100 words).   

Question 4 from week 5 - (2.25 mark) 

Assume you will start your business on the 1st of August 2020. Undertake market research and  prepare a list of possible business events and transactions that will happen during August (Do the  market research to make sure the amounts are realistic and include references for your cited  information and data). You should provide at least 20 transactions and event related to the activity of  your business. Analyse the effect of them on the basic accounting equation and decide which  transactions or events should be recorded. 

Question 5 from week 6 and 7 - (3 mark) 

Use the information from question 4 and record the transactions or events that should be recorded in  the general journal and post them to the ledger accounts; include narrations and dates. Then prepare  the trial balance.  

Question 6 from week 8 and 9 – (1.5 mark) 

Assuming it is end of August, undertake at least 5 adjusting entries. The amounts and items recorded  should be from the information you provided in questions 4 and 5. Record the adjusting entries in the  general journal and post them to the ledger accounts and include narrations and dates. Then prepare  the adjusted trial balance. 

Question 7 from week 2 and 9 – (3 mark) 

Prepare a classified statement of financial position, statement of changes in equity, income statement (Profit or Loss) and statement of cash flows for the month ending August.  

Question 8 from week 4 - (2 mark) 

Evaluate and comment on your business financial performance by calculating and analyzing 2 of each of profitability, liquidity, and solvency ratios based on the information from your financial statements prepared in question 7. Consider whether certain aspects (profitability, liquidity or solvency) can be improved and if so, how? (200 words)

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