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BAAC1102: Understanding the Accounting Process Related to a Sole Proprietor - Accounting and Finance Assignment Help
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Assignment Task:
Task:
Coursework Assignment:
This assignment is an individual project that will allow the students to demonstrate their ability to work on practical assignments and creating structured essays.
The entire assignment contributes 15% towards the overall assessment of this course which totals up to 15 marks.
Intended Learning Outcomes assessed
As a result of participating in this assessment, students will be assessed on the following outcomes:
- Understanding the accounting process related to a sole proprietor – service business
- Able to critically evaluate and create reports and structured essays
Assignment Topic:
Understanding the accounting process and related development for a sole proprietorship with service businesses
Required:
A structured essay on the application and use of accounting knowledge acquired by the student in the course and how it will be applied in developing an accounting system.
The students are required to prepare a report on the situation provided to them Such report should be based purely be based on the students understanding of the given situation and the basic accounting knowledge.
Credit will be given to originality and creativity of writing the summary rather than copying it from the internet sources. It is up to the students to understand and encrypt all the possible information that can be derived on the given topic.
The assignment will be submitted with:
- A cover page providing the details of the student and section
- A content page
- Introduction page (This will include details of the business in terms of services provided and how they are delivered to the customers)
- Discussion page (This will include all the questions that will be asked by you help you to understand the resources involved and the daily transactions that the business will engage in)
- Conclusion page (With reference to the question asked you will be able to identify the various accounts that will be opened which will able you to record the transactions of the business effectively and efficiently. Also
you can add any other relevant aspect with regards to accounting approach and basis that can be adopted along with appropriate explanation)
- Any relevant points mentioned above in order.
The students can add necessary tables to support the information presented
Understanding the accounting process for a Sole proprietorship – service business:
A Sole proprietor incorporates a service business:
Group 1: Software Programming Company that specializes in providing computer programming services.
Group 2: Car service company that specializes in providing repairs and maintenance services
Group 3: Marketing service company that specializes in providing various marketing solutions to small and medium sized businesses.
Group 4: Travel and tourism company that specializes in booking service for travel and tourism across Oman
Group 5: A/C maintenance company that specializes in air conditioning maintenance services.
Group 6: Pest control services that specializes in providing solutions related to pest problems.
Group 7: Cold storage facility which provides services of storage for vegetables, meat, fish and medicines.
Group 8: Transport services that specializes in transportation services for student’s intra-city and inter-city.
Group 9: Event management company that specializes in managing and organizing events and family gatherings.
Group 10:Counselling service company that provides counselling and related support services to young students in the field of education and health.
The student must select only one service company for report writing.
Scenario: The chosen business has been established on 1st November, 2020 without having specialised accounting department or system. However, at the end of November the business faces major difficulties and misunderstanding of the process of recording business transactions in a standardized way.
You are been approached by the business owner to look after the accounting system. As a fresh accountant what will be the basic questions you will ask the businessman in understanding the accounting process of the given business that will help you to identify necessary accounts that needs to be created for recording the transactions.
You are required to write the list of questions that will help you to understand the business process and allow you to identify all the possible accounts that needs to be created and structure out a proper accounting process. List out as many areas you can which will help you to understand the basics of the business and the related accounts that can be opened for such business.
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