Introduction to Accounting - Accounting Assignment Help

Assignment Task

BUSINESS Report- Group
You are required to prepare a business report to explain how your business operated and demonstrate your accounting abilities to illustrate the success of your business.
Assume that your business operated as a gift shop. Ensure all transactions that occurred to successfully operate the business are accounted for.
Each employee was paid a flat $5 wage for their participation in the business.
Assume the business was required to pay $5 to the school for rent in the location the business operated.
You were informed that half of your supplies where actually bought on credit rather than paid with cash.
You also had to borrow $50 from the school in order to help fund your business operations.

The business report must include the following information and data:
The Business Report
Executive Summary (Describe the business and provide a short summary of all the information contained in the Business report) (Note: write this last).
Table of Contents (Illustrating what your report will discuss through titles, subtitles and page numbers).

1.0 Introduction
Explain what this report is going to discuss and illustrate (the objective or purpose to this report).
Describe your Mission Statement (Explain the ultimate objective of your business. This is sometimes called a vision)
 

2.0 Background
Describe the definition of accounting using sources to support your work.
Describe the accounting concepts (Assets, Liabilities, Owners Equity, Revenues and Expenses).
Explain the importance of accounting for businesses to operate effectively.
Explain the accounting entity assumption and its importance to a business success.
 

Body
3.1 Analyse the effect of transactions operated by your business on the elements of the accounting equation.
Identify business events, analyse these transactions, and record them as journal entries in the General Journal.
Evaluate accounting practices and information to make informed accounting decisions.
Calculate how much money you needed to start your business (start-up capital).
Calculate your revenue? (How much did you make?)
Calculate your expenses.
Calculate your profits.
Explain the strengths associated with your business.
Explain the weaknesses associated with your business.
Recommendations
Make at least three justified recommendations for improvement for your business.
The first recommendation to improve our business would be ……
The second recommendation to improve our business would be ….
A key recommendation that would improve the overall market would be ….

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