BACC1253/ ACC4273/ ACC4213 Financial Statement Assignment: Business Transactions Recording and Reporting for Hospitality Accounting

Assignment Brief

1. Assignment Title:

You are required to prepare the Financial Statement of the business transactions and records the transaction of the business.

2. Course Learning Outcome (CLO):

Upon completion of this assignment, students should be able to:

• CLO 1: Describe the purpose of accounting. (C5, PLO1)
• CLO 2: Explain the necessary of financial statements & the important to hospitality career. (A3, PLO4)
• CLO 3: Identify the asset, liability, and equity accounts used to prepare a balance sheet and major financial statements, their contents and when they are issued. (P1, PLO2)

3. Scenario/Introduction/Background Information:

As our society becomes more advanced, the role played by the business sector has become more important. As a result, more and more people are interested to learn about the activities of business organizations in Malaysia. They are also interested to know how business transactions are recorded in suitable ways and formats, which will enable periodic financial reports to be prepared by these organizations.

4. Tasks:

Student are required to prepared the report for the task given. The report should be included the introduction and conclusion. Student also required to Prepare the Slide Presentation for the task 3, 4 and 5.

Task 1:

State 10 accounting concepts or principles involved in preparation of financial reports and explain FIVE of them with appropriate examples.

Task 2:

Illustrate with an appropriate diagram the accounting flow or process of recording the business transactions.

Task 3:

Show the ledger entries using T-account for the below scenario.

Wong commenced her business on 1st May 2024 with a capital of RM5,00 of which RM1,000 was in cash and RM4,000 in a bank account. Her transactions during May were as follower.

Answer

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