The tasks can be broken up into 4 consecutive steps. Complete the following in the order given.

STEP 1: Basic Procedures and Principles of Accounting: A1, A3 K/U a) Introduction - Come up with a creative company name and describe a situation in which you are the accountant/owner for a company. Decide if your company will be a service or of merchandising business and describe the goods or services that the company will be selling. State your depreciation and any other (if applicable) accounting policies that you will put in place. Make the assumption that the company has just started. b) Create 12 general business transactions and accounts of the company for the fiscal year ending in Dec. 31, 2023. Transactions should be formatted similar to textbook transactions. Include transactions that involve acquiring assets, liabilities, capital, drawings, revenue, expenses and adjusting journal entries. The transactions should be specific and should reflect as much as possible the scope of the course - see the attached sample list*. c) Create one source document that would be used by the company (e.g. cash sales slip or sales invoice)

STEP 2: The Accounting Cycle: A Marks Journalize the transactions in the general journal. Prepare a trial balance Prepare a worksheet (8 Column only) Prepare the income statement Prepare a classified balance sheet) Adjust the books (adjust entries on the worksheet only)

STEP 3 Evaluating Your Financial Status: D1, D2, D3 Write a three-page double-spaced reflection on the following topics:

1. Evaluate the financial status of your business by analyzing performance measures and financial statements. Is the business making a profit or operating at a loss? Prospects of gain/loss.

2. Why do managers/accountants need to behave ethically? Explain. Would you make a good Accountant? Describe your strengths and weaknesses as displayed in this course that would support your view. 4. Compare and contrast manual accounting with computerized accounting, How are they different?

STEP4: Course Reflection A1, C2, D3 C Write a three-page double-spaced reflection on the.

Your reflection should include the following:

i. Your experiences during the course and overall impressions.

ii. What you learned and how was the knowledge gained in this course beneficial to you for the future?

iii. Suggestions for improvements and/or topics/content you would have liked to learn about.

iv. Would you consider furthering your knowledge in accounting? Explain.

*Sample List of normal business transactions and accounts: Cash Sales Purchase of goods and services on account Purchase of goods and services for cash Payment of supply accounts Payment of wages/salaries Purchase of fixed assets involving 2 or more accounts (building, land, machines) Accounts Receivable (AR) Accounts Payable (AP) Owners drawings of cash Prepaid Insurance Prepaid Rent Additional investments by the owner in cash or non-cash assets f Others you may think of....

**Sample list of adjusting journal entries:

Prepayments of supplies, advertising, rent, insurance

Depreciation expense and accumulated depreciation for the time period

All parts should be assembled in a professional manner. An Accounting template easily created

using MS Excel. Please submit the rubric with the completed assignment. The assignment should

have the following sections:

a) Title page (include name, date, course code, teacher)

b) Table of contents (TOC)

c) Step 1 (list each document separately)

d) Step 2 (list each document separately)

e) Step 3

f) Step 4

Must have the following

*Excellent written delivery.

Enthusiastic and convincing writing style.

Demonstrate confidence and strong connection to

your readers/audience. Excellent writing skills -

grammar and spelling, structure, transitions. No errors.

*Financial Statements is meticulously prepared,

professional in appearance and enhances presentation.

Report that looks attractive and professional

with use of headers, sections, and graphics, etc.

Appropriate length.

Excellent layout and balance.

Excellent understanding and application of GAAP

You demonstrate exceptional research and effort has been carried out.

Your ideas are factually correct, realistic, and convincing.

You demonstrate critical thinking ability and original thought.

Demonstrates superior grasp of financial

concepts, terms, and vocabulary

You avoid unnecessary colloquial or slang

expressions or terms Excellent knowledge of

GAAP