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 2: Car service companythat specializes in providing repairs and maintenance services Assessment Criteria: Marking will take into account the following criteria: Choice, Understanding, Quality and Clarity of discussion Overall structure Conclusion Length, Format and submission details: The essay should be minimum 700 words