Topics Learned AC2208 Accounting Fall 2020 Term Project This project is worth 10% of Final Grade Due: 25-Nov-2020, 11:59:59 pm After graduating as an Engineering Technologist, you decide to open a, for example business which will import industrial equipment such as compressors, generator sets, water purifiers etc. and sell to the local marine sector. Your purpose is to earn a profit, so you will need to establish the business. Use formal project format table of contents, introduction, analysis, conclusion etc.) 1. Create a joumal indicating your transactions for the first quarter of operations. Use realistic made-up amounts in your journal (research required), but have the journal be the basis for all financial statements. The journal should include at least 40 realistic transactions, covering all topics learned during the semester 2. Prepare your business's income statement statement of owner's equity, and balance sheet on November 30, 2020 (end of first quarter) 3. Assume that you will continue to operate the company if the venture is successful. If it is unsuccessful, you will terminate the business Discuss how you will evaluate the success of your venture and how you will decide whether to continue in business. Use appropriate ratios/indicators to measure the success of your company 1. Income statement 2 Budget Asset 4 Owrier equity 5. Journal 6. The ledger 7. Liabilities & Revenue 9. Expenses 10. Financial statement 11 Balance sheet 12 Inventory 13 Double entry accounting 14 T-Account T 15. Accrual basis vs Cash basis accounting 16. Break even analysis 17. Ratios, performance, financial, activity and liquidity and solvency warning 18 Profit loss account 19. Monthly and yearly cost 20. Margin of safety 21 Measuring business income 22. Matching principle 23 Time period assumption 24 Master budget 25 Operating budget 26. Prepaid insurance 27. Financial budget 28. Planning acting controlling and feedback 29. Verification 30 Payback period analysis Attach this sheet to the front of your report. Possible Points 10 10 Topic Journal Income Statement Statement of owner's equity Balance sheet Ratios/indicators Form Total 5 5 5 5 40 NOTE: We are suppliers buying required goods from equipment manufacturer and selling to our customer who owns a production company (companies can be of any sector automobile, chemical industries, agriculture, IT etc.) Topics Learned AC2208 Accounting Fall 2020 Term Project This project is worth 10% of Final Grade Due: 25-Nov-2020, 11:59:59 pm After graduating as an Engineering Technologist, you decide to open a, for example business which will import industrial equipment such as compressors, generator sets, water purifiers etc. and sell to the local marine sector. Your purpose is to earn a profit, so you will need to establish the business. Use formal project format table of contents, introduction, analysis, conclusion etc.) 1. Create a joumal indicating your transactions for the first quarter of operations. Use realistic made-up amounts in your journal (research required), but have the journal be the basis for all financial statements. The journal should include at least 40 realistic transactions, covering all topics learned during the semester 2. Prepare your business's income statement statement of owner's equity, and balance sheet on November 30, 2020 (end of first quarter) 3. Assume that you will continue to operate the company if the venture is successful. If it is unsuccessful, you will terminate the business Discuss how you will evaluate the success of your venture and how you will decide whether to continue in business. Use appropriate ratios/indicators to measure the success of your company 1. Income statement 2 Budget Asset 4 Owrier equity 5. Journal 6. The ledger 7. Liabilities & Revenue 9. Expenses 10. Financial statement 11 Balance sheet 12 Inventory 13 Double entry accounting 14 T-Account T 15. Accrual basis vs Cash basis accounting 16. Break even analysis 17. Ratios, performance, financial, activity and liquidity and solvency warning 18 Profit loss account 19. Monthly and yearly cost 20. Margin of safety 21 Measuring business income 22. Matching principle 23 Time period assumption 24 Master budget 25 Operating budget 26. Prepaid insurance 27. Financial budget 28. Planning acting controlling and feedback 29. Verification 30 Payback period analysis Attach this sheet to the front of your report. Possible Points 10 10 Topic Journal Income Statement Statement of owner's equity Balance sheet Ratios/indicators Form Total 5 5 5 5 40 NOTE: We are suppliers buying required goods from equipment manufacturer and selling to our customer who owns a production company (companies can be of any sector automobile, chemical industries, agriculture, IT etc.)
