Demonstrates the Understanding of Accounting Cycle Assignment
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- Referencing Styles: APA
- Course Code: ACCT1001
- Course Title: Accountancy
- University: Acadia university
- Country: CA
Using the knowledge that you have gained in this class you are required to prepare a comprehensive term assignment that demonstrates your understanding of the Accounting Cycle. Templates have been provided to assist in your completion of the financial information that is required. This excel document can be found on SAM. This project is worth 25% of your overall mark and please note that you must achieve a minimum of 60% on this to achieve your credit. As you already know there are 9 steps in the accounting cycle.
Your term assignment will encompass each of the nine steps, implemented in a fictional company that you create. The following requirements are to be completed using the templates provided on Microsoft Excel and an accompanying Microsoft Word document. The steps are as follows:
1. A brief overview of your business. Please include as much information as possible to give the reader a full understanding of what type of business you are operating. This is entirely up to you so please feel free to have some fun with this if you wish. Be sure to provide the dates for the accounting period you will be documenting in this assignment. I would suggest documenting the activity for one month. This outline can be completed on a simple Word file. (One Mark)
2. Chart of Accounts. As you know a chart of accounts is a list of accounts that your company will be keeping track of during the period of its operations. Use the Excel template document provided on SAM, complete this task by selecting the “Chart of Accounts” tab. Refer to your resources in Chapter 4for more information on a Chart of Accounts. (One Mark)
3. Create General Ledger accounts. Using the Excel template document provided on SAM, a group of General Ledger accounts needs to be created for each account in your Chart of Accounts. Account names and numbers are to be present. Please be sure that your accounts are shown in numerical order. Refer to your resources in Chapter 4 for more information on General Ledger accounts. (One Mark)
4. Create and post your Opening Balances. For each of the permanent accounts included in your Chart of Accounts, an opening balance will need to be established. These balances are entirely up to you. Please ensure that the opening balances follow the rules relating to “Normal Balances” and that the Debit and Credit balances agree. Otherwise, your accounting equation is not balanced. Refer to your resources for more information on Permanent Accounts and Normal Balances. (One Mark)
5. Creating Transactions. On your Word document, create a minimum of 15 transactions that have taken place during the accounting period. Please ensure that at least 10 of these transactions relate to either Revenue or Expense accounts. The remaining entries can be focused elsewhere. Refer to your resources for examples of transactions we have reviewed to date. (Two Marks)
6. Analyze, Journalize & Posting to General Ledger. After analyzing your transactions, use the Excel template document found on SAMand journalize your transactions in the General Journal. Please include the account numbers in the PR column in the Journal Entries. Once this has been completed you can then post these Journal Entries into your General Ledger accounts. Remember to ensure the Journal Entries are balanced before you post. Also, ensure that General Ledger balances after you post. Refer to your Chapter 4 resources for examples. (Five Marks)
7. Prepare the Unadjusted Trial Balance. Using the Excel template document found on SAM, prepare your Unadjusted Trial Balance. Please ensure that the Debit and Credit balances agree before moving on to the next step. If for some reason your Debit and Credit balances do not agree then you have made an error somewhere along the way and you should not proceed until you have fixed the problem. Refer to your Chapter 4 resources for examples of Unadjusted Trial Balances that we have reviewed to date. (One Mark)
8. Period End Adjustments. On the same word document, used to list your outline and 15 transactions, create and outline 6scenarios in which an adjusting entry would be required. The details surrounding the adjustments are to be documented on the same Word file you used in step #5. Once the adjustments have been formalized, they need to be journalized in the General Journal and posted to the General Ledger Accounts. Refer to your Chapter 5 resources for examples of adjustments we have reviewed to date. (Three Marks)
9. Complete a 6 Column Worksheet. Using the Excel template document found on SAM, prepare the 6 Column Worksheet.