Principles of Accounts

School Based Assessment

(CSEC)

NAME: VANNESSA BROWN

SCHOOL: KNOX COMMUNITY COLLEGE
TEAHER: MS. MATTHEWS
SUBJECT PRINCIPLES OF ACCOUNTS
 TABLE OF CONTENT
CONTENTS PAGES
Acknowledgment-----------------------------------------------------------------------------------1
Topic -------------------------------------------------------------------------------------------------2
Objectives -------------------------------------------------------------------------------------------3
Background----------------------------------------------------------------------------------------- 4
Methodology----------------------------------------------------------------------------------------5-7
 ACKNOWLEDGEMENT
Sincere gratitude is given to everyone who has made a significant contribution to the
successful completion of this school based assessment.
 TOPIC
Ann assessment into the impact of the Covid-19 pandemic on the profitability of Mark’s
phone repairs, a small business in the town of Christiana.
 OBJECIVES
 To highlight the challenges of the Covid – 19 pandemic faced by Mark’s phone
repairs.
 To examine the effect of the Covid – 19 pandemic on the profitability of Mark’s
phone repairs.
 BACKGROUND
Mark’s phone repair is a developed retail company which provides cellular phones and also
repair them to most parishes in convenient locations. Mark’s phone repair is owned and
operated by Mark Green, the sole proprietor. The company allows customers to purchases on
cellular phones on credits from its suppliers.
The company employs five members of staff with Mr. Green as its chief executive officer.
The staff includes one supervisor, one cashier, one assistant and a security guard.
 METHODOLOGY
The data was collected by an interview done by the owner/ceo of Mark’s phone repairs.

IMPACT OF COVID-19 INTERVIEW

1. How long has this business been in operation?

His response was: seven years

2. What is the current trading status of your business?

His response was power – point two.

 Continuing to trade
 Has temporarily closed or paused trading
 Has permanently ceased trading

3. As a result of the COVID-19 pandemic, which of the following challenges has this
business location experience? (Select all that apply)
His response was power – point one, two and four.
 Shortage of supplies
 Decrease in demand for products or services
 Increase in demand for products or services
 Difficulty in accessing goods
 Government-mandated closure of this business location
 None
 Other ________________________________________

4. Have you observed any changes in the prices for goods during the last two years 2020 -
2022?
His response was yes.
5. How did the prices of goods purchased by your business for resale change in the last two
years 2020 - 2022, compared with normal price fluctuations?
His response was power – point three.
 Prices increased more than normal
 Prices decreased more than normal
 Some prices increased; some prices decreased
 Prices did not change any more than normal
 Not sure
6. How did the prices of goods and services sold by your business change in the last two
years 2020 - 2022, compared with normal fluctuations?
His response was power – point three.
 Prices increased more than normal
 Prices decreased more than normal
 Some prices increased; some prices decreased
 Prices did not change any more than normal
 Not sure

7. Do you think that the COVID-19 pandemic has affected sales? Explain
His response was no. he was asked to explain and his response was: we still have a lot of
customers coming in and it has helped us from going bankrupted and keeping the
business balance especially when it comes to buying goods from our suppliers.

8. Before the COVID-19 pandemic, how profitable was this business?

His response was: profitable

Not profitable [ ] Profitable [ ] Very Profitable [ ]

9. Has the recent COVID-19 Pandemic affected the business earnings? No

10. How would you describe the impact or effect of the COVID-19 Pandemic on your
earnings?
His response was slight impact.

Slight Impact [ ] Great Impact [ ] No Impact at all [ ]

11. Has the business’s financial performance in terms of profits been within its normal range
in the last two years?
His response was yes
12. If the business’s profit was not within its normal range, in what way was profit outside its
normal range in the last two years?
His response was power -point three.
 Profit was substantially higher than normal
 Profit was a little higher than normal
 Profit was a little lower than normal
 Profit was substantially lower than normal
 Not sure

13. What do you think were the main causes for the business’s profit being outside its normal
range in the last two years?
His power – point one.
 Coronavirus (COVID-19) outbreak
 Other____________________________
14. In your opinion, if the COVID-19 pandemic should continue over the next year, what will
be the effect on the profitability of this business?
His response was: if the Covid 19 pandemic should continue for another year then maybe
the profit of the business will be substantially lower than normal, depending on the sales
at the time.