Multimedia University Faculty of Business

BAF1614 FUNDAMENTALS FINANCIAL REPORTING

Trimester 2215

Due date: 19 JANUARY 2023 @ 12.00PM (Week 12)

General information:

Group (group members shall not exceed 5 students/group) based on

Organisation
lecture section.
Assessment This assignment contributes to 20% to the total coursework marks.
Assignment/group
registration (if Please submit your group names to MMLS latest by week 4.
any)
Student Learning This assignment shall take 10 hours (total independent learning
Time inclusive of lab/practical test) to complete.
Submission to GAN CHIN YEE
Cover page Please use the attached cover page
Typeface/Font Times New Roman
Font size 12
Line spacing 1.5
Submission
Top: 2.54 cm; Bottom: 2.54cm; Left: 2.54cm;
requirements Margins
Right: 2.54cm
Length No limited pages
Reference format APA Style
Report must be submitted through MMLS and
Submission
Google Classroom

Mapping of assignment learning outcomes to subject learning outcomes:

Assignment’s Learning Outcomes Subject Learning Outcomes
Upon completion of this assignment, Upon completion of this subject, students
students should be able to: should be able to:
1. To assess students’ understanding of LO1 Explain the basic accounting
financial accounting concepts and principles, processes, concepts, and
application technique to various business
transactions.
2. To account for a set of business LO2 Apply accounting methods to basic
transactions given and prepare the business transactions.
necessary financial reports.
LO3 Analyse the effects of business
transactions on accounting equation,
accounting records and financial
statements.
LO4 Perform basic accounting skills and
techniques to construct basic financial
accounting statements
Assessment rubrics

This assignment will be assessed based on the following rubrics:

Score Description
80% - • Demonstrate complete understanding of the problem
100% • Original contribution
• Clear evidence of creativity
• All requirements are included.
• Report is well organised, with proper formatting and preliminary pages
• All references are properly quoted and referred.
60% - 79% • Demonstrate sufficient understanding of the problem
• Original contribution
• Some evidence of creativity
• All requirements are included.
• Report is well organised, with proper formatting and preliminary pages
• All references are properly quoted and referred.
40% - 59% • Demonstrate partial understanding of the problem.
• Some original contributions
• Some evidence of creativity
• Most requirements are included.
• Report is not organised, no proper formatting and preliminary pages
• References are not properly quoted and referred.
20% - 39% • Demonstrate little understanding of the problem
• No evidence of original contribution
• No evidence of creativity
• Many requirements are not included.
• Report is not organised, no proper formatting and preliminary pages
• References are not properly quoted and referred.
0% - 19% • Misunderstood the problem.
• No evidence of original contribution
• No evidence of creativity
• Significant requirements are not included.
• Report is not organised, no proper formatting and preliminary pages
• References are not properly quoted and referred.

Page 2
QUESTION
Each group is required to:
1) Create a CORPORATION (Separate legal entity) business entity.
- This includes the corporation’s name, business nature (must be a service
corporation) and organizational structure involving all group members with
specific positions.
- The financial year end of the company is 31 December annually. The company has
commenced the business on 1 January 2021.
2) Prepare Statement of Financial Position for year 2021 to show your Assets, Liabilities
and Equity balances.
3) Prepare FIFTEEN (15) economic transactions involving service operations in year
2022.
4) Prepare documents of evidence (service receipt, service invoice, purchase receipts,
purchase invoice, payment vouchers or any related documents) for each of the
economic transactions occurred in year 2022.
5) Prepare TEN (10) economic transactions involving adjusting entries and
depreciation of assets in year 2022.
6) Next, record ALL transactions in the General Journal with explanations on each of the
transactions in year 2022. Post the Journal Entries to General Ledger Accounts.
7) Prepare Adjusted Trial Balance for the year 2022.
8) Prepare a Statement of Profit or Loss and Statement of Retained earnings for year 2022.
9) Prepare a comparative Statement of Financial Position for year 2022 with the
comparative figure of year 2021.

Please take note that marks will only be given to those whose names and signatures are on the
assignment cover page. It is your responsibility to ensure that your name and student ID no. is
on it. APPEALS WILL NOT BE ENTERTAINED. Those whose names do not appear on
any assignments will be automatically assumed to have not submitted the assignment.

Reminders:

Plagiarism
• Plagiarism is a serious offence.
• Plagiarism includes the following behaviours (but not limited to):
o copy another student’s work,
o hire or ask another individual to complete the assignment for you,
o copy too many words or ideas from one or two sources, that makes up a significant
portion of your work, even with proper citation.
• The lecturer has the rights not to accept submission of plagiarised or duplicated work.

Group work
• Each group member must actively participate in the completion of the assignment. Free
riding is unethical and extremely unfair to fellow group members.
• Should any member be found not contributing to the assignment, the lecturer has the rights
to change the specific group’s marks to individual marks

Page 3
• Each group member is expected to keep the contact numbers and e-mail addresses of the
other members of the group.
• The group leader has the responsibility to ensure that all group members play a part in the
completion of the assignment. The group leader is also responsible to ensure that all
members’ names are written on the final submission.
• It is the responsibility of each group member to ensure that the final submission is
completed and of the acceptable standard. Should any errors or omission occurred in the
final submission, each group member is held accountable for negligence – in other words,
failure to perform their responsibilities as expected.

Page 4
 BAF1614 FUNDAMENTALS FINANCIAL
REPORTING
Trimester 2215

List of Group Assignment Members

No Student Name Student ID H/P Number

1 Group Leader:
2
3
4
5

Page 5
Multimedia University Faculty of Business

BAF1614 FUNDAMENTALS FINANCIAL

REPORTING
Trimester 2215

CASE: Insert Case Name

Submission date: 19 JANUARY 2023
Facilitator: GAN CHIN YEE

Prepared by:

Name Student ID Contribution % Signature

TOTAL 100%

Declaration by group leader

(This section is to be filled in the student’s own handwriting.)

I hereby declare that all group members’ names are correctly included in the above section. I
hold a copy of this assignment which I can produce if the original is lost or damaged. I certify
that no part of this assignment has been copied from any other student’s work or from any other
source except where due acknowledgement is made in the assignment.

Group leader’s signature : _____________________________

Group leader’s name : _____________________________

Group leader’s student ID : _____________________________

Date : _____________________________