ACC 407 – FUNDAMENTAL FINANCIAL ACCOUNTING & REPORTING

FINAL PROJECT: ACCOUNTING SIMULATION PROJECT 25%

OBJECTIVE:

Students to be able to demonstrate interpersonal skills in tasks related to accounting simulation

project. Interpersonal skills refer to a range of skills which, amongst others, include interactive
communications, relationship and collaborative skills in managing relationship in teams.

INSTRUCTIONS:

1. Assuming you are planning to set up a sole trading business selling finished goods
(name your product) to customers in Shah Alam area (you can choose any area).
2. Create possible business transactions between your business and suppliers and also
between your business and customers.
3. You should create about 20 - 25 business transactions. The business transactions
should include at least:

 Contribution of capital by the owner of the business

 3 credit purchases
 1 cash purchase
 3 credit sales
 1 cash sale
 2 purchases of non-current assets
 2 payments to suppliers
 2 payments by receivables
 1 transaction on payment of expenses
 1 transaction on revenue received
 1 transaction on non-current liability
 2 Drawings (goods and cash) by the owner
 For merchandising business:
 1 transaction on sales return
 1 transaction on purchases return
4. Your report should include the following information:
a. Introduction of the business background (including capital contributed, name of
the business, address, type of goods sold,etc)
b. Accounting transactions
c. Specialised journals
d. Subsidiary ledgers account
e. Trial Balance as at that date.
5. Report format
a. Cover page
 b. Acknowledgement
c. Table of content
d. Introduction
e. Content
f. Conclusion
g. Bibliography or references
h. Appendix
6. Important notes
a. The assignment is carried out in a group of 3-4 members.
b. The assignment must be typed with the minimum of 10 pages excluding
appendices.
c. Font type/size: Arial 11/ Times New Roman 12
d. Line Spacing: 1.5
e. Enclose group photograph and any related items if possible
f. Marks will be deducted for late submission
g. Duration: Seminar 5 to Seminar 7
h. Allocation of Marks: (Based on Interpersonal Skills Rubric)
 Lecturer’s evaluation: 50 marks (10%)
 Discussion of findings: 50 Marks (5%)
 Peer’s evaluation (individual marks): 125 Marks (10%)