Scribd
Upload
118 views2 pages

Student Group Project and Rubric

This document provides instructions for a group project assignment in an accounting course. Students are asked to set up a fictional business selling a product of their choice. They must create business transactions for the first month, including at least 4 credit transactions, 2 returns transactions, 4 cash transactions, and 2 drawing transactions. They then need to journalize the transactions, prepare ledgers, and a trial balance at the end of the month. The assignment will be assessed based on a rubric evaluating the introduction of the business, number and type of transactions created, accuracy of ledgers and trial balance, and proper closing of accounts. Groups must have no more than 3 students and create original transactions to avoid penalties.

Uploaded by

LiyaNatasha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
118 views2 pages

Student Group Project and Rubric

This document provides instructions for a group project assignment in an accounting course. Students are asked to set up a fictional business selling a product of their choice. They must create business transactions for the first month, including at least 4 credit transactions, 2 returns transactions, 4 cash transactions, and 2 drawing transactions. They then need to journalize the transactions, prepare ledgers, and a trial balance at the end of the month. The assignment will be assessed based on a rubric evaluating the introduction of the business, number and type of transactions created, accuracy of ledgers and trial balance, and proper closing of accounts. Groups must have no more than 3 students and create original transactions to avoid penalties.

Uploaded by

LiyaNatasha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

ACC106

INTRODUCTION TO FINANCIAL ACCOUNTING AND REPORTING


GROUP PROJECT (20%)

INTRODUCTION:
This group project is designed to test on the understanding of students in the recording of
the business transactions using the double-entry system under the book of prime entry
format.

INSTRUCTIONS:
Assuming you are planning to set up a business selling goods (name your product) to
customers locally. Create possible business transactions for the first month of your
business. The business transactions created are between your business and supplier, and
also between your business and customers.

The business transactions should include at least:


i) 4 credit transactions
ii) 2 returns transactions
iii) 4 cash transactions
iv) 2 drawing transactions
v) Other transactions such as expenses and revenues

After the creation of the above transactions, you are REQUIRED to:
i) Briefly explain the business background.
ii) Journalise the business transactions.
iii) Prepare the appropriate ledgers accounts.
iv) Prepare a Trial Balance as at the end of the month.

Friendly reminder:
i) Maximum number of students per group is 3 students.
ii) Each group should produce business transactions on their own. If the business
transactions found similar or the same with the other group(s), a penalty will be
imposed on all groups involved.
iii) The deadline for submission is on WEEK 13
RUBRIC ASSESSMENT FOR ASSIGNMENT (20%)
DID NOT FAIR AVERAGE EXCELLENT
ACHIEVE ACHIEVEMENT ACHIEVEMENT Fully met
Did not met Somewhat met Met requirements
minimum requirement requirement
requirement and have at with minor
least one mistake
major mistake
0-39 marks 40-59 marks 60-79 marks 80-100 marks
[Link] Only follow 1/3 of Only follow 1/2 Only follow 3/4 Follow all
Profile of the business the criterias. of the criterias. of the criterias. criterias
1. Name of the business
2. Place of business
3. Business activities
4. Capital contribution
5. Financial year end
6. State the transaction
for which month.
[Link] 0-10 transactions 11-15 16-21 21
FOR ONE MONTH -any transactions Transactions Transactions Transactions
in each -at least 1 -at least 2 -3
specialised transactions in transactions in transactions
journals* each each in each
specialised specialised specialised
journals* journals* journals*
[Link] Posting to Posting to Posting to Posting to
appropriate appropriate appropriate appropriate
ledger accounts ledger accounts ledger accounts ledger
based on the based on the based on the accounts
journal prepared journal journal based on the
above prepared above prepared above journal
prepared
above
[Link] OF At least 1/3 of At least 1/2 of At least 3/4 of All accounts
ACCOUNT the accounts are the accounts the accounts are closed
closed are closed are closed appropriately
appropriately with appropriately appropriately with date,
date, balance c/d, with date, with date, balance c/d,
balance b/d, balance c/d, balance c/d, balance b/d,
balance b/d, balance b/d,
[Link] BALANCE Only follow 1/3 of Only follow 1/2 Only follow ¾ Follow all 8
1. Title the criterias. of the criterias of the criterias
criterias
2. Date of Trial
balance for the
month.
3. Debit column
4. Credit column
5. Total
6. Amount in RM
7. Correct transfer
figure in the
right column
(debit/credit)
*Specialised journals are sales journal, purchase journal, return inwards journal, return outwards
journal, cash receipts journal, cash payments journal, and general journal

You might also like