BACT105 Business Accounting Assessment 3 Business Report Answer

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Question :

ASSESSMENT BRIEF-ASSESSMENT 3

COURSE:Bachelor of Business / Bachelor of Accounting
Unit Code:
BACT105
Unit Title:
Business Accounting
Type of Assessment:
Assessment 3 – Individual Business Report
Length/Duration:
1,500 words




Unit Learning Outcomes addressed:
  1. Use the language of financial accounting and financial reporting
  2. Explain the purpose, content, format and practical applications of the following financial statements, the Profit and Loss Statement, the Balance Sheet, the Statement of Cash Flows and the relationship between these financial statements
  3. Apply the accounting cycle and the business process of accounting information systems and their ethical implications
  4. Use financial information to support management decision making for solving both programmed and non-programmed business problems
  5. Apply the Principle of Double entry system efficiently
Assessment Task:
The assignment requires students to answer questions regarding the given scenario(s) both theoretically and practically.
Total Mark:
20 marks
Weighting:
20%

ASSESSMENT DESCRIPTION:

In this individual assignment, you are required to write a business report which has to include Executive Summary, Introduction, Main Body, Recommendations and Conclusions.

The assignment questions are prepared in an excel file, uploaded to Assessment Briefs Folder with the name as “BA Assignment Question T1 2021”. When doing the assignment, please make sure you read and follow the instructions below strictly:

Instructions:

There are two sheets in the excel file: one of them is called “Assignment Question” and the other one “Adjustments”.

Step 1: Go to “Assignment Question” sheet and enter your student number to the Cell “B2” as indicated by the blue arrow. You then get own data set and you must use your own data set for your individual assignment. Upon this, you can start working on the assignment in a WORD document.

Step 2: Journalize the adjustments transactions (You can find the information in the “Adjustments” sheet).

Step 3: Post adjusting journal entries and complete the worksheet. Step 4: Create the Income Statement from the completed worksheet. Step 5: Journalise the closing entries

Step 6: Create the Statement of Equity and the Balance Sheet from the completed worksheet Step 7: Answer the following questions considering proper referencing:

  1. What is a trial balance, why do we create it?
  2. What are adjusting journal entries? Why de we record adjusting journal entries?
  3. What is the purpose of preparing an Adjusted Trial Balance?
  4. How adjusting entries are different from the closing entries?
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Answer :

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