AFT1043

Assignment
In a group of 4 or 5 (max), you are required to prepare a report on the initial evaluation, suggestions,
preparation of accounts and its impact on the micro businesses or petty traders. To get the
information, you need to conduct an interview with the managers/business owners.

You have to guide and help them in preparing a systematic recording of their business transactions
where necessary. You are required to prepare a full report for one month transactions of August 2018
explaining details of the actions and activities. Proof of original documents (photocopy of original
documents is acceptable) much be attached to the report as appendix.

A. Items to guide interview session (but not limit to) for the initial evaluation:
i. Name of the business
ii. Name of the owner (s)
iii. Age, gender, education background of the owner (s)
iv. Type of business
v. Form of business
vi. Business tenure
vii. Number of employees
viii. Yearly sales/income
ix. Do they have records of all the business transactions?
a. IF YES, kindly ask them to show the books of records (ask for copy)
i. Do the recordings follow the systematic recording of book-keeping?
ii. Who records the transaction? (Self/staff/external party [consultant])

b. IF NO, do they think it is important to keep records? Why do not have?

How they keep track of the daily business activities?

x. Do they know the value of assets owned by the business? How they value them?
xi. Do they know about financial statements? (Let the respondents freely explain).
xii. Do they know the importance of financial statements to the business? Give examples of the
importance?
xiii. If there is no financial statement, do they plan to prepare FS? Why?
xiv. Please acquire daily transactions for one month, for the purpose of full set of accounts
preparation (journal, ledgers, trial balance and P&L)
xv. Other related questions

B. Possible suggestions for the improvement of the existing state of accounts such as:
i. Improving the recording of transactions
ii. Suggesting opening new accounts in the relevant books/journals; and
iii. Other related questions

C. Preparations of accounts

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 i. Guide and help the managers/owners with your suggestions on their accounts
ii. Make regular engagement with the managers/owners on preparing the accounts
iii. Make the accounts as simple as possible
iv. Monitor the works being done

Required:
1) You are required to prepare the final report including your thoughts on the impact of your
intervention during that time.

2) You are also required to make ‘in class’ presentation about your report. Your respective
lecturers will let you know the time and date of the presentation.

The report should be between 6,000 – 8,000 words, with Tahoma 12 and 1.5 spacing.

The format of the reports shall include the followings:

i. Title page
ii. Table of contents
iii. Abstract

1. Introduction (including objective of the study)

2. The background of the business.
3. Current business recording status
4. Actions taken by the group to guide and help the business to have/improve a systematic
recording of business transactions.
4. Prepare a full set of accounts for one month
i. Journalize one month transactions
ii. Post to the accounts/ledgers
iii. Prepare the trial balance
iv. Prepare the Statement of Profit and Loss
v. List down all assets and liabilities
5. The importance of accounting to the micro businesses/petty traders’ activities
6. Suggestions to the micro businesses/petty traders of how and what to do to have a systematic
recordings of business transactions; and final accounts.
7. Conclusions
Appendices

Latest date of submission – 29th November 2018 (Thursday) before 3.30 pm (Week 11)
In class presentation start – 2nd December 2018 (Week 12)

AFT1043
Assignment Rubrics (30% from total assessment)
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No. Details %
1 Title page……………………………………………………………………. 2

2 Table of Content…………………………………………………………….. 2

3 Abstract……………………………………………………………………… 4
(Summary of your report)

4 Introduction…………………………………………………………………. 4
(The importance of accounting to the business and the objective of the study)

5 Background of the business under study……………………………………. 4

(name, address, type of business, activities etc.)

6 Current business recording status…………………………………………… 4

7 Actions taken by the group to guide and help the business to have/improve
a systematic recording of business transactions…………………………….. 7

8 Helping to prepare the accounts for one month

i. Improving the existing books/accounts……………….......} 7
ii. Opening new book/account……………………………….} 7
iii. Prepare the trial balance…………………………………..} 7
iv. Prepare the Statement of Profit and Loss ………………...} 7
v. List down all assets and liabilities………………………...} 7

9 The importance of accounting to the micro businesses/petty traders’

activities…………………………………………………………………….. 10

10 Suggestions to the micro businesses/petty traders of how and what to do to

have systematic recordings of business transactions; and final accounts…. 10

11 Conclusions…………………………………………………………………. 10
(lesson learned)

12 Appendices………………………………………………………………….. 3
- Business documents
- The business premises (photo)
- Students and the owner (photo)

13 Format (font, margin, numbering, grammar, spelling)……………………… 5

TOTAL 100%