Accounting Financial Assignment Paper

Accounting Financial Assignment Paper

Description/Paper Instructions

Assignment of Financial Accounting Paper

Instructions for general assignment

1. This task is individual. 1.

2. To complete this assignment, use Word Processing (e.g. Microsoft Word) for Part 1 & Part 2 and Part 3 Spreadsheet Software (e.g. Microsoft Excel).

3. Font: Size – 12 point; Times New Roman style; Single spacing

4. Plagiarism will seriously penalize assignment responses.

Part 1 Part (20 marks)

Discuss how a corporate financial report can meet the needs of five (5) different stakeholder groups.

[1200 words limit] [1200 words limit]

Part 2 Part (20 marks)

The accrual concept is extensively utilized for financial accounting and reporting purposes in the creation of financial statements.

A. Explain the justification for accrual accounting. (4 marks) (4 marks)

a. In the preparation of financial statements, explain four (4) accounting concepts (other than accrual) used by businesses. (16 marks) (16 marks)

[Limit 600 words] [Limit 600 words]

Part 3 Part (60 marks)

Makuto Lenin has registered to trad IT hardware and accessories as sole proprietor. In his company TEKNO Enterprise on 15 April 2021, he used its personal savings as start-up money [see Doc 1]. In April 2021 there were no other transactions.

Makuto has recently given you the responsibility to prepare accounts for the month ended 31 May 2021. You will receive 18 documents and a letter from Makuto [see “Doc” zip file] which can help you fulfill your work.

The following is your task:

a. Record the corresponding transactions in primary entry books (17 marks)

b. Post general ledgers entries (in “T” account format) (16 marks)

c. Prepare the balance of trials by 31 May 2021 (8 marks)

d. Prepare profit or loss statement for the month ended 31 May 2021 (7 marks)

g. Prepare financial situation statement as at 31 May 2021 (6 marks)

The above must be presented in the correct format. (6 marks) (6 marks

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