Account

Management Science Department Yanbu University College (Women’s Campus) The Royal Commission at Yanbu Kingdom of Saudi Arabia Academic Year 2020-21 Semester 202

PROJECT
Course Name and Code:	FINANCIAL ACCOUNTING ACCT 110	Section:	All
Due Date:	Check schoology	Submission Date:	Check schoology
Total Marks:	100	Marks Obtained:
Marked By:	RAHAYU ABDULL RAZAK JUNAINI MOHAMMAD MAHA AL MALKI	Signature:

Academic Integrity Plagiarism The practice of taking someone else’s work or ideas and passing them off as one’s own. An example of plagiarism is to use creative works of another, without appropriate acknowledgment of the author or source. Collusion Secret or illegal cooperation in order to deceive others. Collusion is the presentation of an assignment as one’s own which is in fact the result in whole or in part of unauthorized collaboration with other person(s). Collusion involves the cooperation of two or more individuals in plagiarism or other forms of academic misconduct. Both plagiarism and collusion constitute cheating. Disciplinary action will be taken against students who engage in plagiarism and collusion. Student Declaration I have read and understood the statement of academic integrity written above. I certify that the attached work is entirely my own except where work quoted is duly acknowledged in the text; that I have not worked with another person or persons except where specifically permitted by the teacher, and that this work has not been submitted for assessment by myself or any other person in any other time. I have retained a copy of my work.

Student ID	Student Name	Signature

Objectives:

CLO	PLO	Total marks	Marks awarded
1.1	KNOWLEDGE ( PART A)	20
2.1	COMPETENCE ( PART A)	20
2.2	SKILLS (EXCEL)	30
3.1	SKILLS ( EXCEL)	30
TOTAL MARK AWARDED 100

REQUIRED SUBMISSION

1. PART 1 REPORT – DUE in WEEK 7 Thursday (40 marks)

2. PART 2 EXCEL- due on Thursday WEEK 13 (60 marks)

INTRODUCTION

This project will give you an opportunity to work with other students to apply accounting concepts to a simple business venture. You will be operating a simulated service company for three months (JANUARY, FEBRUARY AND MARCH). During this time, you will be asked to make some operating decisions about the services, expenses and other items that actually affect the operating results that you obtain. Your results will be different from other groups in the class because you will make different decisions and because random economic events will impact the success of your company.

CASE OBJECTIVES

This case has been designed to improve skills and knowledge in the following areas:

1) Working as a team to complete a business objective

2) Preparing a business report

3) Experiencing the complexities of starting a business and making decisions about

a) service provided

b) expenses

c) man power

d) planning the business

e) financing

4) Performing steps in the accounting cycle including

a) Journal entry

b) ledgers

c) Trial balance

d) worksheet

e) adjusting entries

f) preparing financial statements

i) Income Statement

ii) Statement of Retained Earnings

iii) Balance Sheet

g) Closing entries and post-closing trial balance

EVALUATION:

The case will be graded on completeness, clarity, organization and logic. The distribution of grade to the various phases of the project will be as follows:

Planning phase (Part 1: Section A & B)) 40%

Excel (Part 2) 60%

WHAT TO DO:

Planning Phase (Part 1- Due in Week 7)

1. Each group will consist of at least 5 students.

2. Choose a business to start. You can start any service company that you like, example include facial saloon, make-up service, or day care services and etc. WRITE YOUR GROUP NAME AND CHOSEN COMPANY SERVICE IN THE GOOGLE DRIVE BY THURSDAY OF WEEK 2

3. PART 1: SECTION A. Write a business report which include

a. Introduction about your company. Identify the owner and the type of business.

b. Create company logo and explain why you choose the logo?

c. In table form, list down how much investment each shareholder will invest?

d. In table form, list the type of service and what prices will you charge for your service(s)?

e. Where will you place your store? How much rent will you pay for the store? If you do not want to rent, you can buy the building.

f. Decide how to inform customers about your new business.

The following information represents the options you may select regarding the advertising for your store. You must determine the amount that you will spend on advertising and the types of advertising.

g. In table form, list how much will you pay salary per month for each of your employees?

You must also decide on the manager, worker and any other people working in your company

h. Other Information for planning your operation

You will need this information to make a reasonable plan

ASSET: what do you need to purchase? In table form list the name of asset and how much each will cost and how you will pay for this asset: cash or borrow?

FINANCING: How much you need to borrow? Where to borrow? Interest charges? Period of borrow (THE AMOUNT BORROW DEPEND ON THE DURATION, LARGE AMOUNT LONGER DURATION AND HIGHER INTEREST RATE)

DIVIDEND: How much of dividend to give to each investors? When to give? (ONLY 3 MONTHS DIVIDEDN, THE AMOUNT SHOULD NOT BE BIG- PUT IN AMOUNT NOT PERCENTAGE)

4. PART 1: SECTION B: Prepare necessary transactions for three months.

From your part 1, write necessary transactions for three months (January, February, March)

Each month should have at least 10 transactions . (Use the table form like this)

Date	Transactions
January 1
February 1
March 1

EXCEL (PART 2)- DUE IN WEEK 13

From the three months transactions that you created in the Part A, Prepare

1. In excel – journal entry for the three months

2. In excel – post the journal entry to ledgers and calculate one balance(total) amount for each account.

3. In excel – Prepare trial balance at the end of March

4. In excel – Prepare adjusting entries at the end of March (You may check with your teacher about your adjusting entries)

5. In excel worksheet, transfer your trial balance and adjusting entries to the necessary column and complete the worksheet

6. In excel, prepare income statements, balance sheet and statement of retained earnings

7. In excel, prepare closing entries and post-closing trial balance

Prepared by: Ms Rahayu Abdull Razak Page 2