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GROUP PROJECT

The purpose of this group project is to learn what is required in setting up the accounting records for a new business and to develop skills that will allow you to work with others in future university courses and in your chosen profession. Each group will have the responsibility of creating a fictitious manufacturing company. You are expected to complete a written and an oral segment. No late reports will be accepted.

Written Report:

The written report must be typed and well organized. The accounting portion of this report can be done utilizing MS Excel or an integrated computer program. The written report must have the following:

· A cover page including: 1) Name of company; 2) Board of Directors (group members); 3) Instructor and 4) Date.

· An introduction comprised of a description of the business including: 1) Type of product manufactured; 2) Product costing method (job order or process); 3) Organizational layout (department descriptions, personnel, etc.); 4) Fiscal Year-End (why did you choose this date); 5) Location of business; 6) Capital investment requirements (Assets needed to start the business and associated costs); 7) Financing of Assets (where did the money come from to purchase your assets) and 8) Anything else you deem relevant to the project.

· A journal (or journals) including journal entries for the first two (2) months of operations. At least 40 business transactions are required (but you may have more). This is where your knowledge, creativity and thoroughness will be evaluated.

· A trial balance, adjusted trial balance and post-closing trial balance.

· Any necessary adjusting entries for both months as well as closing entries for the second month only should be journalized and posted.

· A Statement of Cost of Goods Manufactured, Income Statement, Retained Earnings Statement, Balance Sheet and Cash Flow Statement for the year-end only.

· Inventory analysis of your company (Raw Materials, Work-in-Process and Finished Goods), including individual jobs or processes.

· Conclusion. Summarize financial information of your company. Include in this discussion the company’s future goals.

Oral Report:

The oral presentation should be 12 to 18 minutes in length and should include an introduction of the company, a summary of the financial data (financial statements, charts, graphs, etc.) and a conclusion including your assessment of the company’s performance (financial analysis, industry comparisons, etc.). All members of each group will be required to participate in the oral presentation of the report. You encouraged to use various forms of media for your presentation (prezi, power point, overheads, handouts, posters, etc.). This enhances the effectiveness of the presentation and helps the presenter stay on track.

Grading Criteria:

Each project will be graded as a group effort. Individual members of the group will be given the opportunity to grade all other members of the team as well as grading their own efforts and contributions. This means that each member of the group will be given the same grade, modified slightly by individual performance.

Written Report 86 points

Oral Presentation 58 points

Peer Evaluation 36 points