Briefly define the role of accounting

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Reference no: EM13838909

Task: This is a group assignment in which each group is required to form a business and answer some accounting related questions.

Assessment Criteria:

This task will generally be assessed in terms of the following criteria:

1. Effectiveness of communication: readability, grammar, spelling, neatness, completeness and presentation.

2. Demonstrated competency and understanding: This will be evidenced by the student's ability to be dialectical in the discussion of contentious issues. The marker will pay attention to the accuracy of the content, coverage of relevant issues, structure of argument, English expressions, absence of plagiarism, concise writing style, and referencing style.

3. Evidence of research - This will be evidenced by the references used and the inclusion of a bibliography.

Assignment details:

1. Each group is required to form a business and to write a brief introduction about it (name, services or products, legal form, merchandising or manufacturing, retail or wholesale, etc...)

2. In deciding on the legal form for your business, discuss the reasons for your choice.

3. Discuss the different financing options to set up your business and the reasons for your choice (s).

4. Briefly define the role of accounting as it relates to your business (your answer should include accounting information, users of information, accounting process, financial accounting and management accounting, etc..)

5. Discuss whether financial statement analysis would be useful for the management of the business (include in your answer the types of analysis that can be used and how they are useful).

6. Name examples of the Property Plant and Equipment assets that are used in your business, and discuss the depreciation method that is suitable for these assets and and the reasons for your choice.

7. Give ONE example of unearned revenue and ONE example of prepaid expense that may occur in your business.

8. Provide a list of items (statements, accounts, ratios, etc...) that a bank would be interested in, in making a decision to grant your business a loan.

9. Discuss the considerations that the management of your business would take into account in deciding on whether to distribute profits or to retain them in the business.

Reference no: EM13838909

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