BACC001- Accounting Transactions and Business Decisions

Task Description

Students with their team will create their own business and account for their business operations. Business ideas and accounting knowledge for partnership is the fundamental part of the assessment. In addition, students are required to use Accounting application MYOB to record for their business transactions. The successful completion of this task will demonstrate that students have a strong understanding of business concepts and accounting principles applied in real business context, as well as the ability to use the computer accounting system.

Learning Outcomes

a. Solve problems requiring analytical and quantitative skills in fundamental accounting processes and issues.

b. Organise and summarise accounting information according to generally accepted accounting principles in a manual and computer based environment.

c. Work effectively as part of a team in the production of a group report. 

You are required to write a great story to introduce about your group’s business and the partners. 

What is the name of the business & where is it located?

Describe the business in details. E.g.: What is the business engaged in? Are you selling a product or providing a service? What product/s or what services?

Who are its expected customers or clients? (Target market).

What strategies would you do to attract customers to your business?

What strengths do you have over your competition? Why would potential clients or customers choose your business instead of one of your competitors?

What are major plans for business development in future?

Commencement of Business

Write a narrative: What date did business commence? (It will be at least a month after the partnership agreement is signed). Anything interesting at start?

Prepare a trial balance showing all accounts & their beginning balance on the day of business commencement (using the format given below & make up different amount & more accounts to be used in business )