Task: Resit Assignment
- This is an assignment to be done individually.
- You must answer all the questions in the proposed problem.
- Submission file format: Word document with all the answers, clearly identifying all steps, results, journals, ledger accounts and including comments when requested.
Weight: This task is a 100% of your total grade for this subject.
This task assesses the following learning outcomes:
- Understand how to record the adjusting and closing entries in order to be able to close the company’s accounting books.
- Understand how to prepare the company’s financial statements: Balance Sheet, Income Statement and Statement of Retained Earnings.
- Acquire a thorough understanding of the company’s accounting cycle and the importance of all the procedures to be able to determine the company’s final net income and its financial situation in the Balance Sheet
- Understand the differences between the two main systems of keeping the company’s inventory: perpetual and periodic and when they are used.
- Understand the importance of good cash management and the usefulness of knowing how to prepare a bank reconciliation.
- Understanding the importance of the valuation of the COGS in the company and how it can affect the net income.