ACC 407-FUNDAMENTAL FINANCIAL ACCOUNTING & REPORTING GROUP PROJECTPRESENTATION OUTLINES.
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Diagram Description automatically generated. ACC 407- FINANCIAL ACCOUNTING & REPORTING OF A SOLE PROPRIETORSHIP NASRUDDIN BIN MOHAMAD’S RESTAURANT.
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BACKGROUND. NAME OF BUSINESS: Nasruddin Bin Mohamad’s Restaurant. TYPE OF BUSINESS: Sole proprietorship. STARTED: Year 2000 OWNER’S CAPITAL: RM5000 BUSINESS ACTIVITY: Selling food and beverages. (dine in, take away and delivery)..
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Number of Staff: 6 Person. Type of business: Sole Proprietorship.
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PURCHASE ITEMS/GOODS. RAW MATERIALS Mr. Nasruddin bought raw materials such as cooking ingredients COOKING TOOLS Mr. Nasruddin bought cooking tools FURNITURE Bought furniture for business uses.
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NATURE PRODUCT OF SOLD. FOOD AND BEVERAGES Encik Nasruddin runs a food business MENU MEALS.
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FIXED ASSET. Asset - Restaurant, car, motorcycle, tables, chairs, and television Liability - Mr. Nasruddin (owner) received a loan from Tekun National the agency under the Ministry of Entrepreneurial and Cooperative Development Expenses - Mr. Nasruddin pay worker salary, electricity, water bills, and rental. Debtors - There are several customers who have still needs to pay for the meals they have eaten. Creditors - Mr. Nasruddin owes Tekun National, a government-owned company that provides loans to fellow bumiputera to help them establish and grow their businesses..
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DO THERE ABLE TO PREPARE THE FINANCIAL STATEMENT ACCURATELY EVERY YEAR? What is their strength in accounting system?.
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WEAKNESS OF ACCOUNTING SYSTEM. Nasruddin Bin Mohamad’s Restaurant uses a manual accounting system. Time-consuming Human error Risk of safety Lack of Security.
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CONCLUSION. What our group have gained from the experience of this project are: Perform communications skills and reporting for the type of business. The background, the characteristics, the classifications of the items that are related to the economic activities of the business . The flow of the recording process of the business. The strengths and the weakness of the recording process..