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Form 4
Principles of Accounts
School-Based Assessment. (Students simulation)
Use the following principles to prepare your School-Based Assessment. The steps
must be followed as provided and the examples presented must not be used as part
of your project.
Each week, some work is to be presented to your teacher for correction/review.
Step 1. Create a fictitious business. Start by giving a background of the business.
State the name and type of business as well as its location. Provide the
staff and their
responsibilities. Finally, provide a period which will cover the transactions
listed.
Example: Edwinas Hair and Body Shop sells hair products as well as
provide the best in hair
styles and trimmings to both men and women. It is located at Winaville,
Georgetown and is
operated as a sole proprietorship. The business is owned by Ms. Edwina
Jnoville who is also the
manager. The staff consists of a barber, two hair stylists and a
receptionist/secretary. The
business keeps a set of accounts which cover a three-month period from
September 1st, 2013 to
December 31st, 2013.
Step 2. You may want to start with a list of accounts, in order to present opening
balances or start as a
new enterprise. If you choose to start with a list of balances, ensure that
the balances show an
equal amount for both accounts with credit and debit balances. (The trial
balance and opening
journal entries must balance). The opening balances must comprise of
debtors, creditors,
assets, liabilities, expenses and revenues.
Step 3: Create a list of transactions to cover the time span that you have provided.
These transactions
must cover all the books of original entry. Each of the following journals
(Sales and Returns
inwards journal, Purchases and Returns outwards journal) must have at
least one
two transactions. Please ensure that the transactions have sufficient
information from which
Step 4. Open the books of original entry and put in the appropriate entries. Use the
number of entries as a guide if it is to be done manually. These books are: