PROJECT 1: About the Project

Project 1 Instructions

In this project, you're going to take the role of the employees in a small company and you’ll be performing the various accounting functions that occur within that company. This video introduces the project and provides important instructions.

Project Objectives

This project provides the opportunity to demonstrate your ability, knowledge, or skills in the following areas. 

  • Recording basic transactions
  • Preparing financial statements
  • Demonstrating an understanding a company's internal controls and the auditor's role in understanding and testing those controls
  • Outlining the flow of transactions and the internal controls that are in place in the company
  • Performing the controls

Directions

  1. Before starting the project, read this section carefully. Read the section about scanning your work and watch this instructional video.
  2. Complete the project manually, just as the SUA is designed. 
  3. You can use this Download spreadsheet to prepare your trial balance and financial statements. These worksheet instructions will guide you through using the worksheet.
  4. Refer to the ledgers, journals, worksheets, etc. as you complete Project 1 Submission - Part 1 (quiz).
  5. Scan and save your scanned documents. Be sure to title each scanned document with the same name I have given it in the Deliverable Checklist below.
  6. Submit your work by uploading your scanned documents in Project 1 Submission - Part 2 (file uploads).

Deliverables Checklist

You will submit these documents electronically

  • Financial Statements
    • Balance sheet
    • Income statement
    • Statement of cash flows
  • Bank Reconciliation
  • General Ledger
  • Subsidiary Ledgers
    • Accounts Payable
    • Accounts Receivable
    • Employee Earnings
    • Fixed Asset
  • Journal
    • General Journal
    • Sales
    • Cash Receipts
    • Purchases
    • Cash Disbursements
    • Payroll

Resources

Project 1 Grading Criteria

  • Part 1: Project Questions = 83%
    • Accuracy
  • Part 2: File uploads = 17%
    • Completion
    • Accuracy

Academic Integrity

  • Getting help on the assignment is not permitted.
  • Collaborating, or completing the assignment with others, is not permitted.
  • Open-book research for the assignment is permitted and encouraged.