FINANCIAL ACCOUNTING 1

(Instructions for Group Assignment)

Group formation: Class will be divided into groups of three or four students.
Instructions: Students are required to observe and select one business entity, propose
business transactions, and perform core accounting tasks in order to provide basic financial
statements of the entity for one accounting period (a month or a quarter) To complete the
assignment, students are expected to follow the following requirements.
- During the first three weeks, all groups are expected to observe and select an interested
entity which could be a manufacturing, a trading, or a servicing business. All groups
are required to write a two-page report briefly introducing the entity including the
company information, organisational structure, products, and production process.
- From Week 4 to Week 8, all groups continue to observe the entity and propose a list
of business transitions for the accounting period. The proposed transactions must
cover all topics including i) Cash and Receivables, ii) Inventories, iii) Fixed Assets,
iv) Liabilities and Owner’s Equity, and v) Revenues, Expenses, and Net Income. The
minimum transaction proposed for each topic is 10 (and the overlapped/repeated
transactions will not be counted)
- At the end of Week 9, all groups are required to submit via Peergrade
(www.peergrade.io): i) the list of business transactions and ii) (the name of) source
documents related to each transaction to get feedback from peers (from the other
groups).
- At the end of Week 10, all groups complete any amendment to i) the list of
transactions, and ii) related source documents based on the feedback received from
their peers.
- From Week 11 to Week 12, all group journalise the revised list of business
transactions, make adjusting entries, post all entries to all related ledgers (including
general ledgers and necessary subsidiary ledgers), and prepare the trial balance.1
- At the end of Week 12, all group are requested to submit via Peergrade
(www.peergrade.io) their work (including general journals, ledgers, and trial
balance) to get feedback from peers (from the other groups).
- From Week 13 to Week 14, all groups make any revision necessary based on their
peers’ feedback; then complete the two basic financial statements (i.e. the statement
of financial position, and the income statement).
- At the end of Week 14, the group assignments are requested to submit individually
via Edmodo for marking. The hard copies of the group assignment will be collected
in class by instructors.
- During Week 15, all group will make a ten-minute presentation of their work in class.
Important note: A mark of zero (0) will be awarded for the group assignment in which the
plagiarism was found to occur. Rubrics for marking provided in the Table 1 (page 2)

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Student must submit their group work by using the template provided by instructors. Students are expected to
complete their task by using only one MS Excel file.

© 2018 Accounting Division – Faculty of Accounting, Danang University of Economics P a ge 1|2

 Table 1. Rubrics for Group Assignment
Categories Description Weight (%)
I. Group Report 85

1. Introduce the business Describe clearly and concisely the business nature and core 5
nature and operation of business activities
the business entity
2. Propose a list of Provide a wide range of business transaction covering all 10
diversified business following topics, at the minimum of 10 transactions for each
transactions ➖ Cash and receivables
➖ Inventories
➖ Fixed assets
➖ Liabilities and owner’s equity
➖ Revenues, expenses, and net income

Provide (name of) documents related to each transition 5

3. Journalise business Record correctly journal entries 20
transactions

4. Post journal entries into Transfer correctly all entries in the journal into the accounts 20
ledgers in the ledger (including footing and balancing the accounts)

5. Prepare a trial balance Prepare correctly the trial balance 5

6. Prepare a statement of Prepare correctly the statement of financial position 10
financial position (also
known as balance sheet)
7. Prepare an income Prepare correctly the income statement 10
statement

II. Presentation 15%

1. Prepare the report and Prepare the report compliance with the guidelines provided 5%
slides by the instructor

2. Present the group work Present the work clearly; Keep the presentation within a 10%
given time limit; Answer questions from the instructors and
other groups.

Total 100%

© 2018 Accounting Division – Faculty of Accounting, Danang University of Economics P a ge 2|2