ACC117 Introduction to Financial Accounting Group Assignment 2026 | UiTM

ACC117 Group Assignment Brief

Course Code: ACC117

Course Name: Introduction to Financial Accounting

Programme: Diploma / Bachelor of Accountancy

Semester: 1

Session: 2026

1. Assignment Title

Group Assignment: Learning Basic Financial Accounting Using a Small Business

2. What This Assignment Is About

This assignment is given to help you understand accounting in a simple way.
In class, you learn rules and concepts. Here, you use them.

You will look at a small business, write down its transactions, and prepare
basic financial statements. The aim is to help you understand what the numbers
mean, not just how to calculate them.

3. What You Should Learn

After completing this assignment, students should be able to:

• Understand basic accounting concepts from ACC117
• Record simple transactions correctly
• Prepare basic financial statements
• Explain results using simple words
• Work properly as part of a group

4. Group Work

• Students must work in groups of 4 or 5
• Group members should be from the same tutorial group
• Every member is expected to take part in the work

5. What You Need to Do

Choose one small business or create a simple imaginary business.
Then complete the tasks below.

Task 1: Business Description

Explain briefly:

• What type of business it is
• What the business does or sells
• What kind of transactions usually happen

Task 2: Business Transactions

• List at least 10 business transactions
• Record each transaction using double-entry accounting
• Show debit and credit clearly

Task 3: Financial Statements

Prepare the following for one accounting period:

• Statement of Profit or Loss
• Statement of Financial Position

Make sure the figures are correct and easy to understand.

Task 4: Explanation

Explain in simple language:

• Whether the business made a profit or a loss
• What the financial position shows
• Why keeping proper accounting records is important

No advanced analysis is required. Just show that you understand the basics.

Task 5: Conclusion

• What did your group learn from this assignment?
• How did working together help the task?

6. Submission Format

Written Report

• Length: 2,000 – 2,500 words (appendices not included)
• Font: Times New Roman or Arial
• Font size: 12
• Line spacing: 1.5

Appendices

• Journal entries
• Ledger accounts
• Supporting calculations

7. Submission Method

• Only one submission per group
• Submit through UiTM online system (UFUTURE / i-Learn)
• File format: PDF or Word
• Late submission may result in mark deduction

8. Marking

Marks will be given based on:

• Correct recording of transactions
• Proper financial statements
• Understanding of accounting basics
• Clear presentation
• Group participation

The lecturer will explain the marking details in class.

9. Academic Honesty

This assignment must be your own work.
Do not copy from friends, seniors, or online sources.

Any form of cheating or plagiarism will be handled according to UiTM rules.

10. Final Reminder

• All group members should understand the assignment
• The lecturer may ask questions about your work
• Follow instructions carefully

End of Assignment Brief
ACC117 – Introduction to Financial Accounting

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