Unique Global Imports Due Dates & Objectives
For the next few weeks we will be completing a cumulative assessment.Goal: Students will work as accountants for the "Unique Global Imports Company" and complete the accounting cycle for an entire fiscal period. Students will examine source documents and journalize transactions accurately for the business. In addition, they will be responsible for balancing a check book, depositing revenues, and auditing their work through use of financial reports and statements.Objectives:Students will demonstrate their knowledge of accounting concepts by completing the accounting cycle for a business in numbers; and then analyzing financial reports to show their understanding and knowledge of the accounting cycle in words!
Due Dates for this assignment: Last day to submit this project will be Friday, December 15.It is the student's responsibility to have all work completed on time. Please schedule extra time with me if you need it so that you will meet that deadline. If you are not here, you need to "catch" up before the due date, NOT after the due date. (This includes missing class for field trips, illness, college visits, etc.)
- Students will be able to list and explain source documents and the corresponding journal for each source document.
- Students will be able to reconcile the bank statement with the checking account balance of "Unique Global Imports"
- Students will be able to prepare a deposit slip with checks received from vendors and cash received from sales.
- Students will be able to prepare a trial balance, check it against the correct one and find and correct any mistakes in their journals.
- Students will be able to complete periodic audit reports as required by the company.
- Students will be able to complete the adjusting and closing entries needed at the end of the fiscal period.
- Students will be able to compare Nov and Dec financial reports and assess how the company is doing, offering suggestions for future improvements.
Assignment Name Due Date Reconciliation Report (form 6) Wed. Nov. 15 Deposit on 12/3 (form 15) Fri. Nov. 17 Deposit on 12/10 (form 30) Tues. Nov. 21 Audit report #1 Dec 1-10 Tues. Nov. 21 Deposit on 12/17 (form 60) Wed. Nov. 29 Audit report #2 Dec 12-17 Fri. Dec. 2 Deposit on 12/26 (form 76) Tues. Dec. 5 Deposit on 12/31 (form 90) Thurs. Dec. 7 Audit report #3 Dec 19-31 Mon. Dec. 11 End of Fiscal Period Audit Wed. Dec.13 Compare & Analyze Nov. and Dec. Financials Fri. Dec. 15