Points Possible: 100
Date:
Your Assignment, Part I
For this project, you will be simulating all of the steps of an accounting cycle. Working in a group, you
will form a business and determine your Company's name and what to sell (product, service, etc.). TIP:
Keep it simple (PB&Js, Lemonade, Hotdogs, etc.). Half of the members of your group will represent
the management component of the business and will develop a budget accordingly. The other half will
represent the accounting department. The two groups will work together to complete the business's
quarterly accounting cycle.
Modification: If you are unable to work in a group, you will still be able to complete this project as an
individual. You will just need to complete both roles of the assignment (management component and
accounting department component).
Before you start your Company in Assignment II, discuss the following questions with your group (a
answer the questions on your own if working as an individual) to make sure that you understand th
concept of the accounting cycle and what it involves.
1. What are the steps in the accounting cycle?