Question:
“How does the “Fresh
Mart Project” help you in your understanding of the application of the
Accounting rules and theories that you learnt in Introduction to Accounting in
a real business environment and in completing your group assignment?”
It was a fresh start for me and lucky to be a tutorial leader and to guide my tutorial group in distributing jobs and selecting stall managers for both fruits and vegetables by the democratic way - voting. Communicating was the main part for this project. For a leader, I have to plan everything from distributing works, deciding what how how much amount to buy to the pricing and managing of stall. Although there were problems on the day of the "Fresh Mart", the delay of goods delivery, but teamwork was the key part which we did manage successfully to make the whole thing perfect.
The Fresh Mart Project has helped me in understand the application of Accounting rules and theories by allowing us to have a real life experience in pricing, selling as well as recording transactions. Besides I've understand that the importance of recording each transactions accurately and precisely as at the end of the day, that's our only records left for the business and we have to do the income statement and the balance sheet. Net profit (loss) , total asset (liabilities) are the main objective for the business, allowing the owner(s) to know whether they should continue their businesses or not.
Recording entries plays a very important part to keep track on our 'business' and to make sure that we record the correct amount of goods sold relatively to the money which we have received. The mobile team has done a great job on this as we managed to keep track on ALL of the records and was at par with the money we received at the end.
Last but not least, I appreciate for the help and support given by Mr Albert and Dr Ken for all the hard work in helping as well as supporting all the groups, (Tutorial 1-12) in all the fresh mart project. Really learnt a lot from it and I'm grateful for being the first semester students whom experienced and overcome this project together as a team.
Picture taken - TBS Intro to Accounting (Tutorial 5)
October 7, 2013
Recording entries plays a very important part to keep track on our 'business' and to make sure that we record the correct amount of goods sold relatively to the money which we have received. The mobile team has done a great job on this as we managed to keep track on ALL of the records and was at par with the money we received at the end.
Last but not least, I appreciate for the help and support given by Mr Albert and Dr Ken for all the hard work in helping as well as supporting all the groups, (Tutorial 1-12) in all the fresh mart project. Really learnt a lot from it and I'm grateful for being the first semester students whom experienced and overcome this project together as a team.
Picture taken - TBS Intro to Accounting (Tutorial 5)
October 7, 2013
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