This project is a business process simulation that contributes 20 marks to the overall
assessment for this course. It aims to enhance students' understanding and practical
knowledge of different business types and ownership forms, the recording process, and
the preparation of financial statements. This is a group project, with each group consisting
of five (5) members. Each group must create a sole proprietorship (simulation only) that
will operate a service business for 3 months, from 1 October 2024 to 31 December
2024.
In the setup phase, students will register the business, design the logo and business source
documents, and plan the business activities, mission, and vision. During the operation
phase, each business will conduct transactions, some of which will involve interaction
with other student groups' businesses. Transactions will be recorded in journals and
ledgers. In the final phase, each business will prepare financial statements and closing
entries.
PART A: GENERAL INSTRUCTIONS
1.
The group consists of 5 (five) members
2.
Each group must determine the type of service business they want to
operate. Examples of service business types include:
i.
Advertising
ii.
Delivery
iii.
Photocopying
iv.
Accounting Firm
v.
Salon
vi.
Consultancy/ Advisory Services
3.
Each group must also decide on the name of the business they will operate. The
business name must be registered by completing the Business Registration Form
(Form A) and the Business Name Approval Form (Form PNA.42), which can be
downloaded from the Companies Commission of Malaysia (SSM) website.
4.

The business established must be a sole proprietorship.

PART B: PROJECT IMPLEMENTATION
The detailed activities for the project implementation are as follows: