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MNE3701 Assignment 2 Semester 1 2024 - DUE 30 April 2024
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MNE3701ASSIGNMENT 2
SEMESTER 1 2024 -
DUE 30 APRIL 2024
QUESTIONS WITH COMPLETE ANSWERS
[DATE]
musyokah11@gmail.com
[Company address]
, MNE3701 Assignment 2 Semester 1 2024 - DUE 30 April
2024
QUESTION 1
• Demonstrate how you would go about constructing financial statements of
your small business with reference to practical examples. (30 marks)
Constructing financial statements for a small business involves gathering,
organizing, and presenting financial information in a structured format. Let's break
down how I would approach this task step by step, using the example of a student-
owned business:
1. Gather Financial Data:
• Start by collecting all relevant financial transactions and records. This
includes sales receipts, invoices, bank statements, expense receipts,
and any other financial documents.
• Use accounting software or spreadsheets to organize this data.
Categorize transactions into income, expenses, assets, and liabilities.
2. Prepare Income Statement (Profit and Loss Statement):
• The income statement shows the revenues and expenses of the
business over a specific period, usually monthly, quarterly, or
annually.
• List all revenues earned during the period. For a student business, this
could include income from selling products, providing services, or
any other sources.
• Deduct all expenses incurred during the same period. Expenses may
include rent, utilities, materials, wages, marketing costs, etc.
• Calculate the net income (revenues - expenses) or net loss (expenses -
revenues).
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