Comprehensive Financial Plan Project Assignment
Project Overview
In this project, you will create a short business plan for a fictional company. The focus will be
on the finance section, which should be detailed and incorporate all aspects of accounting.
This project will help you understand the full scope of the accounting cycle and its
application in a business context.
Imagine you start with $30,000 from your own money and $20,000 borrowed from BDC
bank, you can increase or decrease.
Use a separate excel file for every month. I will provide you with a template. This will help
you to complete the assignment better and quicker.
Instructions
1. Business Plan Introduction
● Provide a brief description of your fictional company, including its name, industry,
and mission statement.
● Create fictional payments and revenues for your company.
● Ensure to include the following in your business and records: drawings, expenses,
revenues, capital, assets, prepaid insurance, supplies, contra accounts, HST
recoverable, HST payable, accounts receivable, and accounts payable.
2. Financial Plan Sections
A. Accounting Cycle Explanation (5 pts)
Outline the steps of the accounting cycle and explain how they apply to your business.
B. Chart of Accounts (5 pts)
Create an assumed chart of accounts for your company. Include all necessary accounts for
tracking financial activities.
C. Journal Entries (15 pts)
Record all journal entries needed for the first year of operations. but remember to create a
trial balance every month jsut to make sure that each month is correct. Ensure each entry
has a corresponding source document.
D. Ledger Accounts (10 pts)
Post the journal entries to the ledger accounts. Maintain accuracy and detail in your
postings. make ledger accounts for every month, start with opening balance in the new
month.
E. Bank Reconciliation (10 pts)
Perform a bank reconciliation for each month of the first year. Highlight any discrepancies
found and explain how they were resolved. Show 3 months of bank reconciliation errors.
F. Petty Cash Summary (5 pts)
Prepare a summary of petty cash transactions for each month.
G. Error Corrections (10 pts)
Identify and explain some errors that occurred at the end of the year in the journal and
ledger ofcourse and how they were corrected without erasing. show only 2 different errors.
H. Accounting Worksheet (20 pts)
Create an accounting worksheet that includes a trial balance, adjusted trial balance, income
statement, and balance sheet.
Reminder: Be sure to include prepaid insurance, supplies, and revenue when creating the
adjusted trial balance.
I. Final Financial Statements (10 pts)
Create a final income statement and balance sheet using proper formatting. Ensure all
figures are accurate and reflect your company’s financial status at the end of the year.
J. Accounting Procedures & Internal Controls Explanation (10 pts)
Explain the accounting procedures and internal controls used in your business and how they
ensure financial accuracy and protect assets.
Project Rubric (100 Points Total)
Category Level 4: Level 3: Level 2: Level 1:
Excellent (Full Proficient Developing Beginning
Marks)
Business Plan Company Company Company Company
Introduction description is description is description is description is
(5 pts) clear, detailed, clear and basic; some unclear or
and creative. includes most required missing; most
All required required accounts are required
accounts accounts. missing or accounts are
(payments, incomplete. omitted.
revenues,
drawings,
expenses,
capital, assets,
prepaid
insurance,
supplies,
contra
accounts, HST,
A/R, A/P) are
included and
well
integrated.
Accounting All steps of the Most steps are Some steps Explanation is
Cycle accounting explained and are missing or incomplete or
Explanation (5 cycle are applied explanations mostly
pts) thoroughly correctly. are incorrect.
explained and unclear/inaccu
accurately rate.
applied to the
business.
Chart of Chart is Chart is mostly Chart is Chart is poorly
Accounts (5 complete, complete; incomplete; done or
pts) well- minor several missing most
organized, and omissions. accounts accounts.
includes all missing.
relevant
accounts.
Journal Entries All entries are Most entries Some entries Many entries
(10 pts) accurate, are accurate are inaccurate are missing or
detailed, and and include or missing incorrect; no
include correct source source source
source documents. documents. documents.
documents.
Ledger Ledger is fully Ledger is Ledger Ledger is
Accounts (10 accurate, mostly contains errors incomplete or
pts) complete, and complete and or missing disorganized.
organized. accurate. information.
Bank All months Most months Some months Bank
Reconciliation reconciled, reconciled; missing or reconciliation
(10 pts) discrepancies minor issues in discrepancies is incomplete
identified and explanations. not clearly or missing.
clearly handled.
resolved.
Petty Cash All months Most months Some months Petty cash
Summary (5 summarized summarized missing or summary is
pts) accurately correctly. summaries missing or very
with proper lack detail. incomplete.
detail.
Error Errors are Most errors Few errors Error
Corrections clearly are addressed identified or corrections are
(10 pts) identified and and explained. explanations missing or not
explained; are unclear. explained.
corrections are
appropriate
and not
erased.
Accounting Worksheet is Worksheet Worksheet Worksheet is
Worksheet (20 fully accurate, includes most missing some incomplete or
pts) includes trial components; components or inaccurate.
balance, minor errors. contains
adjusted trial errors.
balance,
income
statement,
and balance
sheet. Prepaid
insurance,
supplies, and
revenue are
included in
adjusted trial
balance.
Final Financial Final income Final Statements Statements
Statements statement and statements are have some are missing,
(15 pts) balance sheet mostly errors or incomplete, or
are accurate, accurate and formatting poorly
properly well- issues. formatted.
formatted, and formatted.
fully reflect
company’s
financial
status.
Accounting Procedures Procedures Procedures/ Explanations
Procedures & and internal and internal internal missing or
Internal controls are controls are controls are show limited
Controls thoroughly mostly clear somewhat understanding
Explanation explained, and show unclear or of procedures
(10 pts) clearly good incomplete. and internal
showing a understanding. controls.
deep
understanding
of how they
ensure
accounting
accuracy and
protect assets.
Scoring Note:
Add the points earned in each category to determine your total score out of 100.
Level 4 = Full marks for category
Level 3 = 75% of category points
Level 2 = 50% of category points
Level 1 = 25% of category points