I would like to thank God first and foremost for giving me the strength and vigour to push through to complete this project even in times when I did not want to complete it. I would also like to thank my mother for pushing me to complete this project and giving me assistance where it was needed. I would like to thank my Teacher for giving me this SBA as it has increased my knowledge of the financial world.
THE ACCOUNTING CYCLE
AIMS OF PROJECT
I am carrying out this project to gain a deeper understanding of the subject and being able to think and analyze situations that may occur within the field. Gaining a deeper understanding of the subject now will create a greater opportunity for me to understand the financial aspects of the working world.
I am also carrying out this assignment as it is a CSEC requirement and is a major part of my CSEC final grade towards this subject.
DESCRIPTION OF BUSINESS
Top Sellers is a Partnership consisting of seven (7) partners who all work to the best of their potentials to accomplish the task at hand. Top sellers as the name suggests sells electronics such as laptops, apple products( iphones, ipads, ipods, macs) and blackberrys (just to name a few) of the highest quality for the lowest of prices to satisfy our consumer’s wants and desires. The store employs eleven (11) staff members including the seven partners that are within the company holding leadership roles. The seven partners are supervisors and 4 general workers who act as cashiers, security, and assistance. The business is supplied by merchants that act as intermediaries between the business and several electronics companies including Apple Inc., Research in Motion, maker of the Blackberry smartphone and Samsung Inc. The business is open from 8:00am to 5:00pm from Monday-Friday. Top Sellers is located at 1 imagination Lane, St.Ann.
Its financial statement reflects the...