Accounting has been fun for me this semester, this semester me and my classmates were assigned to carry out a small business in campus. The business is named "Fresh Mart Project", our duty is to sell vegetables and fruits. Each class is divided into two groups, one is in charge of the fruits and the other one is in charge of selling vegetables.
From this project, we learned to work together and help each other in reaching our goal, our goal is to finish selling the large amount of vegetables and fruits we purchased. In order to do so, every single one of us must put in effort, approach every passer-by and try to make sales. Before we start selling, we have to calculate the price to charge for all vegetables and fruits. From this, I learned to calculate the pricing and find out several factors to be concern while preparing the price such as the amount of fruits and vegetables needed to be sold within 4 hours, the price charge by other tutorial groups which is our competitor, and the ability of our customer to afford our goods.
While selling, we have to record down the price we charge and the amount sold, different prices are charge base on the amount of purchase per receipt, this is the promotion method used. Excel is used to create our own format of account to record down our sales clearly. After selling all our inventory, we were assigned to do an assignment base on the data collected from Fresh Mart Project.
From this assignment, I understand the three ways of calculating physical account better, namely LIFO, FIFO and Average Cost. Besides, I manage to do my depreciation using Straight-line method, Double Declining Balance and Units of Production method even better. I think this accounting assignment is one of the best assignment I've done and experience so far, because I was given a hands on experience on handling a business. Although it is a simple and small business, but it definitely benefits me a lot.
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