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Arthur Andersen

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Financial Accounting

Business Folio Task 1 (Team Assignment)

DUE DATE: Your tutorial in week 4

If you do not hand in your business folio to your tutor at your tutorial in the specified week, then 2 marks per day will be deducted from the available marks for this Task. This 2-mark- deduction applies to all submissions after your tutorial time, even if still on the same day of your tutorial.

Business folios will be only handed back at tutorials. It is your responsibility to attend the tutorials to submit and collect your business folio. You need to keep your marked Task 1 after you collect it from your tutor as you will need to submit it with your Task 2.

Business Folio is a team assignment, submission of individual work is not accepted. It is your responsibility to find your team member, form into a group and conduct team work to develop your team working skills.

Prior to commencing your assignment
1. You are required to form a team with one or two other students from your class (teams must consist of two or three students). Complete the team details (Pro Forma: Task 1A). All of your submitted tasks should be typed. Handwritten work is not eligible for submission.
2. Your team is to commence a new business; the form of ownership is to be a company. You will each contribute $200,000 cash and receive shares in the company to that value. There are conditions involved: • The business must be either a retail or wholesale business that appeals to you and your team members. The business cannot be a service business, manufacturer or involved in the preparation of food (e.g. restaurant, take away food store etc). • You cannot purchase a franchise. • You must run it for at least 5 years before selling it. • Both suppliers and customers must be located in your local area. • You must sell two products. • You must use the perpetual

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