select a small business from food industry .
Year 11 Accounting
Unit 1 Area of Study 1
Assessment Task
Small business Report
Choose an actual small business to research.
Complete the following tasks as you are
researching the small business.
Task 1: Describe the small business
a) What is the name of the small business? Is the business a service,
trading or a manufacturing business? Provide a brief description
about the nature of operations and ownership structure.
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b) Describe the main products and/or services that the business
sells/provides.
c) Include a photo of the business or (if the business does not have a
shop front) another image related to the business such as the
business logo.
Task 2: Owning the small business
a) Explain three reasons why the owner might have started the small
business.
b) Explain three alternatives investment opportunities to owning a
small business.
c) Explain the types of ownership structures that a small business
owner may use to establish their business. Create a table showing
the advantages and disadvantages of each structure.
d) Include a table showing possible internal and three external
sources of finance that the business owner could use. A thorough
definition including the features, advantages and disadvantages of
each source must be included.
e) Explain at least three factors that can lead to the success of a
small business and three factors that can lead to the failure of a
small business.
Task 3: Operating the business
a) Accounting elements
Create a list of assets (current and non-current), liabilities (current
and non-current), owner’s equity, revenues and expenses that the
business is likely to have. Your list could include elements that you
have seen from visiting/observing the business, (or from what you
know of the business), or elements that you can justify as being
relevant to this type of business. Note: values are not required
b) Price setting methods
Explain the following price setting methods:
• Recommended retail price
• Mark-up
• Cost-volume-profit analysis
Which method(s) of pricing does the business (most likely) use? Why
have they chosen this method?
c) Professionals who can help the small business owner
Describe the role of two professionals who may have assisted the
small business owner in establishing the business and/or achieving
business success.
d) Role of accounting
Explain the accounting process used by the small business, and the
role that accounting plays in the success of the small business. Does
the owner rely on accounting reports to judge the success or failure of
the business? Which reports? How are they used?
e) Ethics
Describe two ethical decision the owner of
the business may have had to consider
when establishing or operating the
business?
You may use your textbook and internet
resources to prepare the report. Some
websites you could use are:
• http://www.business.vic.gov.au/BUSVIC/HOMEPAGE
• http://www.smallbusiness.wa.gov.au
• http://www.becaustralia.org.au
• http://www.smallbiz.nsw.gov.au/Pages/default.aspx
You must present your report, using a suitable ICT tool of your choice.
Possibilities include PowerPoint or Prezi presentation, and a written
report in Word.
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