Individual ActivityMarbles Inc. is a start- up Company manufacturing marbles andelastic bands. The Company imports its raw materials from France,but based on its business model expects that within the next 6 monthsit will be able to manufacture its own products. These will be soldlocally in Grenada, with further plans for export to the wider Caribbeanand Latin America. As such, a lot of Marketing and promotion will berequired to get the product off the ground to meet this business target.Also, due to this projected expansion, machinery will have to bepurchased to create the products.The Financial Controller decides that the first step in creating heraccounting system is to create a Chart of Accounts.Before creating the Chart, she is contemplating the accounts whichshe will need for her Chart of Accounts. She knows that Cash, Sales,Purchases and Staff Costs are some of the accounts that will beneeded. You are assisting her to build this tool and she requires yourhelp. Advise her on the other accounts which will be needed for theChart of accounts. Also develop this listing for presentation to her.Report your responses in the discussion forum and critically respondto the posts of at least two of your peers.
Individual Activity
Marbles Inc. is a start- up Company manufacturing marbles and
elastic bands. The Company imports its raw materials from France,
but based on its business model expects that within the next 6 months
it will be able to manufacture its own products. These will be sold
locally in Grenada, with further plans for export to the wider Caribbean
and Latin America. As such, a lot of Marketing and promotion will be
required to get the product off the ground to meet this business target.
Also, due to this projected expansion, machinery will have to be
purchased to create the products.
The Financial Controller decides that the first step in creating her
accounting system is to create a Chart of Accounts.
Before creating the Chart, she is contemplating the accounts which
she will need for her Chart of Accounts. She knows that Cash, Sales,
Purchases and Staff Costs are some of the accounts that will be
needed. You are assisting her to build this tool and she requires your
help. Advise her on the other accounts which will be needed for the
Chart of accounts. Also develop this listing for presentation to her.
Report your responses in the discussion forum and critically respond
to the posts of at least two of your peers.
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