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MNE3701 Assignment 2 (COMPLETE ANSWERS) Semester 1 2025 – DUE 8 May PM; 100% correct solutions and explanations.

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MNE3701 Assignment 2 (COMPLETE ANSWERS) Semester 1 2025 – DUE 8 May PM; 100% correct solutions and explanations. QUESTION 1 Demonstrate how you would go about constructing financial statements of your small business with reference to practical examples. (10) 3 MNE3701 2025 ACADEMIC YEAR TURNOVER QUESTION 2 The success of your small business depends on your effective management of the human resources of your organisation. Discuss how you would go about managing your human resources. (10) QUESTION 3 With reference to practical examples, critically discuss how you

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, MNE3701 Assignment 2 (COMPLETE ANSWERS)
Semester 1 2025 – DUE 8 May 2025 2300PM; 100% correct
solutions and explanations.
Question 1


Constructing Financial Statements for a Small Business
Constructing financial statements is an essential process for
tracking the financial health of a small business. The key
financial statements include the income statement, statement
of financial position (balance sheet), and cash flow statement.
Here is a step-by-step explanation with practical examples:
1. Gather Source Documents
Start by collecting all necessary financial records such as:
 Invoices issued and received
 Bank statements
 Receipts for expenses
 Loan agreements
 Payroll records
Example: If I own a small bakery, I collect sales receipts from
customers, supplier invoices for flour and sugar, and wage slips
for my employees.


2. Record Transactions in the Accounting System
Connected book
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Michael H. Morris, Jeffrey G. Covin Corporate Innovation & Entrepreneurship, International Edition
Publisher: februari 2011 ISBN: 9781111526917 Edition: 1

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