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Mne3701 Assignment 2 (Correct Answers ) Semester 2 Due Date 12Th September 2024 Guaranteed Distinction.

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Having acquired sufficient knowledge and skills on financial management for small business, you must demonstrate practical competencies in constructing financial statements and in conducting feasible financial forecasting. As a new entrepreneur understanding financial management and accounting, forms an integral part of running your small business. You should also be able to forecast the financial outcomes that could result from your decision. The projections of business’s profits, its assets and financial requirements, and its cash flows are essential in determining whether your business is economically viable or not. In light of the above citation you are expected to respond to the following assessment criteria:

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MNE3701 ASSIGNMENT 2
(CORRECT ANSWERS )
th
SEMESTER 2 DUE DATE 12
SEPTEMBER 2024
GUARANTEED DISTINCTION.
QUESTION 1


Demonstrate how you would go about constructing financial statements of your small business with

reference to practical examples.


To construct financial statements for your small business, you will need to gather and organize financial

data from various sources. Here is a step-by-step guide with practical examples:


1. Gather financial data: Collect all relevant financial information, such as bank statements, sales

records, purchase invoices, payroll records, and any other financial documents.


2. Organize the data: Sort and categorize the financial data into different accounts, such as

revenue, expenses, assets, liabilities, and equity. Use accounting software or spreadsheets to

help you organize the data effectively.

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