What do you understand the function of "Accounting Assumption Page" for your UBS project?

Accounting assumptions are traditions and customs, which have been developed over a period of time and well-accepted by the profession. Basic accounting assumptions provide a foundation for recording the transactions and preparing the financial statements there from. 

For our current project for this subject, we need to do the accounting assumption page. During one of our Accounting Information Systems (AIS) class, our lecturer, Sir Noreffendy has explained to us what is accounting assumption really means. The function of accounting assumption is we need to clarify the details of the source documents that we actually needed but we cannot get it from the company. There are several points that we need to consider and state in the accounting assumption page at the end of our UBS project.

1) Not enough information/ Lack of information
       -  some of company, they have employees that was full time working in the company, and also there are part time worker. Most of the company will not record the salaries of the part time worker, since maybe they are more concern to record the salary of the full time workers. So it will cause a problem for us since we cannot get the salaries of the whole workers in the company.

2) The transaction based on cash basis
       -  Some company, most of them was doing a transaction based on cash basis. So there will not be any documents that show the transaction or can disclosed that transaction as a prove.

What are the details need to be updated in the UBS System when you have created a new company in the UBS System?

Once we have open the UBS System, the first thing that we need to do is to create a new company. When the sytem has opened, 'SELECT COMPANY' folder will appear, so to create the new company, we need to click on 'ADD' button to write the name of the new company and the directory. For example, we write 'NAS_BIA' as the company's name and 'ASGN1' as the directory. Once we done creating the company and company, we need to click 'CANCEL' button and then we click the company that we have created.

After we have clicked the company that we have created just now, it will appear a folder that require us to key in the username, password and also the date. The year of the date should be the year that the documents has been prepared. Then after we click 'OK', 'SETUP WIZARD' will pop up and next we need to to update the informations about the company by clicking on the 'HOUSEKEEPING'---> 'SETUP' ---> 'GENERAL SETUP'. 

There, we can change the company's name, address of the company, the reference number and also the accounting period. When we done key in all the informations about the company, we just need to click 'OK'. After that, we can start doing the chart of accounts, key in all the batches and so on.

Describe and Explain Briefly your experience in getting your 1st potential business entity for your UBS project

Our lecturer for Accounting Information Systems (Lab Session), Sir Noreffendy has gave us a task to carry out a project which we can consider it as UBS Project. This project need us to convert a real financial accounting for six months of a company into the UBS systems. This project will representing 20% from the total assessment of this subject.

So, the first thing that we have to do is searching for a Enterprise Company in Malaysia. Once we have the list that we can try to ask for their company's manual accounting with purpose of learning. Searching for a company is not hard, because we can just list any company that we know in Malaysia. The distress part starts when we proposed to every company because most of the company will refuse to help us. They refuse to provide us with their accounting documents even though we already stated to them that we need the documents for only with intention to study not to public or give it to others/their competitors. Yes, of course all the documents are private and confidential. 

In order to respect their decision, so we proceed by trying ask to another company. To be honest, we have been rejected many times by many companies, but we keep going, we cannot give up..And we hope that our project can be carried out smoothly..