Critically analyse the fundamental accounting principles and the applications of the accounting principles in the context of F&B.
Analyze and interpret the key elements included in the financial statements in the food and beverage industry.
Justify and assess the importance/application of sustainability in today’s business from perspective of accounting.
“Starting from Scratch”

-Fish & Chips Food Truck Project

Descriptions in general

On your graduation ceremony, you were not satisfied with the food which was Fish and Chips offered by a local restaurant. “The chips were not crispy, and even the fishes were cold!” you https://keenessays.com/1-if-police-officers-are-expected-to-increase-the-risk-to-their-lives-when-resp-2/ said to one of your colleagues who totally agreed with you. Consequently, you and your friend decided to open a Fish & Chips Food Truck from “scratch”. Since you took the course of Financial Accounting at César Ritz Colleges (Brig), your friend thus kindly asked to you to be the CEO, and to manage the company.

Assume that your food truck started operating on 01-01-202X, and by the end of the month (31-01- 202X), you decided to use the knowledge you learnt from the course of Financial Accounting to record and report all the business-related transactions with the ultimate objective of preparing the FOUR financial statements.

Stage 1 – Recording

In this stage, you are required:

Complete the story by introducing your Fish & Chips Food Truck project. You may want to include the name of the food truck, brief introduction of the owner(s), location of the food truck, business objective (mission and vision statements), financing strategy (issuing shares and borrowings), and so forth.
Formulate possible business transactions (by describing or stating the business transactions) of the food truck business for the month (January, 202X). No. of business transaction statements are: 18 – 20.
Use Journal Entry to RECORD each of the business transactions you formulated.
You can rely on the following list of accounting items to prepare your business transactions and
journal entries.
o Cash and cash equivalents (recording cash received and cash paid);
o Account receivable (recording the amount customers owe your company);
o Inventory (recording purchases of the inventories);
o Supplies (recording purchases of the supplies);
o Pre-paidinsurance(recordingpurchasesofinsurance);
o Cooking equipment (recording purchases https://keenessays.com/this-is-a-reflection-paper-of-at-least-2-pages-in-apa-format-no-references-are/ of equipment as long-term fixed asset); o Food truck (recording purchases of truck as long-term fixed asset)
o Account payable (recording firm’s obligations to pay in the future – suppliers);

Short-term Note payable (recording firm’s obligations to pay in the future –sellers of the fixed assets);

o Salaries/wages payable (recording firm’s obligations to pay salaries/wages in the future); o Interest payable (recording firm’s obligations to pay interest in the future);
o Income taxes payable (recording firm’s obligations to pay income taxes in the future);
o Long-term note payable (recording firm’s obligations to pay in the future –sellers of the

fixed assets – banks);
o Dividend payable (recording firm’s obligations to pay dividends to shareholders);
o Common shares (recording share issuing);
o Additional paid-in capital (recording extra cash received from share issuing);
o Retained earnings (recording net income/loss, dividend payments);
o Sales revenue (to simplify computations, you can make assumptions on the selling price

per meal, and quantity of the meals sold during the month);
o Cost of goods sold (require assumptions and calculations on cost of goods sold) o Salaries/wages expense (require adjusting journal entry)