The assignment is to design a University Library system database using Microsoft Access. It requires a group of 3-4 students to design a logical entity relationship diagram in third normal form, create a data dictionary including all entities and attributes, and implement the solution as a database system. The database should have different views for library staff, students, and general staff, and provide various facilities such as checking for unpaid fines, adding new borrowings, providing records of return dates, and running reports.