Ssignment Rief
Ssignment Rief
ASSIGNMENT TITLE
P1 Examine the purpose M1 Evaluate the context and purpose of D1 Critically evaluate
of the accounting function within an the accounting function in meeting the role of accounting in informing
organisation. organisational, stakeholder and societal decision making to meet
needs and expectations. organisational, stakeholder and
P2 Assess the accounting function within the societal needs within complex
organisation in the context of regulatory and operating environments.
ethical constraints.
LO2 Prepare basic financial statements for unincorporated and small business
organisations in accordance with accounting principles, conventions and standards
P3 Prepare financial statements from a given M2 Produce financial statements from a
trial balance for sole traders, partnerships and given trial balance, making appropriate
not-for-profit organisations, to meet adjustments.
LO2 and LO3
accounting principles, conventions and
standards.
D2 Critically evaluate financial
LO3 Interpret financial statements statements to assess organisational
performance using a range of
measures and benchmarks to make
P4 Calculate and present financial ratios from M3 Evaluate the performance of an justified conclusions.
a set of final accounts. organisationover time, using financial
ratios with reference to relevant
P5 Compare the performance of an benchmarks.
organisationover time using financial ratios.
LO4 Prepare budgets for planning, control and decision making using spreadsheets
P6 Prepare a cash budget from given data for M4 Identify corrective actions to problems
an organisation using a spreadsheet. revealed by budgetary planning and
control for effective organisational
D3 Justify budgetary control solutions
P7 Discuss the benefits and limitations of decision making.
and their impact on organisational
budgets and budgetary planning, and control
decision making to ensure efficient
for an organisation.
and effective deployment of
resources.
SUBMISSION FORMAT
For LO1, which is covered in task 1, submission is in the form of a blog based on the scenario provided in the task 1. A
blog that should make use of headings, sub-sections, columns and appropriate business- related images and illustrations.
This format offers the opportunity to present academic and theoretical information in a practical, contextualised and
creatively written way. The recommended word limit for the case study is 1,500–2,000 words, although you will not
bepenalised for going under or exceeding the total word limit. All work must be supported with research and referenced
correctly using the Harvard referencing system. You will need to provide a bibliography using the Harvard referencing
system . Inaccurate use of referencing may lead to issues of plagiarism if not applied correctly.
Task 2 which covers LO2 is based on 3 hours class test which cover P3,M2 and D2. Class test would be conducted under
the supervision of an invigilator. Answer sheet will be provided to the student in the examination hall..
Your supervisor, one of the firm’s Key Account Managers, has asked you to prepare a blog that will be used to market and promote its
accounting services to new and existing clients. The working title you have been given for the blog is ‘The role of accounting in an
organisation’. The blog must be presented as an online blog in an engaging and practical way, covering relevant academic theory,
making use of, for example, headings, images and illustrations. Your blog should include the following, but is not limited to:
• the purpose and scope of accounting in complex operating environments.
• a critical evaluation of the accounting function in informing decision making and meeting stakeholder and societal needs and
expectations
• the main branches of accounting and job skillsets and competencies
• accounting systems and the role of technology in modern-day accounting
• issues of ethics, regulation and compliance and the extent to which they are constraints or threats to the organisation.
Required:
Prepare a trading profit and loss account for the year ended 31 May 2006 and a balance sheet as at that date.
Question 2: Draw up a profit and loss appropriation account for the year ended 31 March 2008 and balance sheet extracts at
that date, from the following:
(i) Net profits £111,100.
(ii ) Interest to be charged on capitals: Blair £3,000; Short £2,000; Steel £1,500.
(iii ) Interest to be charged on drawings: Blair £400; Short £300; Steel £200.
(iv) Salaries to be credited: Short £20,000; Steel £25,000.
(v) Profits to be shared: Blair 70%; Short 20%; Steel 10%.
(vi) Current accounts: balances b/d Blair £18,600; Short 3 £9,460; Steel £8,200.
(vii) Capital accounts: balances b/d Blair £100,000; Short £50,000; Howe £25,000.
(viii) Drawings: Blair £39,000; Short £27,100; Steel £16,800
Question 3: The following trial balance of The Shire Golf Club was extracted from the books as on31 December 20X3:
DESCRIPTION DEBIT £ CREDIT £
Clubhouse 142000
Equipment 18600
Profits from raffles 6508
Subscriptions received 183400
Wages of bar staff 29200
Bar stock 1 january 2003 9400
Bar purchases and sales 41300 84600
Greenkeepers wages 21500
Golf professionals salary 37000
General expenses 910
Cash at bank 3924
st
Accumulated fund at 1 January 2003 29326
303834 303834
Notes:
a) Bar purchases and sales were on cash basis. Bar stocks at 31 december 2003 were valued at 6410.
b) Subscriptions paid in advance by members at 31 december2003 amounted at 1870.
c) Provided for depreciation 2400.
Required:
1. Draw up the bar trading accounting for the year ended 31 december 2003.
2. Draw up the income and expenditure account for the year ended 31 december 2003 and a balance sheet as at 31
December 2003.
Question 4: Critically evaluated the difference and similarities in the financial statements of unincorporated organizations based
on the above questions.
TASK 3-SCENARIO AND GUIDANCE-LO3-CLASS TEST-ONE HOUR 30 MINUTES TEST
Question 1: The balance sheet and income statement for chicho Electronics are reproduce below (tax rate is 40%)
Total 20 marks
ChichoElectronoics
Balance Sheet( $ 000)
As of December 31
Years Year 4 Year 5
Assets
Cash 683 325
Account receivable 1490 3599
Inventories 1415 2423
Prepaid expenses 15 13
Total current assets 3603 6360
Property plant and equipment, net 1066 1541
Other assets 123 157
Total assets 4792 8058
Shareholder’s Equity
Common stock $1 par value,1000,000 shares authorized
550,000 and 829000 outstanding 550 829
respectively
Preferred stocks, series A 10%; $25 par 500 450
value; 25000 authorized
20,000 and 18000 outstanding,
respectively
Additional paid in capital 450 575
Retain earnings 1368 1949
Total shareholders’ equity 2868 3803
Total liabilities and shareholders’ equity 4792 8058
CHICO ELECTRONICS
Year 4 Year 5
Net sales 7570 12065
Other income 261 345
Total revenue 7831 12410
Cost of goods sold 4850 8048
General, administrative and marketing 1531 2025
expense
Interest expense 22 78
Total cost of and expenses 6403 10515
Net income before tax 628 994
Net income 800 1265
Compute and interpret the following financial ratios of the company for YEAR4 and 5.