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Senior Lecturer: SAMER SHEIKH HAMDO Unit 10 Financial Accounting Applying Financial Accounting Rules and Principles. Programme HND in Business Assignment Brief REF REF: 18-19-U10-A 4.1 Unit Number and Title Unit 10 Financial Accounting Unit Level Level 4 Unit Assessor SAMER SHEIKH HAMDO IV Name K FATIMA HAYDAR Assignment Title Applying Financial Accounting Rules and Principles. Assignment delivery Date 23.06.2019 Assignment Submission Date 10.07.2019 1st exam date 20.04.2019 2nd exam date 15.06.2019 3rd exam date 22.06.2019 4th exam date 13.07.2019 LOs Covered LO1 Record business transactions using double entry book-keeping, and be able to extract a trial balance. LO2 Prepare final accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards. LO3 Perform bank reconciliations to ensure company and bank records are correct. LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts. Submission instructions 1. Use Microsoft office 2016 A. Font: standard Times New Roman (Headings CS) font. B. line spacing: 1.5-line spacing. C. Margins: (Narrow) 0.5 centimetres’ margin on the left-hand side of the page and a 0.5 centimetres’ margin on the right-hand side. D. Page numbers: in the footer “go to insert > Page Number > Bottom of page > Plain Number 2” E. Headings: use 16-point Times New Roman (Headings CS) BOLD for first level headings, and 14-point Times New Roman (Headings CS) for second level headings. If a third level heading is required, use 12-point Times New Roman (Headings CS). 2. Cover Page: use ABCHorizon Cover page (should be a title of program, Unit number and tittle, Submitted by, Registration Number, Assignment No and Title, Instructor’s Name, Centre Number and Date) sequentially. 3. Declaration Form: you fulfil and Sign the declaration form. 4. Table of Content: use Table of content after Declaration form (you may use "Automatic table of content" by go to references > Table of content > automatic table 2 5. Labelling and Numbering: make sure that any diagrams, tables, screen shots, PowerPoint slides, etc. are labelled and numbered appropriately. For example, (Table 1 Income Statement), (Fig 3 Time Series) … etc. 6. Check Spelling: also grammar and punctuation, and ensure that you proof read your assignments, before submitting, because the MS Word auto checking software doesn't always highlight every mistake. 7. Referencing: use accurate Harvard referencing and include a bibliography. (Citation and Referencing), you must use “references” by go to references > Bibliography > references. Add references at the end of report. Include a list of references at the end of your document. You must give all your sources of information. 8. LMS: upload your evidence into ABCHorizon e-learning Platform. 9. Learners Should Submit work as exclusively his/her own and should be based on originality. 10. Learners should strictly follow the submission deadline and submit assessment on time. 11. All Assignments Elements and presentations (References, reflective report, case study handout, content, etc.) should adhere to the ABC template. 12. Learners will be given only one opportunity for re-submission of their assessment. 13. Plagiarism: the work you submit must be in your own words. If you use a quote or an illustration from somewhere you must give the source. Do not use Wikipedia, UK Essay or any unacknowledged sources as a reference Business scenario You are a Junior Accountant in a medium sized accountancy and auditing company. As a part of the company annual appraisal process you have been asked by your direct manager to prepare report that define and explain the financial accounting and its importance in the business environment. Also in order to be promoted to a senior level , your manager told you that you need to make successful four (4) closed-book exams. Assignment Brief 1. The report will include the following: a) Define and explain financial accounting. b) Explain financial accounting rules. c) Explain financial accounting principles, concepts, and conventions. d) What is the difference between Financial reports and financial statements? 2. These four (4) closed-book exams will show that you have the knowledge, skills and abilities to: a) Record correctly transactions and produce an accurate trial balance by completing the balance off of ledger accounts, checking that each transaction is recorded in line with accepted accounting principles. b) Apply appropriate and accurate calculations for the constructing of the final accounts. c) Prepare accurate bank reconciliations that apply appropriate tools and techniques to check general accounts and balance sheets. d) Produce accurate accounts that have been reconciled applying the appropriate methods. Deliverables 1- Report (min 1,000-word) in the defined date 2- Four exams in the defined dates Assessment Criteria Pass Merit Distinction LO1 Record business transactions using double entry book-keeping, and be able to extract a trial balance P1 Apply the double entry book-keeping system of debits and credits. Record sales and purchases transactions in a general ledger. M1 Analyse transactions to show the progression from a previous trial balance to the next one using double entry bookkeeping. D1 Apply trial balance figures to show which statement of financial accounts they will end up in. P2 Produce a trial balance applying the use of the balance off rule to complete the ledger. LO2 Prepare final accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards P3 Prepare final accounts from given trial balance. M2 Make adjustments to balances of sum accounts for example, accruals, depreciation and prepayments before preparing the final accounts. D2 Compare the essential features of each financial account statement to analyses the differences between them in terms purpose, structure and content. P4 Produce final accounts for a range of examples that include sole-traders, partnerships or limited companies. LO3 Perform bank reconciliations to ensure company and bank records are correct P5 Apply the bank reconciliation process to prepare a number of bank reconciliations. M3 Apply the reconciliation process demonstrating the use of deposit in transit, outstanding checks and Not Sufficient Funds (NSF) check. D3 Prepare accurate bank reconciliations that apply appropriate tools and techniques to check general accounts and balance sheets. LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts P6 Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples. M4Demonstrate understanding of the different types of accounts and how and why they are reconciled. D4 Produce accurate accounts that have been reconciled applying the appropriate methods. Recommended Resources • ATRILL, P. and McLANEY, E. (2012) Accounting and Finance for Non-Accounting Specialists. 8th Ed. Harlow: Pearson. • DYSON, J. R, (2010) Accounting for Non-Accounting Students. 8th Ed. London: Prentice Hall. • GLAUTIER, M. (2010) Accounting Theory and Practice. Harlow: Prentice Hall. • LOUGHRAN, M. (2011) Financial Accounting for Dummies. New Jersey: Wiley Publishing. • MCLANEY, E. and ATRILL, P. (2012) Accounting: An introduction. 6th Ed Harlow: Pearson. • Journal of Accounting, Auditing and Finance • Journal of Business Finance and Accounting • International Journal of Managerial and Financial Accounting Other Resources: • Google Scholar Guidance and Instructions: GRADING CRITERIA ➢ To achieve a Pass, a student must have satisfied all the Pass criteria for the learning outcomes, showing coverage of the unit content. ➢ To achieve a Merit, a student must have satisfied all the Merit criteria (and therefore the Pass criteria) through high performance in each learning outcome. ➢ To achieve a Distinction, a student must have satisfied all the Distinction criteria (and therefore the Pass and Merit criteria), and these define outstanding performance across the unit as a whole For Resubmission opportunity: An assignment provides the final assessment for the relevant learning outcomes and is normally a final assessment decision. A student who, for the first assessment opportunity, has failed to achieve a Pass for that unit specification shall be expected to undertake a reassessment. ● Only one opportunity for reassessment of the unit will be permitted. ● Reassessment for course work, project- or portfolio-based assessments shall normally involve the reworking of the original task. ● A student who undertakes a reassessment will have their grade capped at a Pass for that unit. ● A student will not be entitled to be reassessed in any component of assessment for which a Pass grade or higher has already been awarded. For Repeat Unit: A student who, for the first assessment opportunity and resubmission opportunity, still failed to achieve a Pass for that unit specification: ● The student must study the unit again with full attendance and payment of the unit fee. ● The overall unit grade for a successfully completed repeat unit is capped at a Pass for that unit. ● Units can only be repeated once. For Academic Malpractice: (Plagiarism and Collusion) In order to achieve a BTEC qualification, you must produce your own work. You will not be allowed to: 1. Copy and paste from textbooks. 2. Copy and paste from the Internet. 3. Copy from other students (past or present). Any act of plagiarism or collusion will be seriously dealt with according to the centre regulations. In this context, the definition and scope of plagiarism and collusion are presented below: Plagiarism is presenting somebody else’s work as your own. It includes copying information directly from the Web or books without referencing the material; submitting joint coursework as an individual effort. Collusion is copying another student’s coursework; stealing coursework from another student and submitting it as your own work. If you copy the work of the above you will risk