support@essaywritingexpert.org| London College of Business Studies
Pearson BTEC HNC/D Level 4/5 in Business |
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| ASSIGNMENT BRIEF | ||
| Unit:5 Accounting Principles | ||
Higher National Certificate/Diploma in
Business
Assignment Brief 1
| Student Name/ID Number | |
| Unit Number and Title | Unit 5: Accounting Principles |
| Academic Year | 2022/23 |
| Unit Tutor/Assessor | Joseph Agyei |
| Assignment Title | Accounting in Context and Budgetary Control |
| Issue Date | 2 October 2023 |
| Submission Date | 15 December 2023 |
| IV Name & Date | Asad Sarwat 25-08-2023 |
| Submission Format |
| The submission is in the form of a portfolio of evidence compiled from the evidence produced for two assignments that include the following.
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 be penalised for going under or exceeding the total word limit. All work must be supported with research and referenced correctly using the Harvard referencing system (or alternative referencing system). You will need to provide a bibliography using the Harvard referencing system (or an alternative referencing system). Inaccurate use of referencing may lead to issues of plagiarism if not applied correctly. You will also submit an accounting memorandum with an accompanying Excel spreadsheet (raw data will be supplied by your tutor). You will insert sections of your spreadsheet into the memorandum. The recommended word limit for the memorandum is 1,000–1,500 words, although you will not be penalised for going under or exceeding the total word limit. Referencing for both submissions should use the Harvard system (or an alternative system). Learners must keep a backup copy of all work in progress, and final assignments, in case of IT failure or work being lost. Please use Appendix 1 (Student assignment submission and Declaration) as the front page to your assignment submission.
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| Unit Learning Outcomes |
| LO1 Examine the context and purpose of accounting.
LO4 Prepare budgets for planning, control and decision-making using spreadsheets. |
| Transferable skills and competencies developed |
| ● Reasoning and analytical skills
● Written communication using a range of media ● Manipulation and interpretation of data using spreadsheets ● Effective communication of relevant information across the organisation and to appropriate stakeholders ● Creation and interpretation of information, showing how that information can be used most effectively to add value to an organisation. |
| Vocational scenario |
| Organisation:
A large accountancy firm that undertakes extensive business consultancy work for their client base. They have a central head office and regional offices. Last year, the group turnover was £200 m with 25 per cent deriving from international markets. The firm also has a policy of taking on smaller niche clients, where they feel there is potential for fast growth. Role You have recently joined the firm as a Graduate Trainee attached to their SME (Small and Medium Enterprises) Unit, offering accountancy and financial services to businesses that typically have a turnover ranging from £0.5 m to £15 m. As part of your ongoing training, you have been asked to undertake some activities. |
| Assignment activity and guidance |
| 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.
Having completed the first activity, you have now been asked to work with a hospitality and catering start-up business that your firm has just taken on as a client. The business is particularly in need of support and guidance with budgeting and how it can be used to inform efficient resource allocation and support effective control and decision making. The founder of the business is investing £100,000 of their own capital and has also secured a business loan of £50,000.
(Note: students are to be provided with raw budget data in spreadsheet format, which they will then manipulate and model.) You have been asked to prepare an accounting memorandum that includes the following.
● Production of a 12-month cash budget that makes use of variance analysis to show the impact of the different individual scenarios below:
1. discounting prices by 20 per cent, which in turn increases sales volume per month by 10 per cent 2. increasing the marketing budget by 10 per cent per month, which in turn generates an additional 20 per cent in sales revenue 3. offering suppliers one-month’s trade credit 4. reducing rental/property related costs by 15 per cent per month.
● An evaluation of the role that budgets play in the effective planning and control of resources in an organisation such as your client’s. This will include both benefits and any limitations of using budgets and the extent to which they can help identify problems and corrective actions. ● An outline of a range of budgetary control solutions, with justification, to support organisation decision making and ensure efficient and effective deployment of resources.
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| Recommended resources
Please note that the resources listed are examples for you to use as a starting point in your research – the list is not definitive. |
| Weblinks
Accounting Coach courses. Available at: https://www.accountingcoach.com/accounting-basics/explanation The Association of Chartered Certified Accountants ACCA). Available at: https://www. accaglobal.com/gb/en.html Chartered Institute of Management Accountants. Available at: https://www.cimaglobal. com/ Indeed Career Guide to Memo Writing. Available at: https://www.indeed.com/career-advice/career-development/memo-writing-guide HubSpot. How to write a memo: Templates & examples. Available at: https://blog.hubspot. com/marketing/how-write-memo HN Global HN Global (2021) Reading Lists. Available at: https://hnglobal.highernationals.com/learning-zone/reading-lists HN Global (2021) Student Resource Library. Available at: https://hnglobal.highernationals. com/subjects/resource-libraries HN Global (2021) Textbooks. Available at: https://hnglobal.highernationals.com/textbooks Textbooks: Atrill, P. and McLaney, E. (2018) Accounting and Finance for Non-Specialists. 11th Ed. Harlow: Pearson Weetman, P. (2019). Financial and Management Accounting: An Introduction. Harlow: Pearson *Please access HN Global for additional resources support and reading for this unit. For further guidance and support on report writing please refer to the Study Skills Unit on HN Global www.highernationals.com and the assistance that you get through your study skills classes. |
Higher National Certificate/Diploma in
Business
Assignment Brief 2
| Student Name/ID Number | |
| Unit Number and Title | Unit 5: Accounting Principles |
| Academic Year | 2022/23 |
| Unit Tutor/Assessor | Joseph Agyei |
| Assignment Title | Production and Interpretation of Financial Statements |
| Issue Date | 2 October 2023 |
| Submission Date | 15 December 2023 |
| IV Name & Date | Asad Sarwat 25-08-2023 |
| Submission Format |
| The submission is in the form of a portfolio of evidence compiled using the evidence produced for two assignments, it will also include the following.
A detailed letter to a named client. The letter must be clear worded, well-structured and should make use of appropriate business language and terminology. The letter can also include clearly labelled tables and charts. It will accompany and support the appropriately constructed financial statements (income statement and statement of financial position) for the business in question. The word count is 2,000–2,500 words, although you will not be penalised for going under or exceeding the total word limit. A bibliography should be provided using the Harvard referencing system (or an alternative system). Inaccurate use of referencing may lead to issues of plagiarism if not applied correctly. Learners must keep a backup copy of all work in progress, and final assignments, in case of IT failure or work being lost.
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| Unit Learning Outcomes |
| LO2 Prepare basic financial statements for unincorporated and small business organisations in accordance with accounting principles, conventions and standards.
LO3 Interpret financial statements. |
| Transferable skills and competencies developed |
| ● Managing financial data
● Written communication using a range of media ● Manipulating and interpreting data using spreadsheets ● Effective communication of relevant information across the organisation and to appropriate stakeholders ● Creation and interpretation of information and showing how that information can be used most effectively to add value to the organisation ● Ability to use quantitative skills to manipulate data, evaluate, estimate and model business problems ● Application of accounting knowledge to consistently deliver high-quality, accurate data and information in a timely fashion. |
| Vocational Scenario |
| Having successfully completed your six-month probation as a Graduate Trainee at the accountancy firm, you have now been attached to a unit in the firm that deals with the provision of accountancy and consultancy services to small businesses that are typically set up as sole traders. The firm is careful about which small and emerging businesses it works with as it seeks to spot growth potential and identify and work with clients that have scalable business models. |
| Assignment activity and guidance |
| You are initially working with a small business that has been trading for three years and which now needs its annual trading statements to be compiled and submitted in line with government requirements. You have been given:
● an extended trial balance, including accruals, prepayments and figures for bad debts and depreciation ● a range of comparative key performance ratios from the previous year. Note: this data is to be given to students in spreadsheet format. Financial data must be realistic and in context to meet local needs. The business does not make use of contemporary software to support its book-keeping and accounting function. This is something which concerns you as you feel that it represents an opportunity for the business to save time and resource. Your supervisor, one of the firm’s Key Account Managers, has asked you to compile the year-end financial statements ready for submission and provide, for the client, some detailed analysis of the figures produced, which will be presented in the form of an accompanying letter. Specifically, you will undertake the following: 1. From the data provided, you are required to prepare the year-end financial statements, taking into consideration accounting principles, conventions and standards. You will need to make and show appropriate adjustments to both the income statement and the balance sheet. 2. Write an accompanying letter to the client that will be sent with the completed financial statements. The letter needs to include: ● calculation of relevant profitably, liquidity, asset usage and investment ratios ● critical evaluation of the performance to the business year on year (making reference to data you have calculated, and data provided from the previous year), with reference to relevant benchmarks as well as any limitations of using financial ratios as performance measures ● an outline of the benefits of contemporary accounting software packages, with examples of products on the market ● justified conclusions and recommendations for your client |
| Recommended resources
Please note that the resources listed are examples for you to use as a starting point in your research – the list is not definitive. |
| Weblinks
The balance careers. Business letter format with examples. Available at: https://www.thebalancecareers.com/how-to-format-a-business-letter-2062540 Xerox. Writing an effective business letter. Available at: https://www.xerox.com/en-us/small-business/tips/business-letter HN Global HN Global (2021) Reading Lists. Available at: https://hnglobal.highernationals.com/learning-zone/reading-lists HN Global (2021) Student Resource Library. Available at: https://hnglobal.highernationals. com/subjects/resource-libraries HN Global (2021) Textbooks. Available at: https://hnglobal.highernationals.com/textbooks *Please access HN Global for additional resources support and reading for this unit. For further guidance and support on report writing please refer to the Study Skills Unit on HN Global www.highernationals.com and the assistance that you get through your study skills classes. |
| Learning Outcomes and Assessment Criteria | ||
| Pass | Merit | Distinction |
| LO1 Examine the context and purpose of accounting |
D1 Critically evaluate the role of accounting in informing decision making to meet organisational, stakeholder and societal needs within complex operating environments.
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| P1 Examine the purpose of the accounting function within an organisation.
P2 Assess the accounting function within the organisation in the context of regulatory and ethical constraints. |
M1 Evaluate the context and purpose of the accounting function in meeting organisational, stakeholder and societal needs and expectations. | |
| LO2 Prepare basic financial statements for unincorporated and small business organisations in accordance with accounting principles, conventions and standards |
LO2 and LO3 D2 Critically evaluate financial statements to assess organisational performance using a range of measures and benchmarks to make justified conclusions.
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| P3 Prepare financial statements from a given trial balance for sole traders, partnerships and not-for profit organisations, to meet accounting principles, conventions and standards. | M2 Produce financial statements from a given trial balance, making appropriate adjustments. | |
| LO3 Interpret financial statements | ||
| P4 Calculate and present financial ratios from a set of final accounts.
P5 Compare the performance of an organisation over time using financial ratios |
M3 Evaluate the performance of an organisation over time, using financial ratios with reference to relevant benchmarks. | |
| LO4 Prepare budgets for planning, control and decision making using spreadsheets | D3 Justify budgetary control solutions and their impact on organisational decision making to ensure efficient and effective deployment of resources. | |
| P6 Prepare a cash budget from given data for an organisation using a spreadsheet.
P7 Discuss the benefits and limitations of budgets and budgetary planning, and control for an organisation. |
M4 Identify corrective actions to problems revealed by budgetary planning and control for effective organisational decision making. | |
Appendix 1
Student Assignment Submission and Declaration
Each student must complete the details below and sign a declaration confirming that the work is their own. This front page should then be submitted along with your assignment
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Assessor name:
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Submission date (Due date):
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Submitted on:
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Plagiarism
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who break the rules, however innocently, may be penalised. It is your responsibility to ensure that you understand correct referencing practices. As a university level student, you are expected to use appropriate references throughout and keep carefully detailed notes of all your sources of materials for material you have used in your work, including any material downloaded from the Internet. Please consult the relevant unit lecturer or your course tutor if you need any further advice.
Student Declaration
| I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand that making a false declaration is a form of malpractice.
Student signature (Type Name for E-Submissions): Date: |
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