Financial Accounting Assignment Brief for Business Students

SCHOOL OF BUSINESS & MANAGEMENT
Assignment Brief (RQF)
ASSIGNMENT BRIEF (RQF)
Higher National Certificate/Diploma in Business
Student Name/ID Number:
Unit Number and Title: Unit 10: Financial Accounting
Unit Assessor:
Assignment Title: Financial Accounting
Issue Date:
Submission Date:
Internal Verifier Name:
Date:
SUBMISSION FORMAT:
The submission of assignment is in the form of an individual written report. This should be written in a
concise, formal business style using font style "Time New Roman", font size "12" and single spacing. It
is required to make use of headings, paragraphs and subsections as appropriate, and all work should be
research-oriented and also required proper citations with references/bibliography using the Harvard
referencing system. The recommended minimum word count is at least 4,000 words, although you will
not be penalised for exceeding the total word limit.
Purpose and Introduction of the Assignment:
Balancing the books is at the heart of all business management. The overall aim of this unit is to
introduce students to essential financial accounting principles and techniques which will enable them to
record and prepare basic final accounts.
Students will learn how to prepare accounts for sole-traders and partnerships as well as limited
companies. On successful completion of this unit students will be able to contribute effectively to the
accounting function of an organisation, or to understand how to record and prepare basic financial
accounts for their own business. They will have the knowledge and skills required to progress to a
higher level of study.
Scenario:
You are a Junior Accountant in a small accountancy firm and you have been asked by your line
Unit 10: Financial Accounting
1

SCHOOL OF BUSINESS & MANAGEMENT
Assignment Brief (RQF)
manager to prepare a report as evidence that your firm is aware of regulations relating to the
accountancy, as well as the rules, principles and conventions relating to the accountancy.
ASSIGNMENT BRIEF AND GUIDANCE
Learning Outcomes:
By the end of this unit a student will be able to:
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 or 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.
Assessment Criteria:
AC.1.1. Business transactions:
1.1.1. Giving consideration to the types of business transactions (sales, purchases, receipts and
payments) and the regulations which apply to financial accounting;
AC.1.2. Double entry book-keeping:
1.2.1. Double entry recording in sales, purchases and cash book before posting to the ledger accounts.
1.2.2. Manual and electronic systems will be introduced and how, why and when these are used.
1.2.3. Effectively recording debits and credits; regulations that apply to financial accounting.
AC.1.3. Trial balance:
1.3.1. Understanding how the trial balance is produced and its role in the identification and rectification
of errors; the components of a trial balance and their importance will be considered.
AC.2.1. Financial reports and financial statements:
2.1.1. What is the difference between the two?
2.1.2. How, why and when are each one produced?
2.1.3. Different types of financial statements and what they cover.
2.1.4. Adjustments required for accruals, prepayments, bad debts, etc.
AC.2.2. Types of accounts:
2.2.1. Preparing final accounts (e.g. for sole-traders, partnerships or limited companies).
Unit 10: Financial Accounting
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