Accounting Principles Unit 5 Assignment Help.docx
- 1. Y/618/5038 Accounting Principles - Unit 5 Assignment Help Y/618/5038 Accounting Principles — Unit 5 Assignment Help Assignment Code:RQFBMU5JAN25CN/FAProgramme:BTEC HND in Business (RQF)Unit Title and Number:Accounting Principles — Unit 5RQF Level:4Module Code:Y/618/5038Credit value: 15 creditsModule Tutor:Chi Linh Nguyen / Fathima AliModule Tutor Email:l.nguyen@mrcollege.ac.uk / f.ali@mrcollege.ac.uk Date Set:07/01/2025Distribution Date13/01/2025 Cohort:September 24 A / BStudent’s name: Registration number: Submission First
- 2. Submission☐Formative Submission ☐Second Submission☐Word Count: Learner’s statement of authenticity I certify that the work submitted for this assignment is my own. Where the work of others has been used to support my work then credit has been acknowledged. I have identified and acknowledged all sources used in this assignment and have referenced according to the Harvard referencing system. I have read and understood the Plagiarism, Collusion and AI section provided with the assignment brief and understood the consequences of plagiarising. Signature Submission Date ParticularsKey DatesSemester starts13/01/2025Semester ends 04/04/2025Formative assessment Dropbox opens 17/02/2025Formative assessment Dropbox closes09/03/2025Final SUBMISSION box opens on10/03/2025Final SUBMISSION box closes on06/04/2025 Sunday @ 23.59 pmSummative
- 3. Feedback will be given on 12/05/2025Referral Dropbox will open from07/04/2025Referral Dropbox closes on24/05/2025Referral result declaredOngoing within 2 weeks of submission Introduction:- Management accounting is a profession that supports management decision making, planning and performance management systems. Management accountants provide expertise in financial reporting and control to assist management in the formulation and implementation of an organisation’s strategy by providing appropriate financial information and undertaking related accounts administration. The overall aim of this unit is to introduce fundamental accounting principles that underpin financial operations and support good and sustainable decision making in any organisation. Students will develop a theoretical and practical understanding of a range of financial and management accounting techniques.
- 4. On successful completion of this unit, students will be able to assist senior colleagues in producing and analysing budgets, drawing up simple financial statements and using financial ratios to interpret performance. Students will also explore wider aspects of accountancy, especially ethics, transparency, and sustainability, and gain fundamental knowledge and skills that will enable them to progress to a higher level of study. Learning Outcomes By the end of this unit a student will be able to: LO1 Examine the context and purpose of accounting LO2 Prepare basic financial statements for unincorporated and small business organisations in accordance with accounting principles, conventions and standards LO3 Interpret financial statements LO4 Prepare budgets for planning, control and decision making using spreadsheets. To succeed in this unit, you are required to follow the scenario provided and complete all the required assessment criteria. Your submissions should demonstrate your understanding of how your research links coherently to these aspects of Accounting Principles. Any work submitted should include
- 5. evidence of your research with references (Harvard Referencing). Assignment Title: Accounting Principles for Sustainability and Decision Making Submission Format This submission will be in the form of an individual report submitted using a WORD processed document (PDF and other types of files are not accepted) and including the associated portfolio of income statements and calculations (pictures will not be accepted). The recommended length of this submission is 3000–3500 words, although you will not be penalised for exceeding 3500 words. Where appropriate, learning theory and additional research must be used, and referenced according to the Harvard Referencing system. The work must include a bibliography for all referenced work using the Harvard referencing system. HND Assignment Help .
- 6. Unit Learning Outcomes LO1 Examine the context and purpose of accounting LO2 Prepare basic financial statements for unincorporated and small business organisations in accordance with accounting principles, conventions, and standards LO3 Interpret financial statements LO4 Prepare budgets for planning, control and decision making using spreadsheets. Assignment Brief and Guidance Scenario and Activity: You have recently joined De Byrne Consulting as a graduate trainee and assigned to the UK SME unit. As part of your ongoing training, your supervisor has asked you to prepare a report to be presented to shareholders. The report should include the following:
- 7. A critical evaluation of the role of accounting in informing decision-making to meet organisational, stakeholders, and societal needs within complex operating environments. Your evaluation should effectively address the purpose of the accounting function within an organisation in the context of regulatory and ethical constraints. A critical evaluation of financial statements to assess organisational performance over time using a range of measures and benchmarks to make justified conclusions and adjustments. In doing this, you should: Produce financial statements for sole traders, partnerships and not-for-profit organisations using the trial balance information in Appendix A below Calculate and present financial ratios, and critically evaluate the performance of the given organisation over time using the information in Appendix B below A justification of the budgetary control solutions and their impact on organisational decision making to ensure efficient and effective deployment of resources. This will entail preparing a cash budget using the information
- 8. in Appendix C below, discussing the benefits and limitations of budgets and budgetary planning and control, and identifying corrective actions to problems revealed by these for effective organisational decision making. Marks Fish n Chips Trial Balance as of 30th September 2019 ££Capital 7,200Cash1,680 Trade creditors 8,280Trade debtors6,000 Furniture at cost9,600 General expenses16,800 Insurance2,400 Purchases25,200 Sales 48,000Telephone expenses1,800 Total63,48063,480 The following information was obtained after the trial balance had been prepared: i)Stock as of 30th September 2024 is £3,600 ii)Furniture is to be depreciated at a rate of 15 percent on cost iii)On 30th September 2024, Marks Fish n Chips owed £600 for telephone expenses, and insurance had been prepaid by £240 iv)Bad debts of £1,200 should be written off and it is Marks Fish n Chips’ policy to maintain a provision for doubtful debts of 5% of remaining debtors (after bad debts have been written off)
- 9. Required: Prepare the Statement of Profit and Loss (Income Statement) and the Statement of Financial Position (Balance Sheet) using the information above Together Co. Inc, a Partnership Organisation Together Co. Inc started partnership on 1 October 2018. The following is the business’s trial balance on 30th September 2024: Together Co. Inc Partnership’s Trial Balance as of 30th September 2024 ££Capital: Lucky 3,600Stefan 3,600Cash1,680 Trade creditors 8,280Trade debtors6,000 Furniture at cost9,600 General expenses16,800 Insurance2,400 Purchases25,200 Sales 48,000Telephone expenses1,800 Total63,48063,480 The following information was obtained after the trial balance had been prepared:
- 10. i)Stock as of 30th September 2024 is £3,600 ii)Furniture is to be depreciated at a rate of 15 per cent on cost iii)As of 30th September 2024, Together Co. Inc owed £600 for telephone expenses, and insurance had been prepaid by £240 iv)Bad debts of £1,200 should be written off and it is Together Co. Inc’s policy to maintain a provision for doubtful debts of 5% of remaining debtors (after bad debts have been written off) v)Together Co. Inc have decided to charge interest on drawings at 5 per cent per annum, irrespective of when the drawing occur. Stefan withdrew £1,200 from the business for private use on 1 November 2023 and this transaction has been omitted in preparing the trial balance. Required: Prepare the Statement of Profit and Loss (Income Statement) and the Statement of Financial Position (Balance Sheet) using the information above Bright Futures, a Not-for-profit organisation Bright Futures Trial Balance as of 30 September 2024 ££Accumulated Funds 7,200Cash1,680 Creditors
- 11. (current) 8,280Bank 6,000 Furniture at cost9,600 General expenses16,800 Insurance2,400 Staff costs25,200 Fundraising income 48,000Telephone expenses1,800 Total63,48063,480 The following information was obtained after the trial balance had been prepared: i)Furniture is to be depreciated at a rate of 15 per cent on cost ii)On 30th September 2024, Bright Futures owed £600 for telephone expenses, and insurance had been prepaid by £240 Required: Prepare the Income and Expense Account and the Statement of Financial Position (Balance Sheet) using the information above Appendix B: Information for the calculation of financial ratios The following are the summarised financial statements of John Ltd for the years 2023 and 2024. Extract of Income Statements for the years ended 30th June 2023 and 2024
- 12. 2023 2024 ££ ££Sales 96,000 144,000Cost of Sales 72,000 115,200Gross Profit 24,000 28,800Administration Costs 1,200 3,600 Distribution Costs10,800 7,200 12,000 10,800Operating Profit 12,000 18,000 2023 2024 ££ ££ASSETS Non-Current Assets: Equipment 2,400 16,800Current Assets: Inventories18,000 21,000 Trade receivables30,000 24,000 Bank6,000 3,000 54,000 48,000 56,400 64,800 EQUITY AND LIABILITIES Current Liabilities: Trade payables 6,000 12,000Equity: Ordinary £1 shares30,000 24,000 Share premium6,000 9,600 Retained profits14,400 19,200 50,400 52,800 56,400 64,800 Required a)Calculate the following ratios for 2023 and 2024 i)Gross profit margin ii)Operating profit margin iii)Current ratio iv)Acid test ratio v)Inventory days
- 13. Note: Industry benchmarks used by John Ltd are: Gross profit margin20%Operating profit margin10%Current ratio3: 1Acid test ratio2.50: 1Inventory days70 days b)Critically evaluate financial statements of John Ltd and ratios calculated above to assess the company’s performance over time and against its benchmarks. Make justified adjustments and conclusions. Appendix C: Information for the preparation of the cash budget The bank account of Robes in Roses, a sole proprietor is expected to have an overdrawn balance of £3,100 on 31 December 2024, and the owner needs to show her bank manager that this can be reduced over the following 3 months. The details of Robes in Roses’ sales and expenditure are as follows: 1.Sales, which are all made for cash, are expected to be as follows: £January 20254,100February 20255,200March 20256,000
- 14. £February 20252,050March 20252,100April 20253,500 3.Rent of £5,400 per annum is payable monthly. 4.Robes in Roses employs a part-time member of staff who will be paid £300 per month. 5.The owner of Robes in Roses plans to make drawings of £500 per month. Sales and purchases made in November to January 2025 will be as follows Sales (£)Purchases (£)November 20243,6001,700December 20243,7001,800January 20243,8001,900 Required a)Discuss the benefits and limitations of budgets and budgetary planning, and control for Robes in Roses b)Prepare Robes in Roses’ cash budget for the 3 months ended 30 March 2025 using a spreadsheet (You should insert results from the spreadsheet into the report) c)Based on the cash budget prepared, justify budgetary control solutions for Robes in Roses’ and their impact on the business to ensure efficient and effective deployment of resources in the future
- 15. Learning Outcomes and Assessment CriteriaPassMeritDistinctionLO1 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. 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
- 16. D2 Critically evaluate financial statements to assess organisational performance using a range of measures and benchmarks to make justified conclusions. 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 adjustmentsLO3 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
- 17. 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. Achievement of a Pass grade A student must have satisfied all the Pass criteria for the learning outcomes, showing coverage of the unit content and therefore attainment at Level 4 or 5 of the national framework. Achievement of a Merit grade A student must have satisfied all the Merit criteria (as well as the Pass criteria) through high performance in each learning outcome.
- 18. Achievement of a Distinction grade A student must have satisfied all the Distinction criteria (as well as the Pass and Merit criteria), and these define outstanding performance across the unit as a whole. ALL GRADES ARE PROVISIONAL UNTIL INTERNALLY VERIFIED AND UNTIL EXTERNALLY CERTIFIED BY EDEXCEL. THIS MEANS THAT A GRADE CAN BE CHANGED AT ANY POINT UNTIL EDEXCEL CERTIFIES IT As per Pearson policy, you are only allowed two submissions per module. One for final submission and another one for referral. Failure to achieve a grade pass after a second submission will result in you having to repeat the module in the next term. Any re-submission or late submission (unless authorised due to mitigating circumstances) will be capped at a PASS grade only. Specification of Assessment
- 19. Present your work in one report style which should include a cover page, table of contents, introduction, conclusion, reference list, foot or end notes and appendices, if any. Include the reference code of this assignment on your assignment submission front page. Sign the Learner’s Statement of authenticity in the cover page. Failure to do so will result in the submission being declined. Ensure the following information is in the footer on every page: oYour name oThe production date of your submission oThe code number of your assignment brief oThe page number (Each page must be numbered at the bottom right-hand side) Spell-check the document and make sure there are no grammatical errors as it may result in the submission being declined. Complete all the tasks in a Holistic manner as set in the brief and without separating the assessment criteria to avoid a potential referral. Create your own titles and sub-headings to structure the work without copying the assessment criteria verbatim.
- 20. Produce clear specific reasoning and arguments in support of your answers. Submit your work in a single WORD processed document of not more than 5000 words for all learning Outcomes. This word limit is only for guidelines and is not applied to grading. PDF and other types of files are not accepted. You must include a bibliography at the end to show where your information was sourced. Failure to do so may result in the submission being declined Your sources must be identified using the Harvard referencing system. The words used in your bibliography will not be included in your word count. You must use Arial, size 12, 1.5 line spacing and black to format the text. To access any feedback (formative/summative) you will have to access Moodle and open your assignment. You will have to click on the blue comment box in the righthand side and the feedback will appear within the text. You might have to click on the blue bubbles to see the feedback. If an extension is necessary for a valid reason, requests must be made in writing using a course work extension request form to the head of department. Please note that the lecturers do
- 21. not have the authority to extend the coursework deadlines and therefore do not ask them to award a coursework extension. The completed form must be accompanied by evidence such as a medical certificate in the event of you being sick. Any act of plagiarism and collusion will be seriously dealt with according to the regulations and MRC Malpractice policy ‘Plagiarism occurs when a student misrepresents any work submitted as his/her own work, the work of any other person or of any institution. Examples of forms of plagiarism include: the verbatim (word for word) copying of another’s work without appropriate and correctly presented acknowledgement. the close paraphrasing of another’s work by simply changing a few words or altering the order of presentation, without appropriate and correctly presented acknowledgement. unacknowledged quotation of phrases from another’s work; The deliberate and detailed presentation of another’s concept as one’s own.’
- 22. All types of work submitted by students are covered by this definition, including, written work, diagrams, designs, engineering drawings and pictures. ‘Collusion occurs when, unless with official approval (e.g., in the case of group projects), two or more students consciously collaborate in the preparation and production of work which is ultimately submitted by each in an identical, or substantially similar, form and/or is represented by each to be the product of his or her individual efforts. All submissions for assessment must be submitted on Moodle to generate a Turnitin Report on similarity to detect potential plagiarism and collusion. The maximum Turnitin score admissible is 15% but a submission can be classified as plagiarism and/or collusion with a lower score depending on the size of the submission and size of the text highlighted. Assignments with plagiarism/ad or collusion will be automatically referred for reworking and resubmission. Please check the MRC Assessment policy as well as MRC Malpractice policy for details of the potential penalties as a procedure. Including pictures of text (apart from the cover page or table
- 23. of content) or pictures of any other type of information (diagram for example) without a citation and a Harvard Reference could be deemed to be an attempt of malpractice and could trigger an automatic referral as well as a malpractice procedure. Any student might be called to seat through a viva with the lecturer to confirm any parts of the submission through an interview which will then form part of the summative assessment. AI tools have proliferated and become more common and as a result, their usage for research has increased which prompted change of government policies in this matter. Overall, it remains too easy for students to misunderstand how they can use Generative Artificial Intelligence tools and unintentionally breach academic integrity guidelines. Research of information and the writing of academic work must always be performed by the student, and while it is acceptable to use an AI tool to start a research process, it is not allowed to use it to write a submission in your place. The important part is to understand that the best way to produce a work is to research it through traditional methods
- 24. (books articles, websites, journals). Yet, AI tools could be used to help with the research but only as a starting point. Having found information, thanks to an AI tool, about a topic you are writing about, you should then research it using these traditional methods and include the references and citations based on these resources in your work. Once you have the correct information, you need to write the assignment yourself, using an AI tool to do this for you is never allowed. The usage of paraphrasing tools might be appropriate to find alternative to some words and short sentences, but not or a whole paragraph/page/ work. The same way Mont Rose College is using a similarity detection system, an AI detection tool is embedded in our systems and every submission you make will go through both of them. Submissions for assessment that consist of large substantially unmodified output from Artificial Intelligence software may be considered as a very poor academic practice as it does not represent the student’s own work. To this effect, the limit on AI detection has been set at 50%. If a submission is over that allowance, the submission could be
- 25. rejected and awarded a Referral and/or the student called to seat through a viva with the lecturer to confirm any parts of the submission through an interview which will then form part of the summative assessment. In cases where an individual persistently exhibits poor academic practice through inappropriate use of Artificial Intelligence tools, such as a lack of evidencing their use of the tools, they may be referred to the academic misconduct procedures and the range of the potential penalties. Textbooks ATRILL, P. and McLANEY, E. (2018) Accounting and Finance for Non-Specialists. 11th Ed. Harlow: Pearson. DRURY, C. (2015) Management and Cost Accounting. 9th Ed. Cengage Learning. SEAL, W. et al. (2018) Management Accounting. 5th Ed. Maidenhead: McGraw-Hill.
- 26. WEETMAN, P. (2019). Financial and Management Accounting: An Introduction. Harlow: Pearson. Websites www.accountingcoach.com Accounting Coach, Online free courses, (General reference) www.accaglobal.com Association of Chartered Certified Accountants, (General reference) www.cimaglobal.com Chartered Institute of Management Accountants, Tutor Resource Hub, Corporate Finance Institute, Resources www.corporatefinanceinstitute.com Knowledge (General reference)