Financial Accounting
Scenario
For the purpose of this assignment you have recently joined the Accounting Faculty at the local University.
As part of the induction programme, all undergraduates complete a short course in the Foundations of Financial Accounting. You have been assigned the role of programme tutor.
In preparation for the course, you need to prepare a range of materials that can used to deliver the programme. To introduce the course, you plan to deliver a presentation to the group and provide the group with a copy of the presentation slides and speaker notes for reference. As the main section of the course will relate to the production of financial accounting records, you have decided to prepare a range of case studies which illustrate the key financial accounting principles.
Task 1 of 2: Presentation (AC 1.2, 3.1 & 3.4)
Instructions
Prepare presentation slides with accompanying speaker notes that you can use to deliver the topic the learners.
The presentation slides and speaker notes must include:
An evaluation of different inventory methods.
An explanation of the purpose of preparing final accounts for sole traders and partnerships.
An analysis of the financial statements of a specific business organisation.
Submission
Presentation slides
Speaker notes
Task 2 of 2: Case study Material (AC 1.1, 2.1, 2.2, 2.3, 3.2, 3.3 & 3.4)
Instructions
Prepare case study that demonstrates how to:
Calculate closing inventory valuations using:
FIFO
LIFO and;
AVCO.
Calculate year-end adjustments, from given data, to account for depreciation.
Calculate year-end adjustments, from given data, to account for irrecoverable debts and provisions for doubtful debts.
Calculate year-end adjustments, from given data, to account for accruals and prepayments.
Prepare final accounts, including relevant adjustments, for an example sole trader business.
Prepare final accounts, including relevant adjustments, for an example partnership business.
