Review The Accounts Preparation Schedules And Identify: Financial Accounting Assignment, UCD, Ireland
| University | University College Dublin (UCD) |
| Subject | Financial Accounting |
Learner Brief
This assignment requires the completion of two tasks based on the review of a set of financial statements
and the associated accounts preparation schedules (files /spreadsheets).
Part A
You are required to:
• Review the accounts preparation schedules and identify four different types of adjustments made to trial balance figures.
• Prepare an explanatory note on each of these adjustments covering:
• The nature of the adjustment and why required (for example, explain what depreciation is and why assets are depreciated, the depreciation method used, and why the trial balance needs adjusting for depreciation at year-end)
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• The ‘double entry’ for the adjustment (debits and credits) and the effect on trial balance figures i.e. balances on relevant accounts before and after the adjustments
• Give examples and assess the extent to which the use of spreadsheets (or other applications) has assisted the accounts preparation process.
Part B
You are required to review the financial statements and prepare a briefing note on the income statement (or equivalent) and the statement of financial position (or equivalent). Your briefing note should cover:
• A statement of the purpose of each statement
• An explanation of the different areas (contents) of each statement (identified/ illustrated using figures from the financial statements)
• An explanation of how the statements ‘fit together (illustrated using figures from the financial statements)
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