ACC10040 Financial Accounting 1 Assignment Sample

Financial accounting is the official recording and analysis of the financial transactions of a company. It covers theIDS, finance, amounts, types, and methods of financial reporting. Financial accounting is essential for companies to maintain their records and track their expenses; it allows analysts to identify each step in between steps, enabling them to see how all the details from different steps interact with one another.

It allows analysts to calculate stock values, suggest several strategies for a company toward obtaining more profit and lower costs by evaluating financial accounting profits. Moreover, it provides marketing management with actual data on sales of all companies in the United States economy. Thus, it is needed in all nations because there are many countries that rely on income generated from or the output of trade through the usage of numbers.

Double-entry bookkeeping can be described as recording journal items twice and linking the amount credited to expense accounts with the amount debited to assets or adjusted with journal item-related expenses such as fluctuation for investment accounts. This linking system is known as debiting an expense providing adjustments in amounts recorded in assets and crediting an asset providing adjustments in amounts recorded credits transfers from assets to liabilities.

Get Solved Assignment Sample for ACC10040 Financial Accounting 1 Module

In this course, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions are given by us. We also provide Group Project Presentations for Irish students.

In this section, we are describing some tasks. These are:

Assignment Activity 1: Describe the role of financial accounting in providing information to a variety of user groups.

The purpose of financial accounting is to provide information to a variety of user groups who need this information. In other words, financial accounting is designed to help businesses with their transactions and operations. It helps businesses understand how money is used, how money is paid for services, and where body knows where the money comes from.

Financial Accounting provides useful insights into the business that can be used by users when discussing finances, budgeting, marketing, and other aspects of the business. Users also use financial accounts records to track expenses and income. Additionally, each user may make comfortable assumptions about the application of resources, hiring decisions, and other activities as a result of financial accounting records.

Assignment Activity 2: Define assets, liabilities, and equity.

Assets: Financial assets are temporary or long-term assets such as cash, inventories, or investments. There also might be very large assets that are difficult to measure in stock markets such as firms and real estate property. Expenses can be counted as an asset because it shows how the money used for something was not used for the business’s goal on home expenses.

Liabilities: Liabilities are the total of existing debts shown on the balance sheet. Usually, they do not exceed assets. Certain senior-secured liabilities, such as mortgages and other consumer debts are called liabilities, regardless of the amount owed.

Equity: Equity, represented by net assets that a company has left after subtracting its liabilities, must equal or exceed zero in profit-precasting to stay a considered viable firm Finance touches bookkeeping and financial accounting may have a great role in the economy.

Assignment Activity 3: Explain the accounting equation and describe the statement of financial position (balance sheet).

The financial position of a company is the estimated balance sheet value at market price. The most important function of the financial position is to provide information about the organization’s cash flow and stockholders’ equity. The accounting equation allows you to understand how much money your business has on hand, how much money you have available to spend, and your ability to use it to meet marketing goals. The balance sheet, statement of financial position, and cash flow are very related.

Assignment Activity 4: Explain the accruals principle and describe the statement of profit or loss and other comprehensive income.

The accrual principle is the statement that profits are what is realized when an action or business transaction is done. The principle states that activities have a certain sum total of benefits and drawbacks when measured against their purported why; this sum total can be seen as the basis for measurement. If the activity has benefits then it is called Productions, if there are shortfalls then it is called Products. The profit or loss will always be greater than the original investment because an amount will be unique to each individual.

Most financial statements are considered to be either “parties to the report” or ” components of the statement of financial position” which explain their fixed and circulating assets, liabilities, equity, and net worth.

Assignment Activity 5: Record basic transactions using the double-entry accounting system.

The double-entry accounting system is a financial system that was first developed in the United States in the 1920s. It is a type of bookkeeping system used to account for investments and cash transactions. The basic principle of Double-EntrygreSQL is that each account held by BEGINNINGS+ENDINGS=ARROW represents one financial transaction, while ARRAY[0] represents an array of transactions associated with that account, or series thereof. Thus, double-entry accounting records each entry (or sales, “cost cutting”) as a differentattribute (money in the cash account and an owner’s equity asset in”something written down”).

Assignment Activity 6: Calculate depreciation and describe the treatment of non-current assets in the accounting system. Record additions and disposals of non-current assets and the depreciation charge.

The depreciation of a non-current asset is typically calculated and paid for through the warmest system. The process begins with the Addition of the asset (usually through bookkeeping or simplification) which results in the addition of related financial worth to the original cost. This can be done face value or at a set price breakable into mainly selling prices and scholarship costs.

These charges are then added back to the total cost of possession such as by advance payment onto some sort of account, or by cash flow based on an expected return on investment. Define the following terms with their numerical representation, use them to solve exercises. Return Concept is used to analyze the profit on the sale of all such account assets within the accounting period.

Adjustment means the difference between gross yield earned by all physical resources (like end products and services)and the average cost-based yield of input resources (the cost incurred during operational periods that it takes to produce produced). Ultimately, a company operates on a net profit margin which is translated after the accounting is processed.

Assignment Activity 7: Describe the treatment of impaired receivables, accruals, and prepayments in the accounting system. Record accruals, prepayments, impairments, and changes in the allowance for expected credit losses.

The accounting system must be able to handle the handling of impaired receivables, accruals, and prepayments in a smooth and reliable way. In order to do this, it will be necessary to understand the treatment of these items in the system. In general, impaired receivables are those that are not within the scope of an available loan, such as products that have been used but cannot be bought now.

The allowance for expected credit losses is how much we pay for future losses due to credit events or cancelations; however, this is specific to each account and depends on various factors such as current market conditions. When processes or systems encounter an event/situation that creates a loss (or disagreement about what actually happened), they typically report this directly to one or more accounts: tellers who sell payments direct to customers’ bank cards or checking accounts.

Informs all aspects of business related to money owed at different stages of production-ocean floor mining, collecting valuable ore, mining and tuck mining; mining to produce crude oil, electricity, and gas both on land and in water and is usually entered into the actual production end-users records that manufacturing continues; corresponding to the cash budget so that all expenses will receive funds for the current period of time.

Assignment Activity 8: Explain the sources of finance available to a limited company and their accounting treatment. Record issues of share capital, issues, and repayments of loans, and dividend payments. Record corporation tax liabilities and payments, and transactions involving VAT and PAYE.

The sources of finance include short-term loans, long-term loans, units of the undertaking, ordinary shares, and any other form of equity finance. Short-term loans are short-notice debt taken on to tide a business over an interim financial period: the commercial bank discounts these debts and the proceeds are then paid into company accounts until the debt matures.

Long-term loans serve a longer duration with a higher proportion rate – about 70 percent for credit cards for example – aggregating over a period which is usually taken into account when calculating accounting income as well as in more complex accounting schemes such as buy to modernize and pay mortgages, etc.

These bonds can be structured very differently depending on the specific needs of particular corporate divisions: ‘The financial machine’, automated bookkeeping and tax meaning, etc; [When financing debts taken out at this level we require it before there is more than 4% credit used in divisions receiving favors] But technically there no limit if they agreed between parties who are properly understood for the individual loan of money motivations here sometimes required.

Undertakings, like industrial undertakings, receive financial support from off-shore companies – the likes of Crude Oily and projects to promote civil engineering such as those demountable bridges and foundations in particular industries; although the other types of riskier funding require more careful financial prostration to its reasonableness, this is when the overall concepts of Financial Accounting are brought into its environment while documenting these transactions to prove a satisfactory risk and price has been transposed to working parties managing this specific task rather than a particular perceived gain by more high-flying individuals within that company.

Assignment Activity 9: Analyze financial statements by calculating basic accounting ratios and interpreting the ratios in the context of a particular business. Evaluate the profitability, liquidity, and gearing of a company.

The profitability of a company is the amount that it makes from each dollar of sales it produces. A company’s liquidity is the ability to trade and sell goods and services quickly and affordably. The gearing of a company’s shares is the percentage point increase in its share value over the next most recent day. This number can be interpreted in relation to the other stock shareholders as well as future profits and losses for the business.

The rate at which a company’s shares are trading can also be interpreted, depending on two factors: first, whether there is enough “break-even” territory for products or services; and second, whether investors want to hold onto their shares or not. Shares that are not sold until after Retail Sales Day (Pitch excl.) where investors will reflect their thoughts on what product or service ophthalmic Tonight (Pitch incl.)

Assignment Activity 10: Prepare and interpret a statement of cash flows.

The cash flow statement is a map of the company’s financial situation at any point in the future. It shows how much money the company will have on hand, how much it has available to pay employees, and what kind of costs are associated with its current and future cash needs. The statement can be used to plan out the next few years and help the board make decisions about where to allocate resources.

Assignment Activity 11: Identify and discuss accounting aspects of current business news and events.

The article discusses the modern business world in which states have been increasingly seeking to new ways to reduce communication and Parallel universes where accounting information is shared among several universes, each with its own inventory of books, films, and other items. It also provides an overview of recent business news as it relates to the accounting industry.

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