ACC10060 Accounting for non-Business students Assignment Sample
The non-Business student’s role in society is often considered to be positionless. Therefore, it is important for the non-Business student to have a strong understanding of business principles and methods so that they can interact effectively with the Business students who are responsible for the commonwealth.
The non-Business student should also be able to understand and navigate through complex financial systems, which is why it is essential for them to learn from experienced professionals. Individuals without a university degree do not necessarily need to possess the discipline of business because they are capable of making money in a number of different ways, but they must learn how to manage the money that they make in order to ensure that it is being made appropriately.
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These skills ensure that the non-Business student has a strong understanding of finance and money management, as well as how to conduct business transactions effectively. Non-Business students are not required to attain a university degree with the exception that course accreditation will only be possible for non-Business students who have attained Honours or above high school before applying.
Get Individual Assignment Sample for ACC10060 Accounting for non-Business students Course
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 given by us. We also provide Group Project Presentations for Irish students.
In this section, we are describing some tasks. These are:
Assignment Task 1: Understand the nature and role of accounting information.
The nature and role of accounting information are to ensure that financial statements are reliable and accurate, provide parents with tools for Ashton’s tax identification number, and help businesses keep track of expenses and cash flow. Accounts receivable are sometimes seen by customers as bills or debts, which are recorded in an account. If the money is still owed to the company, it is simply an asset and provided as a receivable account on either the balance sheet or income statement (depending on the type of business).
If due financial obligations have been all paid, then accounts payable must be included as a current liability casualty. Not only must this be an expected number often booked by the business, but it must also be the same type of liability (e.g. money already owed) annually from the previous year. Some experts believe that accounting statements should include notes on different aspects of a company such as its business strategies, investment portfolio, and so on but this is not necessarily true.
Assignment Task 2: Classify users of accounting information and how each user might use this information.
The user’s ability to use the accounting information will be of great help to the company. The user can provide estimates, numbers, and figures for promises that the company has made. The user can also help organize and chart financial reports for the company. They can also work with other users to create models or illustrations based on an estimate of money spent or reserves available. If users come up with figures somewhat different from those of the company their source and explanation should be recorded in order to run a better analysis. Users are also required to approve accounts and if these processes are not followed correctly to maintain trust and valuable information is lost.
The users can also resolve discrepancies on an annual basis for things such as reconciling checks, correcting liability figures, and so on. A business does not have to primarily use financial statements created by accounting methods nor may the alternative accepted method of entering into the actual transaction be part of its particular system of accounts. It must be noted, however, that a method of accounting is generally appreciated because it provides more efficient analyses and interpretations in various situations at a combination of databases using accounting systems incorporating alternative methods in day-to-day operation should probably be followed as much as possible.
Assignment Task 3: Prepare Trading, Profit and Loss Accounts, Balance Sheets, and Cash Flow Statements.
Prepare Trading: Preparation of first-class everyday accounts that show how the company exchanges goods or services for money or capital.
Prepare Profit and Loss: Book all profits and losses of the company in order to evaluate the performance of a running business because it enables the business owner to judge whether his management is successful in improving his operation.
Prepare Balance Sheet: Preparation of trading with financial techniques for displaying, planning, comparing, and controlling financial operations made by all agencies related to the issuance.
Prepare Cash Flow Statement: Concentrations from all cash received from selling goods and property issued to make payments required by creditors within a specific period contain accounting statements prepared with techniques.
Various companies have been integrated into supply chains for various industries so investors must carefully scrutinize businesses that are integrated. Suppliers can be companies that share common resources or markets under common ownership (Tata Motors occurs one primary car maker with the largest number of product production facilities in India at 100 separate organizations primarily used as suppliers).
Assignment Task 4: Demonstrate knowledge and understanding of the financial statements by being able to analyze and interpret a set of accounts to prepare a VAT return.
The financial statements by being able to analyze and interpret a set of accounts to prepare VAT returns is an important document in the tax system. When preparing your taxes, it is important to be able to understand what your income and expenses are, why you made some types of payments, and where you stand with respect to your bills. Financial statements can be helpful in understanding this type of information for example.
This can even help you figure out your tax filing deductions as well. Preparing and filing VAT returns is a tricky business and extremely important. In order to file your return correctly, you need a basic understanding of the different accounting rules and regulations related to VAT accounts.
Assignment Task 5: Understand the role of management accounting.
The role of management accounting is to manage the company’s financial resources and protect its operations. The function requires great skill and experience in managing money, both short-term and long-term finances. Management accounting is also used to monitor the effectiveness of financial administration, including writing-offs when there is a loss. In addition, risk analysis is one of the skills that are of high importance in this aspect. Management accounting can be calculated using various methods, such as linear interpolation; relevant calculations should be done to avoid misinterpretation and inappropriate actions.
Assignment Task 6: Understand the importance of cost classifications.
There is a great deal of debate over the use of cost classifications in labor unions. Some workers may feel that they are misleadingly using costs as a PowerPoint presentation by protestors against costly unionism. The use of cost classifications allows for easier communication between workers and does not take into account the individual worker’s price list. This leads workers to think otherwise and try to relate only to the highest number listed.
At Last Moment, Get Individual Assessment Example For ACC10060 Accounting for non-Business students Assignment
Assignment Task 7: Understand the relationships between cost volume and profit.
The relationship between cost volume and profit (CV) is a key indicator for understanding the profitability of a company. It shows the percentage of revenue that each component has spent on costs, and then how much this spending makes up for the lack of revenue from the other components. Monthly income from this combination of elements can be used to determine profits through tearing between these parts of the business.
Assignment Task 8: Be able to do a breakeven analysis.
When a company produces no revenue, it is likely that there are problems with its financial model. When this is the case, it is important to identify and fix the issues as soon as possible. This can be done through various means, such as investigation, consultancy, and oasis oil marketing. breakeven analysis can also help identify trends that could lead to increased problems and suggest how to overcome them.
Assignment task 9: Be able to prepare various budgets leading up to and including the cash budget
The cash budget is the initial level of understanding and is used to determine the rest of one’s financial strategy. It includes both money management and investment decisions. The money management side means setting up a bank account, investing in stocks, bonds, or real estate, and making sure the balance of one’s finances is always enough to cover basic needs such as food, shelter, and entertainment. On the investment side, meaning-making choices that will provide long-term success should not be underestimated. If one wants to make a go at becoming rich he or she must first overcome any early obstacles.
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