ACC20010 Financial Accounting 2 Assignment Sample
In order to understand financial accounting, it is important to first understand the different types of accounts that are used in financial statements. The three primary types of accounts are assets, liabilities, and equity.
Assets are everything a company owns and can use to generate revenue. Liabilities are what the company owes to others. Equity is the difference between assets and liabilities; it represents the shareholders’ ownership of the company.
Financial accounting is the process of recording financial transactions and then preparing financial statements using those records. The goal of financial accounting is to provide information that investors, creditors, and other stakeholders can use to make informed decisions about a company.
Get Solved Assignment samples for ACC20010 Financial Accounting 2 Unit
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: Record transactions using double entry.
A transaction is entered in double-entry bookkeeping by debiting one account and crediting another. This ensures that the total of all accounts remains equal. For example, if $100 is deposited into a checking account, then the cash account would be debited by $100 and the checking account would be credited by $100.
This system of bookkeeping dates back to the 1400s and has been used by businesses ever since because it helps ensure accuracy and accountability. By recording each transaction in two different accounts, it’s easy to see where money is coming from and going, which can help with budgeting, forecasting, and tax preparation.
Financial Accounting is also used to maintain financial control. Measurement devices are used to measure profits, in relation to economic activities, which aid decision-making and forecasting for future strategic planning. Financial accounting provides insights that lead toward decisions about cost efficiencies and or performance improvement which helps the overall running of the business.
Assignment Task 2: Understand the regulatory framework applying to financial reporting.
Financial reporting is overseen by a number of regulatory organizations, depending on the type of company and the industry in which it operates.
For example, public companies are regulated by the Securities and Exchange Commission (SEC), while banks and other financial institutions are regulated by the Federal Reserve Board. The Sarbanes-Oxley Act also imposes additional requirements on publicly traded companies with respect to financial reporting.
Overall, the goal of these regulations is to ensure that financial statements provide a true and accurate portrayal of a company’s financial condition. Financial reports that deliberately misrepresent a company’s finances can lead to criminal penalties for the individuals involved.
Assignment Task 3: Read an annual report and be familiar with its layout and content.
An annual report is a comprehensive report on a company’s performance over the past year. It typically includes overviews of the company’s finances, operations, and management. It may also include information about the company’s products and services, as well as its competitive landscape.
The layout of an annual report will vary depending on the company issuing it, but it will typically have several sections including an executive summary, financial statements, operational highlights, and risk factors. It is important to be familiar with all of these sections so that you can understand a company’s overall performance. You should also be familiar with how annual reports are formatted and how certain items are presented.
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Assignment Task 4: Prepare income statements, balance sheets, and statements of changes in equity in a form suitable for publication.
There are a few different ways to prepare an income statement, balance sheet, and statement of changes in equity. The most common way is to use the accrual accounting method. This method measures financial performance over a period of time by recognizing revenues when they are earned and expenses when they are incurred, regardless of when cash is received or paid.
Another common way to prepare these statements is to use the cash basis accounting method. This method recognizes revenues when cash is received and expenses when cash is paid. This can lead to different results than using the accrual accounting method since not all revenue may be collected and not all expenses may be paid during the reporting period.
There are pros and cons to using each accounting method. For example, using the accrual method allows users to make inferences about future cash inflows and outflows. Cash basis can make comparisons between companies more difficult since no revenue is recognized until cash has actually been received and expenses have actually been incurred. However, users are required to be aware of which method they are using or risk problems with faulty reporting.
Assignment Task 5: Value some of the major assets and liabilities in the business
Some of the major assets and liabilities in any business include things like cash, inventory, accounts receivable, and accounts payable. Other important components may include things like intellectual property, trademarks, and copyrights.
One key thing to remember is that businesses are always exposed to the risk of litigation or legal action. This could involve something as simple as a customer filing a lawsuit for damages, or it could be a more complex case involving allegations of fraud or breach of contract. In order to protect themselves from these risks, businesses often carry liability insurance.
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