BUU33530 Financial Accounting Assignment Example TCD Ireland
Financial accounting can be a challenging and confusing subject, but it is important to understand the basics in order to make sound financial decisions. In this assignment, we will provide an overview of financial accounting and discuss some of the most important concepts students need to know. We hope this information will help you succeed in your financial accounting course!
There are many reasons why financial accounting is important for businesses. Financial accounting helps businesses track their revenue and expenses, which is essential for making sound business decisions. Financial accounting also provides businesses with important information about their financial health, which can be used to make decisions about borrowing money, issuing stock, and other important financial matters. Additionally, financial accounting helps ensure that businesses are complying with government regulations.
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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 help with the mid-term exam and end-of-year exam to Irish students.
In this section, we are describing some activities. These are:
Assignment Activity 1: Demonstrate a detailed and practical understanding of the double-entry accounting system from initial transaction to final accounting statement.
The double-entry accounting system is a method of recording financial transactions in such a way that each transaction is accounted for twice, once as a debit and once as a credit. This system provides a more accurate record of a company’s financial position and helps to prevent fraud.
The double-entry accounting system works as follows: when a company enters into a financial transaction, it records the transaction in two accounts–one asset account and one liability account. For example, if Company A sells goods to Company B for $1,000, it would record the sale as follows:
Debit Cash $1,000
Credit Accounts Receivable $1,000
This entry would debit (increase) the cash account by $1,000 and credit (increase) the accounts receivable account by $1,000. The net effect of this transaction is to decrease cash and increase accounts receivable by $1,000 each.
In order for a company’s financial statements to be accurate, all transactions must be recorded twice. This process ensures that the debit column balances with the credit column so that the sum of all debits is equal to the sum of all credits.
Assignment Activity 2: Display a sound theoretical knowledge of each of the international accounting standards studied during the year.
The three main international accounting standards are:
- IFRS (International Financial Reporting Standards)
- GAAP (Generally Accepted Accounting Principles)
- IAS (International Accounting Standards)
IFRS and GAAP are very similar, but there are some key differences. For example, IFRS allows for more companies to use “fair value” accounting, which values assets and liabilities at the price that would be received to sell them in an open market. This can result in some companies showing higher profits or lower losses than they would under GAAP. IAS is quite different from both IFRS and GAAP and is often considered to be more stringent. It focuses on harmonizing reporting standards across different countries, rather than matching US standards.
These different accounting methods often result in some confusion among teachers, students, and employers. There are many discussions surrounding the differences between IFRS/GAAP/IAS on professional accounting forums such as LinkedIn.
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Assignment Activity 3: Substantiate this theoretical knowledge of the standards by applying it to practical problems and scenarios.
In order to substantiate this theoretical knowledge of the standards by applying it to practical problems and scenarios, let’s consider the following example.
Let’s say that you’re a business owner and you want to start a new advertising campaign. You’ve calculated that you need to generate at least 100 leads in order to break even on your investment, so you decide to allocate your budget towards online advertising. You create a Facebook ad and set your budget at $10 per day.
After a few days of running your ad, you notice that you’re only generating about 10 leads per day. This means that you’re not going to reach your goal of 100 leads, so you’ll need to either increase your budget or find a different way to market your business.
Assignment Activity 4: Demonstrate an ability to account for the issues arising in the standards using the double-entry accounting system.
In order to maintain accurate financial records, businesses use a double-entry accounting system. This system requires that each transaction be recorded in two different accounts, in order to ensure that the total amount of debits equals the total amount of credits.
For example, if a business pays $1,000 for office supplies, the transaction would be recorded as a debit to the Office Supplies account and a credit to the Cash account. This ensures that the total amount of money spent (the debit) is equal to the total amount of money received (the credit). If there was only one entry for this transaction, it would be impossible to determine whether or not the business had actually spent $1,000 on office supplies.
With this in mind, we can consider the example of the new Facebook ad. In order to run an ad on Facebook, a business must set up a marketing account with them. Since businesses only have one “marketing” account with each of their vendors, it would be impossible to determine whether or not all $10 of your budget had been spent.
In order to properly account for this transaction, we must record the ad transaction in two different accounts: “Ad Budget” and “Cash.” In other words, a business would have to set up a separate expense account called “Ad Budget,” so that at the end of the month they can compare their total spending for Facebook ads with their total ad budget.
This subtopic concerning the double-entry accounting system has become increasingly important in today’s society due to businesses requiring more accurate financial records than ever before. For this reason, students should study assignment activity 4 very carefully, as it can help them to truly demonstrate their understanding of the concepts taught during the lesson.
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