ACCT6001 Acc with Comp App 1 Assignment Sample MTU Ireland

ACCT6001 Acc with Comp App 1 module is designed to provide students with an understanding of the use of accounting information in business decision-making. The module also develops students’ skills in using accounting software to process financial transactions and produce management information.

This module covers the basic accounting concepts and principles underlying the double-entry bookkeeping system. You will develop an understanding of how businesses use accounting information to make economic decisions. The emphasis is on the use of accounting software to record, store and manipulate data for reporting purposes. The skills you develop in this unit will equip you for a career in accounting or business.

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In this section, we are describing some assigned activities. These are:

Assignment Task 1: Describe at a fundamental level the conceptual and regulatory framework of accounting.

The conceptual framework of accounting is the set of ideas and concepts that underlie financial reporting. The framework provides a set of objectives and principles that accountants can use to resolve issues that are not addressed by specific rules.

The regulatory framework of accounting is the set of laws and regulations that govern financial reporting. The framework establishes the minimum standards that companies must follow in preparing their financial statements.

Both the conceptual and regulatory frameworks of accounting contribute to the development of Generally Accepted Accounting Principles (GAAP). GAAP are the rules that govern financial reporting. They guide how transactions should be recorded and reported in financial statements.

Assignment Task 2: Record business transactions using a manual accounting system.

In a manual accounting system, transactions are recorded in journal entries. A journal entry is a record of the debits and credits that make up a transaction. Journal entries are used to record transactions in the general ledger. The general ledger is a record of all the financial transactions that have taken place in a business.

To record a transaction in a manual accounting system, you need to understand the concept of debits and credits. A debit is an entry on the left side of a ledger account. A credit is an entry on the right side of a ledger account.

When you record a transaction in a journal entry, you must make sure that the debits equal the credits. This is because the left side of the ledger must always equal the right side.

Assignment Task 3: Prepare financial statements for sole traders and partnerships.

A sole trader is a business that is owned and operated by one person. A partnership is a business that is owned and operated by two or more people.

Both sole traders and partnerships prepare financial statements to report their financial performance to outsiders. Financial statements show how much money a business has earned (revenue) and spent (expenses) over some time. They also show the business’s assets and liabilities.

Sole traders prepare two financial statements: a profit and loss statement and a balance sheet. Partnerships prepare three financial statements: a profit and loss statement, a balance sheet, and a statement of partners’ equity.

The profit and loss statement shows how much money a business has earned (revenue) and spent (expenses) over some time. The balance sheet shows the business’s assets and liabilities. The statement of partners’ equity shows the ownership interests of the partners in the partnership.

Assignment Task 4: Use accounting and spreadsheet software for accounting applications.

There are many different accounting and spreadsheet software programs available. Some of the most popular accounting software programs are QuickBooks, MYOB, and Xero. Spreadsheet software programs include Microsoft Excel and Google Sheets. Accounting software programs are used to record, store and manipulate data for financial reporting purposes. Spreadsheet software programs are used to create spreadsheets, which are used to record data in a tabular format.

Both accounting and spreadsheet software programs have their advantages and disadvantages. Accounting software programs are generally more expensive than spreadsheet software programs. Spreadsheet software programs are typically easier to use than accounting software programs.

When choosing accounting and spreadsheet software for your business, you need to consider your specific needs and requirements. If you need a software program that is easy to use and does not require a lot of accounting knowledge, then a spreadsheet software program would be a good choice. If you need a software program that is more robust and provides more features, then an accounting software program would be a better choice.

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