ACCT6018 Fin Acc 3 Assignment Sample MTU Ireland

ACCT6018 Fin Acc 3 is a third-year undergraduate course offered by the Department of Accounting and Finance. The course covers financial accounting principles and Practice, Intermediate Financial Accounting, Corporate Governance, and Advanced Financial Accounting. 

This course aims to provide students with an in-depth understanding of financial accounting practices and principles and corporate governance issues. The course will also prepare students for their fourth year Bachelor of Commerce degree or professional accounting qualifications such as the CPA or CAANZ programs. 

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

Assignment Brief 1: Prepare and present accounts for Hire Purchase.

When presenting an account for hire purchase, you’ll need to provide a complete and accurate picture of the payments that have been made, as well as the remaining balance. This will usually involve putting together a schedule of payments, broken down by month and year. 

It’s essential to be as clear and concise as possible when presenting this information, as your audience will want to see a clear picture of the overall financial picture. In addition, you’ll need to explain how the hire purchase agreement works, including any interest that is accrued on the outstanding balance. 

If you’re not sure where to start, there are plenty of online templates and resources that can help you put together a professional and accurate presentation.

Assignment brief 2: Prepare financial statements of a partnership, accounting for the admission and retirement of partners, the dissolution of a partnership, and the conversion of a partnership to a limited company.

When preparing financial statements for a partnership, you’ll need to take into account several different variables. These include the admission and retirement of partners, the dissolution of a partnership, and the conversion of a partnership to a limited company.

Each one of these scenarios will have an impact on the financial statements, so it’s important to be aware of how they work. For instance, the admission of a new partner will change the ownership structure of the business, which will need to be reflected in the financial statements. The retirement of a partner, on the other hand, will mean that their share of the business will need to be sold off or transferred to someone else.

If a partnership is dissolved, then the financial statements will need to show how the assets and liabilities of the business are divided up between the partners. Finally, if a partnership is converted to a limited company, then the financial statements will need to reflect this change in status.

As you can see, there’s a lot to consider when preparing financial statements for a partnership. However, if you take the time to understand the various scenarios that can occur, then you’ll be able to put together accurate and informative statements.

Assignment Brief 3: Discuss the legal framework of partnerships.

A partnership is a business entity formed when two or more people agree to own and operate a business together. Partnerships are relatively easy to form–all you need is an agreement between the partners stating the business’s name, purpose, and ownership split.

Partnerships are governed by state law, which means the specifics of how partnerships are run vary from state to state. However, most states have similar laws governing partnerships, including laws on how profits and losses are shared, how partners can be removed from the partnership, and how disputes between partners are resolved.

Generally speaking, partnerships are less formal than corporations and offer more flexibility for owners. This can be both good and bad–on one hand, it’s easy for partnerships to change their structure or ownership without having to go through a lot of red tapes. On the other hand, this flexibility can also lead to problems if partners have disagreements about how the business should be run.

If you’re considering forming a partnership, it’s important to understand the legal framework that governs these businesses. This will help you avoid potential problems down the road and make sure that your partnership runs smoothly.

Assignment Brief 4: Explain the role of Accounting Standards with specific reference to IAS8, IAS16, and IAS 37.

The role of accounting standards is to ensure that financial reporting is transparent and reliable. By prescribing specific accounting treatments for different types of transactions and events, accounting standards provide a common language that businesses can use to communicate their financial performance. This comparability helps investors and other users of financial statements to make informed decisions about investing, lending, and other economic activities.

The International Accounting Standards Board (IASB) develops global accounting standards, also known as International Financial Reporting Standards (IFRS). IAS 8, IAS 16, and IAS 37 are three of the many IFRSs that concern accountants.

IAS 8 prescribes the general principles for recognition and measurement in financial statements. For example, under IAS 8, revenue is only recognized when it is earned, and expenses are only recognized when they are incurred. This standard also requires that all items in the financial statements be measured at fair value.

IAS 16 deals with the recognition, measurement, and disclosure of property, plant, and equipment. This standard requires that assets be recorded at their historical cost or, if they have been revalued, at the revalued amount. Depreciation is to be charged on all assets except for land.

IAS 37 sets out the requirements for recognizing and measuring provisions, contingent liabilities, and contingent assets. A provision is recognized when there is a present obligation (legal or constructive) arising from past events, an outflow of resources will probably be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The above are just summaries of what these accounting standards require. For more detailed information, please refer to the actual standards themselves.

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