ACCT6010 Financial Accounting 2 Assignment Sample MTU Ireland

ACCT6010 Financial Accounting 2 course covers an in-depth understanding of accounting concepts and their role in business. The course builds on the knowledge learned from ACCT5010 Financial Accounting 1 and applies those concepts to more challenging accounting problems. In addition, it develops students’ abilities to critically evaluate accounting information and use it to make informed decisions.

Students will learn about the preparation of consolidated financial statements and how to account for investments, inventories, and income taxes. They will also develop an understanding of the role of accounting in business and how it can be used to make informed decisions.

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

Assignment Activity 1: Apply financial control techniques.

Financial control is the process of ensuring that an organization’s financial resources are best used to achieve its objectives. It involves setting financial targets and then monitoring and measuring actual performance against these targets.

Several techniques can be used to help achieve effective financial control. These include:

• Budgetary control: Budgetary control is the process of setting financial targets and then monitoring and measuring actual performance against these targets.
• Standard costing: Standard costing is a technique that can be used to help ensure that an organization’s resources are used efficiently. It involves setting predetermined costs for inputs and then comparing actual costs with these predetermined costs.
• Variance Analysis: Variance analysis is a tool that can be used to help identify and understand the reasons for differences between actual results and desired results.
• Activity-based costing: Activity-based costing is a technique that can be used to allocate costs more accurately to activities and products.
• Target costing: Target costing is a technique that can be used to ensure that an organization’s products are priced competitively.
• Capital budgeting: Capital budgeting is the process of making decisions about investments in long-term assets.
• Cash flow forecasting: Cash flow forecasting is a technique that can be used to predict an organization’s future cash needs.
• Risk management: Risk management is the process of identifying, assessing, and managing risks.
• Financial ratio analysis: Financial ratio analysis is a technique that can be used to evaluate an organization’s financial health.
• Financial statement analysis: Financial statement analysis is a technique that can be used to analyze an organization’s financial statements.

Assignment Activity 2: Apply techniques used in incomplete records situations.

Incomplete records situations are those where not all of the information needed to prepare financial statements is available. This can happen for several reasons, such as when a business is just starting up or when it has experienced financial difficulties.

In these situations, accountants need to use estimation techniques to fill in the missing information. Some of the techniques that can be used include:

• Extrapolation: Extrapolation is a technique that can be used to estimate missing data by using known data points.
• Interpolation: Interpolation is a technique that can be used to estimate missing data by using known data points and assuming a linear relationship between them.
• Ratio analysis: Ratio analysis is a technique that can be used to compare known data points to estimate missing data.
• Financial statement analysis: Financial statement analysis is a technique that can be used to analyze an organization’s financial statements.
• Cost-volume-profit analysis: Cost-volume-profit analysis is a technique that can be used to determine the break-even point for a business.

Assignment Activity 3: Calculate and interpret financial ratios.

Financial ratios are mathematical relationships between two or more financial variables. They can be used to measure a variety of things, such as an organization’s financial health, performance, and liquidity.

There are many different types of financial ratios. Some of the most common include:

• Liquidity ratios: Liquidity ratios measure an organization’s ability to pay its short-term debts.
• Asset management ratios: Asset management ratios measure how well an organization is managing its assets.
• Debt management ratios: Debt management ratios measure how well an organization is managing its debt.
• Profitability ratios: Profitability ratios measure an organization’s ability to generate profits.
• Activity ratio: Activity ratios measure an organization’s efficiency in using its assets and resources.

Financial ratios can be calculated using a variety of financial statement data. Some of the most common include:

• Balance sheet data: Balance sheet data can be used to calculate financial ratios such as liquidity ratios and asset management ratios.
• Income statement data: Income statement data can be used to calculate financial ratios such as profitability ratios and activity ratios.
• Cash flow statement data: Cash flow statement data can be used to calculate financial ratios such as liquidity ratios and debt management ratios.

Financial ratios can be interpreted in several ways. Some of the most common include:

• Comparing to industry averages: Comparing an organization’s financial ratios to industry averages can give insights into how the organization is performing relative to its peers.
• Comparing to past performance: Comparing an organization’s financial ratios to its past performance can give insights into whether the organization is improving or deteriorating.
• Analyzing trends: Analyzing trends in financial ratios can give insights into an organization’s overall financial health.
• Projecting future ratios: Projecting future ratios can give insights into an organization’s expected financial performance.

Assignment Activity 4: Prepare financial statements for non-profit organizations.

Financial statements for non-profit organizations are prepared using the accrual basis of accounting. This means that revenue is recognized when it is earned, and expenses are recognized when they are incurred.

Non-profit organizations are required to prepare two types of financial statements:

1. Statement of Activities: The statement of activities shows the organization’s revenues and expenses for some time. It is also known as the income statement.
2. Statement of Financial Position: The statement of financial position shows the organization’s assets, liabilities, and equity at a specific point in time. It is also known as the balance sheet.

Non-profit organizations are also required to prepare a statement of cash flows. This statement shows the organization’s cash inflows and outflows for some time.

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