ACCT6009 Financial Accounting Assignment Sample MTU Ireland

ACCT6009 Financial Accounting course introduces students to the basic concepts of financial accounting and their role in the measurement of business performance. The course covers the accounting cycle, Double-entry bookkeeping, accrual basis accounting, and financial statements.

This course is designed to provide students with an understanding of the accounting process and its role in providing information for decision-making. The course covers topics such as the recording of transactions, preparation of financial statements, and interpretation of financial information.

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

Assignment Activity 1: Apply financial accounting control methods.

Financial accounting control is the application of managerial accounting techniques to financial accounting. It includes the use of budgets, variance analysis, and cost allocation.

• Budgets: A budget is a plan that specifies the expected revenues and expenses for some time. Budgets are important tools for financial accounting control because they provide a benchmark against which actual results can be compared.

• Variance Analysis: Variance analysis is a technique that can be used to identify potential problems and opportunities. It involves comparing actual results to budgeted results and investigating the differences.
• Cost Allocation: Cost allocation is the process of assigning costs to different objects or activities. Cost allocation is important for financial accounting control because it ensures that costs are properly matched with revenues.

Financial accounting control is important for two reasons:

1. To ensure that financial accounting information is accurate and timely
2. To ensure that financial accounting information is used effectively in decision-making

Assignment Activity 2: Apply the methods used in incomplete accounting records situations.

Methods used in incomplete accounting records situations include the use of estimates, pro forma financial statements, and management judgments.

• Estimates: Estimates are often necessary when complete information is not available. For example, when a company is preparing its financial statements for the first time, it will need to make estimates for items such as depreciation and inventory valuation.
• Pro Forma Financial Statements: Pro forma financial statements are statements that show what the financial statements would look like if certain events had occurred. For example, a pro forma income statement might be used to show the impact of a change in pricing on profitability.
• Management Judgments: Management judgments are often necessary when accounting records are incomplete. For example, when deciding how to account for a complex transaction, management may need to make judgments about its economic substance.

Incomplete accounting records can be a problem because they can lead to errors in financial reporting. However, some methods can be used to deal with incomplete accounting records. These methods include the use of estimates, pro forma financial statements, and management judgments.

Assignment Activity 3: Calculate and interpret financial accounting ratios.

Financial accounting ratios are ratios that are used to assess financial accounting information. The most common financial accounting ratios are the liquidity ratio, the activity ratio, and the solvency ratio.

• Liquidity Ratio: The liquidity ratio is a measure of a company’s ability to pay its short-term obligations. It is calculated by dividing current assets by current liabilities.
• Activity Ratio: The activity ratio is a measure of a company’s ability to generate sales from its assets. It is calculated by dividing sales by assets.
• Solvency Ratio: The solvency ratio is a measure of a company’s ability to meet its long-term obligations. It is calculated by dividing total assets by total liabilities.

Financial accounting ratios are important because they provide insights into a company’s financial health. Ratios can be used to identify potential problems and opportunities.

To calculate a financial accounting ratio, divide one number in the financial statements by another number in the financial statements. For example, to calculate the liquidity ratio, divide current assets by current liabilities.

When interpreting financial accounting ratios, it is important to consider the context in which the ratios are being used. Ratios should be compared to industry averages or budgeted amounts. Ratios can also be trended over time to see how a company’s financial position is changing.

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

The main difference between for-profit and non-profit organizations is that for-profit organizations are geared towards making a profit, while non-profit organizations are not.

As a result, the financial statements of non-profit organizations are different from those of for-profit organizations.

Non-profit organizations do not have income statements or balance sheets. Instead, they have statements of activities and statements of financial position.

• Statements of Activities: Statements of activities show the revenue and expenses of a non-profit organization. They are used to assess the financial performance of the organization.
• Statements of Financial Position: Statements of financial position show the assets and liabilities of a non-profit organization. They are used to assess the financial health of the organization.

Non-profit organizations are required to disclose their financial information in a transparent and timely manner. Financial statements should be prepared by generally accepted accounting principles.

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