QQI Level 6 Financial Reporting 6N4166 Assignment Example Ireland
In this assignment example we shall highlight and discuss about the 6N4166 Financial Reporting QQI Level 6 course module.
The QQI component of this course has 15 credit value on the National Frameworks for Qualifications. The purpose of this minor award is to enable the learners to become skilled and competent to prepare, analyse and interpret the financial statements for different types of organizations.
This shall help the learners to develop a knowledge and understanding of the legal and regulatory framework in respect to the financial reporting.
Course Title – Financial Reporting
Code – 6N4166
Level – 6
Credit Value – 15
Award Type – Minor
Learning Outcomes of the 6N4166 Financial Reporting QQI Level 6 Course
Financial reporting is financial results or outcome of an organization or company that is being released to the third parties. It discloses accurately and timely about performance of business in the organization.
It helps in identifying with the many business opportunities that can help in making the correct decisions for the future growth.
The learning outcomes shall be focused on the importance of the financial accounting, contents of the accounting records, tools or techniques used for financial statement analysis, role of Irish professional accounting bodies and preparation of cashflows statement etc.
These are the following learning outcomes of 6N4166 Financial Reporting QQI Level 6 assignment activity :-
Understanding the Nature and Importance of Financial Accounting
The financial accounting is done with the purpose of providing information to the external users. It can be used by the labor unions, government authorities, creditors, shareholders etc.
It is prepared for all sizes of the companies which helps in internal and external communication of information. It helps the external users to know the progress of the company and to compare it with others through an analysis.
Financial accounting provides the information of wellbeing and financial health of the company through an analysis. Any financial statement comprises of the three elements and that are the income statement, balance sheet and cash flow statement.
Any accounting information on the finanacial accounting must be well structured, formal, past oriented and quantitative. There are direct and indirect users of such finance related information.
The direct users are owners, suppliers, management, buyers, customers, shareholders etc. While the indirect users uses the information to help those who have direct interest in business and that includes the financial advisor, financial analyst, reporting agencies, trade associations, stock exchanges etc.
This particular learning outcome can be assessed by the assessor in a theory based examination to analyse the learner’s knowledge and understanding of the financial accounting.
Demonstrating Knowledge of the Content of Accounting Records
The learners must demonstrate their knowledge of accounting records of the organization which are in the form of documentation and books used for preparing the financial statements.
These includes the journals, assets, invoice, general ledgers, liabilities, vouchers, contracts and agreements, transaction, trial balances, verification statements and other supporting documents etc.
While a good financial record can be kept in the form of a cash receipts book, creditors record, sales day book, purchase day book, debtors record, cheques journal, stock record, payroll, bank statement etc.
Accounting records can either be manual or electronic and are used for reviewing the audits, checking compliance and other business requirements.
An assignment brief will be guided and instructed to be prepared by the learner on various accounting and financial records.
Role of the Professional Accounting Bodies
A professional accounting body is an association of the accountants within a particular jurisdiction. In Ireland there are major accounting bodies where their members are employed into the business of Chartered Certified Accountants (CCA), Association of Chartered Certified Accountants (ACCA), The Chartered Institute of Management (CIM) and Institute of Certified Public Accountants (ICPA).
The accounting professional body plays a major role in developing the social and environmental reporting in Ireland.
Learners needs to study about the various active professional bodies of accounting that are presently working in Ireland. They shall be asked to present an assignment brief on the same for assessment.
Techniques and Tools Used for the Financial Statement Analysis
Learners through an active study and research needs to devise their own techniques that can be used possibly by an organization for the analysis of a financial statement. This financial statement analysis helps in making better decisions and management of the finances.
The tools and techniques that are used for the financial statement analysis are trend ratio or analysis, fund flow analysis, ratio analysis, cash flow analysis, comparative statement, cost volume profit analysis etc.
Financial statement comprises of the company’s balance sheet, cash flow, income statement and valuation statement under this. Learners shall be asked in their theory based examination the questions in relation to financial statement analysis and tools used for such an analysis.
Preparation of the Cash Flow Statements
Cash flow statement is prepared under the financial accounting and is considered and used as financial statement that shows the change reflecting in the balance sheet. It is cash inflow and cash outflow of the business which is prepared on cash basis and not on the basis of accrual system.
For the preparation of the cash flow statement certain important and basic steps are required. First step will be to gather data and the documents, calculation of the changes in the balance sheet, entering such changes of balance sheet in the cash flow statement, making adjustment for non cash items, adding up some additional information and finally adding up performing the final check.
Learners needs to demonstrate practically skills of preparing such financial statements and cash flow statement of given company that will be asked to them in the theory examination for an overall assessment.
Assessment Techniques for the 6N4166 Financial Reporting QQI Level 6 Course
To display the skills, competence, efficiency and knowledge of the learners and analyse that whether they have achieved their learning outcomes.
The learning assessments needs to be undertaken by the learners.
The all learning outcomes must be assessed and achieved with the help of a minimum intended module learning outcomes set out in the validated programme.
The assessor devises the various assessment instruments which needs to be in consistent with the QQI’s assessment requirements.
Theory Examination – 60%
Assignment – 40%
- Theory Examination shows the ability of a learner to recall his knowledge and skills within a set period of time and application of specific theory and knowledge.
- Assignment is meant for shorter period of time unlike the Project which is being carried out for a specific period of time. It is made in response to a brief with specific guidelines.
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The above written assignment example is based on 6N4166 Financial Reporting QQI Level 6 course module.
Financial Statements QQI Level 6, Finance QQI Level 6, Business and Finance Management QQI Level 6, Business Management QQI Level 6 students can read this above-written assignment sample to help to get a complete understanding of such writing style and skills.
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