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AC151 Introduction To Accounting Assignment Example Maynooth University Ireland

This module will introduce students to the fundamentals of accounting. Topics covered include Principles of Accounting, Double Entry book-keeping, Extraction of a Trial Balance, Calculation of depreciation, bad debts, bad debt provisions, accruals and prepayments, journal entries and bank reconciliations, Preparation of the Financial Statements for a sole trader.

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In this course, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us.

On successful completion of the module, students should be able to:

Assignment Activity 1: Record business transactions using the double-entry system of bookkeeping

Using the double-entry system, you can keep track of your business transactions and make sure everything gets recorded in order. The basic double-entry system of bookkeeping ensures that the total debits in a business equal the total credits. Transactions are recorded as debits and credits to specific accounts in the general ledger.

The debits in a transaction are recorded on the left-hand side of the account. Transactions that increase assets, expenses, or one liability are always recorded as credits on the right-hand side of an account. Transactions that decrease assets, expenses, or one liability are always recorded as debits in the appropriate account.

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Assignment Activity 2: Construct, complete, and balance where appropriate the accounting records of a business

The accounting records of a business show the financial position of the business at a particular point in time. The trading and profit and loss accounts show the income and expenses of the business over some time, while the balance sheet shows the assets, liabilities, and owner’s equity of the business at a given point in time. The cash flow statement shows how much cash is generated from operations over some time.

Accounting transactions are recorded in journals and ledgers, which provide a chronological record of events, activities, and transactions that have occurred within an organization. Furthermore, shared components between the various financial statements can be identified and summarized in a trial balance.

Assignment Activity 3: Prepare a trial balance and initial set of financial statements:

A trial balance is a list of all the account balances in a company’s general ledger. It is used to determine whether the books of account are in balance, that is, whether the total of the debit balances equals the total of the credit balances. If the trial balance does not balance, it indicates that there are errors in the accounting records that must be corrected.

The initial set of financial statements for a business includes the balance sheet, the trading and profit and loss accounts, and the cash flow statement. The balance sheet shows the financial position of the business at a particular point in time, while the profit and loss account and cash flow statement show how the business has performed over some time.

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Assignment Activity 4: Identify and execute adjustments necessary to finalize financial statements

The financial statements of a business are not static; they change as new information is received and old information is updated. Adjustments must be made to the financial statements to ensure that they accurately reflect the current financial position of the business. The most common adjustments include depreciation, bad debts, accruals and prepayments, and provisions for bad debts.

Calculate depreciation for financial reporting purposes, using the straight-line and diminishing balance methods. Prepare journal entries to record depreciation expenses in a general journal or adjust entry accounts

Depreciation is used to spread out the cost of a tangible asset over its useful life. The amount of depreciation expense recognized each year is determined by multiplying the depreciable cost of an asset by the straight-line and diminishing balance rates. The journal entry to record depreciation expense is a debit to Depreciation Expense and a credit to Accumulated Depreciation / Additional Departmental Overhead.

Sell financial instruments at a profit or loss: calculate profit or loss, prepare journal entries, and determine the amount(s) to record in financial statements

The profit or loss from a sale of financial instruments is the difference between the purchase price and the sales price. The journal entry to record a sale of financial instruments is a debit to Cash and a credit to Investments.

Prepare to adjust entries for depreciation, bad debts, accruals and prepayments, and provisions for bad debts. Prepare journal entries to record adjustments in a general journal or adjust entry accounts

An adjustment is necessary when information is received that requires the revision of an already-recorded transaction and/or affect the assets, liabilities, and owner’s equity of a business. It is used to adjust the books so that they properly reflect the financial position of the business. The most common adjustments include depreciation, bad debts, accruals and prepayments, and provisions for bad debts.

Completing and closing journal entries prepare financial statements by recording debits and crediting in correct amounts to bring accounts up to date at the end of an accounting period before preparing them for external reporting purposes.

Assignment Activity 5: Prepare control reconciliations and use other checking procedures to ensure accuracy in completed financial statements:

A control reconciliation is a comparison of the balances in the general ledger with the balances in other accounting records, such as the accounts receivable subsidiary ledger or the inventory subsidiary ledger. This comparison is used to identify any discrepancies so that they can be corrected.

Financial statements are an important part of a business’s overall management and decision-making process. They are also the foundation of an organization’s ability to attract future financial resources. Most businesses prepare financial statements on an accrual basis, which means that they recognize revenue when it is earned and they recognize expenses when they are incurred. Accrual-basis accounting provides a more accurate picture of business activities compared with cash-basis accounting.

The three financial statements that are commonly prepared in an organization are the balance sheet, the income statement, and the statement of cash flows. The balance sheet shows a company’s assets, liabilities, and owner’s equity as of a specific date. The income statement shows how much revenue a company earned during a specific period and how much expenses it incurred during that same period. The statement of cash flows summarizes a company’s cash receipts and payments for a specific period.

The preparation of financial statements is a complex process that requires the use of various accounting principles and procedures. It is important to ensure that the financial statements are accurate and reliable so that they can be used to make informed business decisions by management, creditors, shareholders, and other stakeholders.

Amounts are classified as either assets or liabilities. Assets are resources controlled by the organization as a result of past events and from which future economic benefits are expected to flow the organization. Liabilities are present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

Owner’s equity is the residual interest in the assets of the entity after liabilities have been paid. Owner’s equity arises from three sources: contributions by the owners, retained earnings, and other comprehensive income.

The balance sheet equation is Assets = Liabilities + Owner’s equity. This equation (or variations of it) is used to determine whether an organization’s total assets are greater than its liabilities and, therefore, whether the business has net assets or net losses for a specific period.

The balance sheet provides information about the liquidity of an organization because it shows how much cash and other assets could be immediately turned into cash to pay off liabilities. The income statement provides information about the profitability of an organization because it shows how much revenue and net income a company has earned during a specific period. The statement of cash flows provides information about the financial health of an organization by showing its sources and uses of cash for a specific period.

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