ACCT6007 Fundamentals of Fin/Acc Assignment Sample MTU Ireland

ACCT6007 Fundamentals of Fin/Acc is a great course for those looking to improve their financial literacy and learn more about accounting principles. In this course, you will learn key financial concepts such as balance sheets, income statements, and cash flow statements. You’ll also gain a better understanding of how businesses use accounting information to make strategic decisions.

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

Assignment Activity 1: Describe the function of financial accounting.

Financial accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Financial statements are prepared from the financial records to show a company’s financial position, performance, and cash flow.

Financial accounting helps businesses track their income and expenses, assess their financial health, and make sound investment decisions. It also helps investors and lenders make informed decisions about whether to invest in or lend money to a company.

There are three main types of financial statements: balance sheets, income statements, and cash flow statements.

• The balance sheet shows a company’s assets, liabilities, and equity at a specific point in time. It can be used to assess a company’s financial health and calculate important ratios such as the debt-to-equity ratio.
• The income statement shows a company’s revenue, expenses, and net income for a specific period. It can be used to assess a company’s profitability and trends over time.
• The cash flow statement shows a company’s cash inflows and outflows for a specific period. It can be used to assess a company’s liquidity and financial health.

Financial accounting is an important tool for all businesses, whether they are large publicly-traded companies or small privately-owned businesses. It provides valuable information that can be used to make sound business decisions.

Assignment Activity 2: Describe the basic accounting concepts.

The three most important accounting concepts are the double-entry bookkeeping system, the accrual method of accounting, and the matching principle.

The double-entry bookkeeping system is a method of keeping track of financial transactions in which each transaction is recorded as both a debit and a credit. This ensures that all financial transactions are accounted for and prevents discrepancies between accounts.

The accrual method of accounting recognizes revenue when it is earned and expenses when they are incurred, even if cash has not yet changed hands. This allows businesses to track their financial performance over time even if they are not currently profitable.

The matching principle requires that expenses be matched with the periods in which the related revenue is earned. This ensures that businesses are only recognizing expenses when they have incurred them and not beforehand.

These three concepts are the foundation of financial accounting and are essential for businesses to understand to make sound financial decisions.

Assignment Activity 3: Record financial transactions using books of first entry and the double-entry system.

Under the double-entry system, each financial transaction is recorded in two accounts — one on the asset side and one on the liability side. This helps to ensure that the books balance (the total of assets equals the total of liabilities).

There are a few different ways to record financial transactions using the double-entry system. One way is to use what’s called a “books of first entry” approach. In this approach, each account is assigned a book in which all transactions for that account will be recorded. For example, if you have a bank account, the transactions for that account would be recorded in a “bank” book.

Another way to use the double-entry system is to track each transaction individually. This is called the “transaction method.” In this approach, you would keep a running total of all transactions in each account. This can be done by hand or using accounting software.

A double-entry system is a powerful tool for keeping track of financial transactions. It helps to ensure that all transactions are accounted for and prevents discrepancies between accounts. By using the books of first entry approach or the transaction method, businesses can keep accurate records of their financial transactions.

Assignment Activity 4: Describe the accounting treatment of assets, liabilities, expenses, revenue, and capital.

The accounting treatment of assets, liabilities, expenses, revenue and capital depends on the specific accounting principles used by a company. Generally accepted accounting principles (GAAP) are a set of rules and guidelines for financial accounting. Most countries have their GAAP standards.

In general, assets are recorded at their purchase price or historical cost. This value is then depreciation throughout the asset’s useful life. Liabilities are typically recorded at their face value or principal amount. Expenses are recorded when they are incurred, and revenue is recognized when it is earned. Capital is any money invested in the business, including loans and equity investments from owners or shareholders. 

There may be other minor adjustments made to these accounts depending on the specific accounting principles used. For example, under the accrual method of accounting, expenses are often recorded when they are incurred, even if they are not paid for yet. This is because the expense has been incurred and will need to be paid at some point in the future.

Assignment Activity 5: Prepare financial statements for sole traders.

There are a few key things to keep in mind when preparing financial statements for sole traders. First, remember that sole traders are businesses owned and operated by one person. This means that all income and expenses go through the sole trader’s bank account. As such, it is important to separate personal and business transactions as best you can.

Second, keep good records! This will make preparing your financial statements much easier (and save you a lot of time and headache). Make sure to track all income and expenses, as well as inventory if you sell products.

Third, know which financial statement you need to prepare. There are three common types of financial statements used by businesses: the balance sheet, the income statement, and the cash flow statement. The balance sheet shows a company’s assets, liabilities, and equity at a specific point in time. The income statement shows a company’s revenue, expenses, and profit (or loss) over some time. The cash flow statement shows a company’s inflows and outflows of cash over some time.

Once you know which financial statement you need to prepare, gather all the necessary information and put it into the correct format. If you are not sure how to do this, there are many templates and examples available online.

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