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ACCT6008 Financial Accounting 1 Assignment Sample MTU Ireland

ACCT6008 Financial Accounting 1 is a semester-long course that covers the basics of financial accounting. The course will introduce you to the concepts and procedures used in financial statement preparation. You’ll learn how to record and classify business transactions, how to prepare to adjust and close entries, and how to prepare financial statements for various types of businesses.

You’ll also learn about financial statement analysis and interpretation, as well as important accounting principles such as revenue recognition, inventory valuation, and asset depreciation. By the end of the course, you’ll have a strong foundation in financial accounting that will allow you to understand and use corporate financial statements effectively.

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

Assignment Task 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. The main purpose of financial accounting is to prepare financial statements that provide an accurate representation of a company’s financial position, performance, and cash flows. Financial statements are used by a variety of stakeholders, including investors, creditors, and shareholders.

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Financial accounting information is generally presented in two forms: historic cost and current value. Historic cost accounting records transactions at the original value at which they occurred. Current value accounting tries to measure the economic effects of transactions by reclassifying them to reflect current market values. There is no one right way to measure or present financial information; it depends on the needs of the users.

The function of financial accounting is to provide information that is useful in making business decisions. Financial accounting information is used by a variety of stakeholders, including investors, creditors, and shareholders. Financial statements are the primary source of financial accounting information. Financial statements show a company’s financial position, performance, and cash flows. They are used to make decisions about investment, credit, and other business decisions.

Assignment Task 2: Demonstrate an understanding of basic accounting concepts.

Basic accounting concepts are essential for anyone looking to gain a better understanding of their finances. Here are four key concepts that everyone should know:

  1. The Accounting Equation

The accounting equation is the foundation of all financial statements. It states that assets must equal liabilities plus equity. Assets are what a company owns and can use to generate revenue, while liabilities are what a company owes to others. Equity is the portion of the company that belongs to the shareholders.

  1. The Income Statement

The income statement shows a company’s revenues, expenses, and net income (or profit). Revenues are the money earned from selling goods or services, while expenses are the costs incurred in running the business. Net income is the difference between revenues and expenses.

  1. The Balance Sheet

The balance sheet shows a company’s assets, liabilities, and equity. Assets are what the company owns and can use to generate revenue. Liabilities are what the company owes to others. Equity is the portion of the company that belongs to shareholders.

  1. The Statement of Cash Flows

The statement of cash flows shows a company’s cash inflows and outflows from operating, investing, and financing activities. Cash inflows are the money coming into the business, while cash outflows are the money going out of the business. The statement of cash flows is used to assess a company’s financial health.

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

In bookkeeping, the double-entry system is a system of recording financial transactions in which each entry is made in two corresponding accounts. For instance, when you receive money in your checking account, you would make an entry in your “checking account” ledger and also an identical entry in your “cash” ledger. This way, the total amount of money in both ledgers always matches.

The double-entry system has been used for centuries to keep track of business transactions. It’s considered to be a more accurate and reliable way to track finances than the single-entry system. And because it’s so detailed, it can also help identify potential problems or discrepancies with a company’s finances.

Assignment Task 4: Explain the accounting treatment of noncurrent assets, current assets, and current liabilities.

There are several different types of assets and liabilities that organizations must report on their balance sheets. Noncurrent assets are long-term resources that the company expects to use for more than one year, such as land, buildings, or machinery. Current assets are short-term resources that will be used within one year or less, such as cash, accounts receivable, or inventory. And finally, current liabilities are debts or other obligations that will come due within one year.

The accounting treatment of each of these types of assets and liabilities differs slightly. Noncurrent assets are typically reported at their historical cost – meaning the original purchase price, minus any depreciation that has been taken over time. Current assets and current liabilities are usually reported at their current market value – meaning the price that could be obtained by selling the asset or paying off the liability immediately.

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Assignment Task 5: Prepare financial statements for sole traders.

As a sole trader, you are responsible for preparing your financial statements. These statements will give you an overview of your business’s financial health and performance.

There are two main types of financial statements: balance sheets and income statements. Balance sheets show your business’s assets, liabilities, and equity at a specific point in time. Income statements show your business’s revenue, expenses, and profit over some time.

Prepare your balance sheet first. This will give you a snapshot of what your business owns (assets) and owes (liabilities) at a specific point in time. To do this, list all of your assets (e.g. cash, inventory, machinery) and liabilities (e.g. loans, accounts payable) in separate columns. Then, subtract your total liabilities from your total assets to calculate your equity.

 Next, prepare your income statement. This will show you how much money your business has earned (revenue) and spent (expenses) over some time. To do this, list all of your revenue and expenses in separate columns. Then, subtract your total expenses from your total revenue to calculate your profit.

 Finally, use your balance sheet and income statement to prepare a statement of cash flows. This will show you how much cash your business has generated from its operations, investing, and financing activities over some time. To do this, list all of your cash inflows and outflows in separate columns. Then, subtract your total cash outflows from your total cash inflows to calculate your net cash flow.

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