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ACCT6013 Intro to Accounting Assignment Sample MTU Ireland

ACCT6013 is an introduction to accounting course that covers the basics of financial accounting. The course introduces students to the basic principles of financial accounting, including the preparation of financial statements, cash flow analysis, and budgeting. Students will also learn about managerial accounting concepts such as cost allocation and performance measurement.

This course is ideal for students who are interested in pursuing a career in accounting or finance. It is also a helpful course for business students who want to gain a basic understanding of financial statements and how they are used in business decision-making.

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

Assignment Activity 1: Outline and define the basic concepts and principles of accounting.

The basic concepts and principles of accounting include the following:

1) Assets are things a business owns and uses to generate income. Examples of assets include cash, accounts receivable, inventory, and equipment.

2) Liabilities are amounts a business owes to others. Examples of liabilities include accounts payable, notes payable, and taxes payable.

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3) Owner’s equity is the portion of a business’s assets that belongs to the owners. The owner’s equity is calculated by subtracting liabilities from assets.

4) Income is the amount of money that a business earns during a specific period. Income can be generated from sales or investments.

5) Expenses are the costs associated with earning income. Expenses can be classified as operating expenses or non-operating expenses.

6) Net income is the amount of income that remains after all expenses have been deducted from total revenue. Net income can be calculated by subtracting total expenses from total revenue.

7) Cash flow is the movement of cash into and out of a business. Cash flow can be positive or negative.

8) Financial statements are reports that show a business’s financial position, performance, and cash flow. The three major financial statements are the balance sheet, income statement, and statement of cash flows.

9) Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions.

10) Financial accounting is the process of preparing financial statements that report a company’s financial position, performance, and cash flow.

11) Managerial accounting is the process of using accounting information to make business decisions. Managerial accounting information can be used for planning, decision-making, and control.

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Assignment Activity 2: Record financial transactions using double-entry accounting.

Financial transactions are typically recorded using double-entry accounting. This means that for each transaction, there are two entries made: one on the credit side and one on the debit side.

Each account has a normal balance, which is either a debit or credit balance. When an account has a debit balance, it means that the sum of all debts is greater than the sum of all credits; when an account has a credit balance, it means that the sum of all credits is greater than the sum of all debits. The total amount of debits must equal the total amount of credits for the transaction to be in balance.

In double-entry accounting, every transaction affects at least two accounts. The most common type of transaction is a financial transaction, which affects the cash account and another account.

This transaction would be recorded in the Cash account (which would have a debit balance) and in the Supplies account (which would have a credit balance).

Other types of transactions that may be recorded using double-entry accounting include adjustments, reversing entries, and compound entries.

Assignment Activity 3: Prepare year-end financial statements (with adjustments) for sole traders.

Preparing year-end financial statements for sole traders can be a bit tricky. adjustments need to be made to accurately reflect the true financial position of the business.

The first thing you need to do is compile all of the relevant financial information for the year. This includes sales figures, expense records, etc. Once you have all of this information, you can begin to prepare the statements.

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Assignment Activity 4: Complete bank reconciliation statements with accuracy.

The process of reconciling a bank statement is to ensure the statement matches the actual balance of cash and investments held by the bank. This is done by comparing the statement with records of deposits, withdrawals, and other transactions that have taken place since the last reconciliation. Any discrepancies need to be investigated and resolved.

The goal is to ensure that all transactions are accounted for and that the reported balance matches the actual balance. This provides a more accurate picture of a company’s financial position and can help detect errors or irregularities. Bank reconciliations should be completed regularly, at least monthly, to ensure accuracy.

Assuming you have all of the necessary information, there are four steps to completing a bank reconciliation:

  1. Compare the ending balance on the bank statement with the ending balance in the company’s records. This will give you a starting point for reconciling the two balances.
  2. Review all deposits and withdrawals that have taken place since the last reconciliation. Be sure to include any interest or fees that may have been charged by the bank.
  3. Compare the amounts in the company’s records with the amounts on the bank statement. If there are any discrepancies, investigate and resolve them.
  4. Update the company’s records to reflect the reconciled balance. This will be the new starting balance for the next reconciliation.

Completing a bank reconciliation can be a bit time-consuming, but it’s important to do regularly. By keeping accurate records and regularly reconciling your accounts, you can ensure that your financial statements are as accurate as possible.

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