ACCT6014 Accounting & Cost Accounting 3 Assignment Sample MTU Ireland

ACCT6014 Accounting & Cost Accounting 3 course is designed to provide students with an understanding of the concepts and principles of accounting, as well as the skills necessary to apply these concepts and principles in business decision-making. The course covers a broad range of topics, including financial statements, managerial accounting, cost behavior, and costing methods, activity-based costing, budgeting, standard costing, and variance analysis. In addition, the course covers emerging issues in accounting such as environmental reporting and sustainability accounting.

This module covers the application of accounting principles and costing techniques in businesses. Topics on cost behavior and short-term and long-term decision-making are also included. In this course, students will learn to use accounting information to make sound business decisions.

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

Assignment Activity 1: Prepare and present Final Accounts of Sole Traders and Partnerships.

There are several key steps to preparing and presenting final accounts for sole traders and partnerships. First, you will need to gather all of the necessary financial information. This includes balance sheets, income statements, expense reports, and tax returns. Next, you will need to analyze this information to identify any trends or patterns. Finally, you will need to present your findings clearly and concisely.

When it comes to presenting final accounts, there are a few things to keep in mind. First, make sure that you clearly explain any changes from the previous year. Second, be sure to highlight any areas of concern or potential improvement. Finally, don’t forget to include a summary of your overall findings. By following these simple tips, you can ensure that your final accounts are both informative and impressive.

Assignment Activity 2: Prepare and present Final Accounts of various types of non-trading organizations.

There are a few different types of non-trading organizations, and the Final Accounts will vary depending on the type of organization. Here are some general guidelines:

1. For a not-for-profit organization, the net surplus or deficit will be shown in the Profit and Loss Account, with any donations or grants received shown in the Income Statement as income. The assets and liabilities of the organization will be shown on the Balance Sheet.
2. For a company that is dormant (i.e. it has not carried out any business during the year), there will be no Profit and Loss Account or Income Statement; only a Balance Sheet will be prepared. The assets and liabilities of the company will be shown as they were at the beginning of the year, with any changes during the year being shown in the Appropriation Account.
3. For a company that is in liquidation, the Profit and Loss Account and Balance Sheet will be prepared as normal, but they will be shown at the date of liquidation rather than at the end of the financial year. The Liquidation Account will show the disposal of the assets of the company and the payment of the liabilities.

Assignment Activity 3: Understand the need for standards in accounting.

The need for standards in accounting is essential to maintain the integrity of financial reporting. Financial statements are used by investors, lenders, and other financial decision-makers to assess the viability of investing in a company. If there were no standards, companies could report their financial results in whatever way they saw fit, making it difficult to compare apples to apples.

There are two main types of accounting standards: generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). GAAP is the set of rules that companies in the United States must follow when preparing their financial statements. IFRS is the set of rules that companies in countries all over the world must follow when preparing their financial statements.

While both GAAP and IFRS are important, IFRS is becoming increasingly more important as the global economy continues to become more interconnected. As more and more companies do business internationally, there must be a set of accounting standards that everyone can follow. This allows for accurate comparisons between companies from different countries.

Assignment Activity 4: Apply techniques of Overhead Analysis and Cost classification.

An overhead analysis is a process of allocating indirect costs to the various products or services produced by a company. This process is important to accurately determine the cost of each product or service. There are a few different methods that can be used in the overhead analysis, but the most common is activity-based costing (ABC).

In ABC, indirect costs are first allocated to the various activities that are carried out in the production process. These activities can include things like set-up, inspection, and packaging. Once the indirect costs have been allocated to the activities, they are then allocated to the products or services based on the amount of each activity that is required for each product or service.

Cost classification is the process of grouping costs together based on their common characteristics. This process is important to better understand the different types of costs incurred by a company. There are a few different ways to classify costs, but the most common method is fixed and variable costs.

Fixed costs are those that do not change with production volume. Examples of fixed costs include rent, insurance, and property taxes. Variable costs are those that do change with production volume. Examples of variable costs include raw materials, direct labor, and commissions.

By understanding the different types of costs incurred by a company, managers are better able to make decisions about where to cut costs and how to increase efficiency.

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