ACCT6015 Accounting & Cost Accounting 4 Assignment Sample Ireland

ACCT6015 Accounting & Cost Accounting 4 is a core subject in the accounting degree at universities across Ireland. This subject aims to provide students with an understanding of the concepts and principles underlying financial accounting and cost accounting, and their application in decision making.

This subject is assessed through exams and assignments, with students required to produce both individual and group work. The focus of this subject is on the use of accounting information in business decision-making, so students will learn how to analyze financial statements, prepare budgets and forecasts, and measure performance.

This subject is perfect for students who wish to pursue a career in accounting or finance, as it provides them with the skills and knowledge they need to be successful in these industries. It is also useful for students who wish to start their own business, as they will learn how to manage their finances effectively.

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

Assignment brief 1: Prepare and present Final Accounts of Limited Companies.

To prepare the Final Accounts of a limited company, the company will need to follow strictly GAAP accounting standards. Presentation of the final accounts will be in the following order: 

• Statement of comprehensive income 
• Balance sheet 
• Statement of cash flows 
• Notes to the financial statements inform the reader about significant accounting policies used in deriving the amounts presented in financial statements.

Following are four steps that should be included while preparing and presenting final accounts of limited companies:- 

1) Prepare a trial balance at period end. It is a list of all ledger account balances standing at the period end either debit or credit balances. This can be extracted from your software package OR manually calculated from your posting journals. 

2) Draft your financial statements. This will include the Statement of Comprehensive Income (Income Statement), Balance Sheet, and Statement of Cash Flows. These should all be prepared by GAAP accounting standards.

3) Draft any relevant Notes to the Financial Statements. These notes should explain any significant accounting policies used in deriving the amounts presented in the financial statements.

4) Complete your working papers. These should include all supporting calculations for each figure presented in the financial statements. This will provide valuable evidence to an external auditor, should the company ever be audited. 

Once you have prepared all of the above, you are ready to present your final accounts to management/shareholders. This can be done in either hard copy format or electronically.

If you are presenting the accounts electronically, it is recommended that you use a software package such as Microsoft Excel or Access to do so. This will allow you to easily incorporate charts and graphs into your presentation, making the information more visually appealing and easier to understand.

When presenting the accounts, it is important to keep in mind who your audience is. If you are presenting to shareholders, you will need to focus on the profit and loss account and the balance sheet. However, if you are presenting to management, you will need to focus on the cash flow statement and any relevant notes to the financial statements.

It is also important to remember that, regardless of your audience, you should always present the information clearly and concisely. Use simple language and avoid using jargon where possible.

Assignment brief 2: Prepare cash Flow Statements.

A cash flow statement is a financial statement that shows how much cash a company has generated and used during a particular period. The cash flow statement is divided into three sections: operating, investing, and financing.

The operating section of the cash flow statement shows the amount of cash generated or used by a company’s core business operations. The investing section shows the amount of cash used or generated by a company’s investments, such as in real estate or stocks. The financing section shows the amount of cash generated or used by a company’s financing activities, such as issuing new debt or equity or making payments on existing debt or equity.

The following example illustrates how to prepare a basic cash flow statement for a company. This example uses simplified versions of the operating, investing, and financing sections.

Operating cash flow:

Revenue – Expenses = Net operating cash flow

Investing cash flow:

Assets – Liabilities = Net investing cash flow

Financing cash flow:

Debt – Equity = Net financing cash flow

Total cash flow:

Operating + Investing + Financing = Total cash flow

As you can see, the total cash flow is simply the sum of the operating, investing, and financing cash flows.

Now that you know how to prepare a basic cash flow statement, let’s take a look at how to interpret it. The first thing you should look at is the total cash flow. This will give you an overall picture of the company’s cash position.

If the total cash flow is positive, it means that the company has generated more cash than it has used. This is a good sign, as it means that the company has enough cash to cover its expenses and make investments.

If the total cash flow is negative, it means that the company has used more cash than it has generated. This is not a good sign, as it means that the company may need to take out loans or sell assets to cover its expenses.

The next thing you should look at is the operating cash flow. This will give you an idea of how much cash the company’s core business operations are generating or using.

If the operating cash flow is positive, it means that the company’s core business operations are generating more cash than they are using. This is a good sign, as it means that the company has enough cash to cover its expenses and make investments.

If the operating cash flow is negative, it means that the company’s core business operations are using more cash than they are generating. This is not a good sign, as it means that the company may need to take out loans or sell assets to cover its expenses.

The last thing you should look at is the investing and financing cash flows. These will give you an idea of how much cash the company is using or generating from its investments and financing activities.

If the investing and financing cash flows are positive, it means that the company is generating more cash from these activities than it is using. This is a good sign, as it means that the company has enough cash to cover its expenses and make investments.

If the investing and financing cash flows are negative, it means that the company is using more cash from these activities than it is generating. This is not a good sign, as it means that the company may need to take out loans or sell assets to cover its expenses.

Now that you know how to prepare and interpret a cash flow statement, you can use this information to make informed decisions about your company’s financial health.

Assignment brief 3: Review of Costing Techniques.

There is a variety of costing techniques that can be used in business. The most common are absorption costing, variable costing, and direct costing.

Absorption costing is the most traditional method of accounting for the costs of manufacturing a product. Under this method, all costs associated with the production of a good or service are included in the final price of the product. This includes both fixed and variable costs, as well as overhead costs.

Variable costing is a newer technique that only includes those costs that vary with the level of production. This includes direct materials and labor costs but does not include fixed costs or overhead expenses.

Direct costing is another newer technique that only includes those costs that are directly related to the production of a good or service. This includes direct materials and direct labor costs but does not include any overhead expenses.

Which costing technique is best for your business will depend on a variety of factors, including the type of products you sell and the level of production. If you are unsure which technique is best for your business, speak to an accountant or financial advisor.

Now that you know the basics of costing techniques, you can start to make informed decisions about which one is best for your business. Use this information to help you make the best choices for your company’s financial health.

Assignment Brief 4: Apply techniques of Marginal, Standard, and Product Costing.

Marginal costing is a technique for costing products and services by calculating the additional costs of producing one more unit of a product or service. It is also known as direct costing or variable costing.

Standard costing is a technique for controlling the cost of producing goods and services by establishing standard costs for each element of the production, such as labor, materials, and overhead. The standard cost represents the normal or expected cost to produce one unit of output.

Product costing is the process of allocating the direct and indirect costs associated with manufacturing or producing a product to that product. Product costs are used in financial reporting to calculate the cost of goods sold (COGS) and gross profit.

To determine which costing technique is best for your business, you will need to consider several factors, including the type of products you sell and the level of production. If you are unsure which technique is best for your business, speak to an accountant or financial advisor.

Once you have decided which costing technique is best for your business, you can start to apply it to your business operations. Use this information to help you make the best choices for your company’s financial health.

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