ACCT6017 Financial Accounting 3 Assignment Sample MTU Ireland
ACCT6017 Financial Accounting 3 is a course offered at MTU. The objective of the course is to provide students with an understanding of financial accounting, including the use of financial statements for decision-making and investment analysis.
The topics covered in the course include revenue recognition, income measurement, asset valuation, liabilities and equity, cash flow statement preparation, and financial statement analysis. The assessment for the course includes both written and oral examinations.
This course is offered as part of the Masters in Business Administration (MBA) program at MTU. It is a core course for students pursuing the MBA with a concentration in Accounting and Finance. The course is also open to students from other programs who meet the prerequisites.
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In this section, we are describing some assigned briefs. These are:
Assignment Brief 1: Identify and outline the key elements of a financial accounting system.
A financial accounting system is a set of procedures and methods used to account for the financial activities of a company. The key elements of a financial accounting system include the following:
- Recording transactions in journals
- Posting journal entries to ledgers
- Preparing trial balances
- Preparing financial statements
- Interpreting financial statements.
Assignment Brief 2: Prepare financial statements, dealing with all closing adjustments.
The closing process of the financial statements is an important step in ensuring the accuracy of the statements. All adjusting items need to be accounted for to generate a true and fair view of a company’s financial position. Net income from the previous period, as well as any other items that affected net income, must be closed out so that it is not double-counted in the current period.
To close all accounts, debits must equal credits. This ensures that all revenue and expenses are accounted for and that the balances on each account are correct. Any discrepancies will need to be investigated and corrected before issuing the financial statements.
The closing process is as follows:
- Close all revenue and expense accounts by debiting or crediting them to the income summary account. This will leave the income summary account with a credit balance equal to the net income for the period.
- Close the income summary account by transferring the credit balance to the retained earnings account. This will leave the income summary account with a zero balance.
- Close all drawing accounts by transferring their balances to the appropriate equity account. This will leave the drawing accounts with zero balances.
- Close all other temporary accounts by transferring their balances to the appropriate permanent account. This will leave the temporary accounts with zero balances.
- Close the equity accounts by transferring their balances to the appropriate permanent account. This will leave the equity accounts with zero balances.
After all, accounts have been closed, the financial statements can be prepared. The balance sheet will show the company’s assets, liabilities, and equity as of the end of the period. The income statement will show the company’s revenue and expenses for the period. The statement of cash flows will show the company’s cash inflows and outflows for the period.
Assignment Brief 3: Outline the legal framework governing statutory accounts.
The Ireland legal framework governing statutory accounts can be found in the Companies Acts 1963-2012. These statutes set out the requirements for the preparation and presentation of financial statements by companies registered in Ireland. The key provisions relating to statutory accounts are contained in Part 9 of the Companies Act 2014, which came into force on 1st June 2015.
Under the Companies Act 2014, all companies must prepare annual financial statements by Irish GAAP unless they qualify for an exemption. The Financial Reporting Council (FRC) is responsible for setting accounting standards in Ireland.
The minimum content requirements for statutory financial statements are set out in section 140 of the Companies Act 2014. These include a balance sheet, profit and loss account, notes to the accounts, and a directors’ report.
The balance sheet must give a true and fair view of the state of affairs of the company at the end of the financial year and the profit and loss account must give a true and fair view of the profit or loss of the company for the financial year.
The notes to the accounts must comply with the disclosure requirements of the Companies Act 2014 and Irish GAAP.
The directors’ report must comply with the disclosure requirements of the Companies Act 2014 and contain a fair review of the business of the company during the financial year.
In addition to the above, companies must also prepare a directors’ compliance statement by section 158 of the Companies Act 2014. This statement must confirm that the company has complied with its statutory obligations regarding the preparation of its financial statements.
The Companies Act 2014 also requires companies to file their financial statements with the Registrar of Companies within 28 days of their annual general meeting. Financial statements must be signed by a director on behalf of the board and by the company secretary.
Failure to comply with the above requirements can result in a fine of up to €5,000 and/or imprisonment for a term not exceeding 12 months.
Assignment Brief 4: Prepare statutory accounts for limited companies complying with the relevant provisions of the Companies Acts.
The Irish Companies Act lay down specific requirements as to the contents of statutory accounts. In general, a company’s statutory accounts must give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for that year.
The Companies Acts also require that certain notes and disclosures must be made in respect of items appearing in the statutory accounts. For example, disclosure is required in respect of related party transactions, going concerns, changes in accounting policies adopted by the company, and commitments entered into by the company.
In addition, where a company is audited, its statutory accounts must comply with International Financial Reporting Standards (IFRSs) as adopted by the European Union.
Assignment brief 5: Prepare cash flow statements.
A cash flow statement is a financial statement that shows how much cash a company has earned and spent during a specific period. The cash flow statement is divided into three sections: operating activities, investing activities, and financing activities.
The operating section of the cash flow statement shows how much cash was generated by the company’s normal business operations. The investing section shows how much cash was used or generated by the company’s investments in long-term assets such as property, plants, and equipment. The financing section shows how much cash was generated or used by the company’s various sources and uses of capital, such as issuing debt or issuing new shares of stock.
Generally speaking, a positive value in the operating section means that the company has generated more cash than it has spent, while a negative value in the investing or financing sections means that the company has used more cash than it has generated.
The purpose of the cash flow statement is to show how much cash a company has available to pay its bills, make investments, and generate new income. The cash flow statement can also be used to assess a company’s financial health and to make predictions about its future cash needs.
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