ACCT6026 Fin Accounting Fundamentals Assignment Sample MTU Ireland

ACCT6026 Fin Accounting Fundamentals course provides an overview of the fundamental concepts and techniques of financial accounting. Financial accounting is concerned with the provision of financial information to users external to an organization. The course will cover the accounting cycle, the preparation of financial statements, and an introduction to management accounting.

The course covers topics such as the accounting equation, accounting cycle, accrual basis accounting, double-entry bookkeeping, recording transactions, adjusting entries, preparing financial statements, and an introduction to management accounting. This course is essential for students who want to pursue a career in accounting or finance. Furthermore, the course will also introduce students to Excel, which is a powerful tool for financial analysis. Students will learn how to use Excel to perform various financial calculations, such as creating balance sheets, income statements, and cash flow statements.

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

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

The basic accounting concepts and principles of accounting are the basic tenets of financial accounting that guide accountants in recording, classifying, and summarizing financial transactions.

Basic accounting concepts: The basic accounting concepts are the foundation for modern financial accounting. They include:

• Business entity concept: This concept states that a business is a separate legal entity from its owners. This means that a business has its assets and liabilities, and its income and expenses.
• Accounting period concept: This concept states that a business must divide its activities into distinct periods. This makes it possible to prepare financial statements, which show how the business has performed over a specific period.
• Money measurement concept: This concept states that only transactions that can be expressed in money should be included in financial statements. This means that only transactions that involve the exchange of money should be recorded in a business’s accounts.
• Going concern concept: This concept states that a business will continue to operate for the foreseeable future. This means that a business can prepare its financial statements on the assumption that it will continue to operate indefinitely.
• Duality concept: This concept states that every transaction has two aspects: an economic aspect and a financial aspect. This means that every transaction has both an economic impact and a financial impact.
• Conservatism concept: This concept states that businesses should use conservative accounting methods. This means that businesses should only record transactions when they are sure that the transaction will occur.

Accounting principles: The accounting principles are the guidelines that accountants use to prepare financial statements. They include:

• Historical cost principle: This principle states that businesses should record transactions at their historical costs. This means that businesses should only record transactions when they occurred, and should not adjust for inflation or other changes in the prices of goods and services.
• Revenue recognition principle: This principle states that businesses should only record revenue when it is earned. This means that businesses should not record revenue until the goods or services have been delivered, and the customer has paid for them.
• Matching principle: This principle states that businesses should match expenses with revenues. This means that businesses should only record expenses in the same period as the revenue that they relate to.
• Full disclosure principle: This principle states that businesses should disclose all relevant information in their financial statements. This means that businesses should not try to hide any information that could be important to investors or creditors.

Generally accepted accounting principles (GAAP): The generally accepted accounting principles (GAAP) are the standards that accountants use to prepare financial statements. They include:

• Principle of regularity: This principle states that businesses should follow the same accounting methods from one period to the next. This means that businesses should not change their accounting methods unless there is a good reason to do so.
• Principle of comparability: This principle states that businesses should use the same accounting methods as other businesses in their industry. This means that businesses should not use different accounting methods just to make their financial statements look better.
• Principle of consistency: This principle states that businesses should use the same accounting methods from one year to the next. This means that businesses should not change their accounting methods unless there is a good reason to do so.
• Principle of full disclosure: This principle states that businesses should disclose all relevant information in their financial statements. This means that businesses should not try to hide any information that could be important to investors or creditors.

These are the most important concepts and principles that you need to know to understand financial statements.

Assignment Activity 2: Record financial transactions in ledger accounts using the double-entry system, balance accounts, and prepare a trial balance, both individually and in collaboration with peers.

As you know, businesses use the double-entry system to record financial transactions in ledger accounts. This means that each transaction has two aspects: an economic aspect and a financial aspect.

For example, when a business buys office supplies on credit, the transaction has two aspects:

1. The economic aspect is that the business has acquired office supplies.
2. The financial aspect is that the business has incurred a liability (the amount owed to the supplier).

To record this transaction in ledger accounts, the business would need to make two entries: one to record the acquisition of the office supplies, and one to record the liability. Here is how the transaction would be recorded in ledger accounts:

• Office Supplies (asset): Debit
• Accounts Payable (liability): Credit

The double-entry system is the most important concept that you need to know to understand financial statements.

Assignment Activity 3: Explain and differentiate between capital and revenue expenditure and income.

Capital expenditure: Capital expenditure is money that a business spends to acquire or improve long-term assets. These assets will provide benefits to the business for more than one year. Examples of capital expenditure include:

• The purchase of land or buildings
• The purchase of machinery or equipment
• The purchase of vehicles
• The purchase of patents or copyrights
• The improvement of property, plant, and equipment

Revenue expenditure: Revenue expenditure is money that a business spends to maintain or improve short-term assets. These assets will provide benefits to the business for less than one year. Examples of revenue expenditure include:

• The purchase of office supplies
• The purchase of raw materials
• The repair of machinery or equipment
• The payment of salaries and wages
• The payment of interest on loans

Income: Income is the money that a business earns from its activities. This can come from sales of goods or services, investment income, or other sources. Examples of income include:

• Sales revenue
• Interest income
• Dividend income

As you can see, capital expenditure is used to acquire or improve long-term assets, while revenue expenditure is used to maintain or improve short-term assets. Income is the money that a business earns from its activities.

Assignment Activity 4: Prepare the financial statements of a business.

The financial statements of a business show the financial position, performance, and cash flow of the business. There are four main types of financial statements:

1. The balance sheet shows the assets, liabilities, and equity of the business at a specific point in time.
2. The income statement shows the revenue and expenses of the business over a specific period.
3. The statement of cash flows shows the cash inflows and outflows of the business over a specific period.
4. The statement of changes in equity shows the changes in the equity of the business over a specific period.

These are the most important types of financial statements that you need to know to understand the financial position, performance, and cash flow of a business.

Assignment Activity 5: Analyse and evaluate financial results to assess the financial performance of a business.

There are many ways to analyze and evaluate financial results. Some common methods include ratios, trend analysis, and common-size analysis.

Ratios: Ratios are a useful way to compare financial data. They can be used to compare different businesses, or to compare the same business over time. There are many different types of ratios that can be used to assess financial performance. Some common ratios include:

• Profit margin: This ratio measures the amount of profit that a business makes as a percentage of sales.
• Return on assets (ROA): This ratio measures the amount of profit that a business makes as a percentage of its assets.
• Return on equity (ROE): This ratio measures the amount of profit that a business makes as a percentage of its equity.

Trend analysis: Trend analysis is another useful way to assess financial performance. This method looks at financial data over time to identify trends. This can be done for a single business or multiple businesses.

Common-size analysis: Common-size analysis is a way to compare financial data on a common basis. This method expresses all numbers as a percentage of a common number. This is usually done for the balance sheet and income statement.

Many other methods can be used to analyze and evaluate financial results. These are just some of the most common methods that are used.

Assignment Activity 6: Outline the role of accounting in corporate social responsibility.

Accounting plays a role in corporate social responsibility (CSR) by providing information that can be used to make decisions about CSR initiatives. Accounting information can be used to assess the financial impact of CSR initiatives and to measure the performance of CSR programs. This information can be used to make decisions about where to allocate resources, and how to design and implement CSR programs.

Accounting information can also be used to report on the progress of CSR initiatives. This reporting can help to hold businesses accountable for their CSR commitments and to track the impact of CSR programs.

Thus, accounting plays a key role in corporate social responsibility by providing information that can be used to make decisions about CSR initiatives and to measure and report on the progress of these initiatives.

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