ACCT7008 Accounts & Analysis Assignment Sample Ireland

ACCT7008 Accounts & Analysis is a course offered by the Faculty of Business and Economics. The course examines accounting concepts and their application in financial statement analysis. It also analyses how different types of business organizations report their financial performance.

The overall aim of the course is to provide students with an understanding of accounting concepts and their role in financial statement analysis. The course also aims to develop student’s skills in using accounting information for both management decision-making and investment purposes.

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

Assignment brief 1: Prepare financial statements for nonprofit making organizations.

Generally, there are three types of financial statements for nonprofit organizations: the statement of activities, the statement of cash flows, and the balance sheet. 

The statement of activities summarizes a nonprofit organization’s performance during a period—usually one year—by providing information on both programmatic and fundraising expenditures. The goal of this statement is to show donors, contractors, and other stakeholders whether or not the organization is meeting its mission. Most nonprofits use accrual basis accounting when preparing their statements of activities, which means that expenses are recorded when they are incurred, not when they are paid. 

The statement of cash flows shows how an organization spent and generated its cash during a certain period. It is especially important for nonprofits because they often have to rely on donations and other forms of fundraising to keep their doors open. The goal of the statement of cash flows is to give stakeholders an idea of how well the organization is managing its finances.

The balance sheet provides a snapshot of an organization’s assets, liabilities, and equity at a specific point in time. Nonprofits need to keep track of their assets and liabilities because they often have to report this information to grantors, creditors, and other stakeholders. The goal of the balance sheet is to give stakeholders an idea of the organization’s financial health.

Assignment brief 2: Discuss the process of cost behaviour and prepare breakeven statements.

Cost behaviour is how a company’s costs change about the number of units produced. Costs may be fixed, meaning they do not change with production levels, or variable, meaning they increase or decrease as production increases or decreases.

Breakeven statements are used to determine the point at which total costs and total revenue are equal, thus indicating that a company is not making a profit (or loss). To prepare a breakeven statement, one first needs to know the fixed and variable costs associated with producing a given number of units. Once this information is known, one can calculate both the breakeven point (in terms of units produced) and the breakeven point (in terms of dollars).

Assignment brief 3: Explain the budgeting process, and budgetary control, and prepare budgets applicable in the leisure industry.

Budgeting is the process of estimating future income and expenses and then creating a plan that will ensure that the organization has enough money to meet its financial obligations. It’s important to note that budgets are not set in stone, and can be changed as needed.

Budgetary control is the process of monitoring actual income and expenses against budgeted amounts, and taking corrective action when necessary. This helps ensure that the organization stays on track financially, and meets its budgetary goals.

When creating a budget, it’s important to consider all sources of revenue and all expenses. Some common expense categories include payroll, marketing/ advertising, rent/ mortgage, utilities, supplies, etc. It’s also important to be realistic in your estimates and to allow for some flexibility in the budget.

Once the budget is created, it’s important to monitor actual income and expenses against budgeted amounts. This can be done on a monthly or quarterly basis. If there are variances between actual and budgeted amounts, corrective action may be necessary. This could involve cutting costs in certain areas, or increasing revenue through new marketing initiatives.

The leisure industry is a broad category that covers businesses such as hotels, restaurants, amusement parks, and movie theatres. When creating a budget for a leisure business, it’s important to consider all potential sources of revenue and all potential expenses. This includes things like payroll, advertising, rent/mortgage, utilities, supplies, etc. It’s also important to be realistic in your estimates and to allow for some flexibility in the budget.

Once the budget is created, it’s important to monitor actual income and expenses against budgeted amounts. This can be done on a monthly or quarterly basis. If there are variances between actual and budgeted amounts, corrective action may be necessary. This could involve cutting costs in certain areas, or increasing revenue through new marketing initiatives.

Assignment Brief 4: Prepare financial statements for companies.

The three primary financial statements are the balance sheet, income statement, and cash flow statement.

The balance sheet shows a company’s assets, liabilities, and shareholders’ equity at a specific point in time. The income statement shows how much revenue a company has generated over a certain period and how many expenses it has incurred. The cash flow statement shows the inflows and outflows of cash for a particular period. 

All three financial statements are important for decision-making and gauging the overall financial health of a company. Financial analysts use these statements to make recommendations to business owners, investors, etc.

When creating financial statements, it’s important to use accurate and up-to-date information. This information can be sourced from the company’s accounting records. Once the statements are created, they should be reviewed by someone with financial expertise to ensure accuracy.

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