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ACCT7017 Single Entity & Group Accounting Assignment Sample MTU Ireland

ACCT7017 Single Entity & Group Accounting module provides students with an understanding of the accounting processes and principles that underpin the preparation of financial statements of both single entities and groups of entities, as required by current accounting standards. The module extends students’ knowledge of double-entry bookkeeping and the application of accrual accounting principles to a variety of business transactions.

Students will develop skills in recognizing, recording, and presenting transactions in the financial statements of both single entities and groups of entities. The module also develops students’ skills in the use of accounting information for business decision-making.

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

Assignment Task 1: Explain the specialized skills required by the financial accountant in preparing financial statements.

The specialized skills required by the financial accountant in preparing financial statements include:

  • An understanding of the accounting standards that apply to the preparation of financial statements, to ensure that they are compliant with all relevant requirements.
  • The ability to identify, record, and appropriately classify transactions.
  • The ability to use accounting software to input data and generate financial statements.
  • The ability to analyze and interpret financial information to provide insights that can assist with decision-making.

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The financial accountant must have a strong understanding of both accounting principles and the specific industry in which the entity operates. They must be able to apply these principles to prepare accurate and timely financial statements.

In addition, the financial accountant must have strong analytical and problem-solving skills. They must be able to identify errors and discrepancies in financial data, and then determine the correct course of action to resolve these issues.

Strong communication skills are also essential for the financial accountant, as they will often be required to present their findings to senior management or boards of directors. They must be able to clearly explain complex financial information in a way that is easy for non-financial managers to understand.

Assignment Task 2: Explain the principles underlying the International Financial Reporting Standards relevant to the preparation of financial statements for single entities.

There are several principles underlying the International Financial Reporting Standards (IFRS) that are relevant to the preparation of financial statements for single entities. These principles include:

  • The need for financial statements to provide information that is useful to users in making economic decisions.
  • The use of accrual-basis accounting requires transactions to be recorded in the financial statements in the period in which they occur, rather than when cash is received or paid.

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  • The recognition of revenue and expenses in the financial statements when they are earned or incurred, rather than when cash is received or paid.
  • The use of historical cost accounting requires assets and liabilities to be recorded at their original purchase price.
  • The use of the going concern principle assumes that the entity will continue to operate for the foreseeable future.
  • The need for financial statements to be prepared consistently from one period to another.

These principles provide a foundation for the preparation of financial statements that are useful to users and compliant with IFRS.

Assignment Task 3: Apply the International Financial Reporting Standards relevant to the preparation of financial statements for single entities.

The International Financial Reporting Standards (IFRS) relevant to the preparation of financial statements for single entities are as follows:

  • The Statement of Comprehensive Income must show a reconciliation of the profit or loss for the period with the total comprehensive income for the period.
  • The Statement of Financial Position must include a classification of assets and liabilities as current or non-current.
  • The Statement of Changes in Equity must show a reconciliation of the total comprehensive income for the period with the changes in equity for the period.
  • All disclosures required by IFRS must be included in the financial statements.

These requirements ensure that financial statements prepared by IFRS provide users with useful information about an entity’s financial position, performance, and changes in equity.

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Assignment Task 4: Prepare financial statements for single entities.

The financial statements for a single entity can be prepared using either the accrual basis or the cash basis of accounting. Under the accrual basis, transactions are recorded in the financial statements in the period in which they occur, regardless of when cash is received or paid. Under the cash basis, transactions are only recorded in the financial statements when cash is received or paid.

The main financial statements for a single entity are the balance sheet, income statement, and statement of cash flows. The balance sheet shows the entity’s assets, liabilities, and equity at a particular point in time. The income statement shows the entity’s revenue, expenses, and net income for a particular period. The statement of cash flows shows the entity’s cash inflows and outflows for a particular period.

These financial statements can be prepared using either the accrual basis or the cash basis of accounting, depending on which method is more appropriate for the entity’s business activities.

Assignment Task 5: Prepare group accounts for simple structures.

Group accounts are financial statements that show the consolidated financial position, results of operations, and cash flows of a group of companies. A group of companies is typically owned by a parent company, which controls all of the subsidiary companies in the group.

The consolidated financial statements for a group of companies must include the balance sheets, income statements, and statements of cash flows for all of the companies in the group. disclosures required by IFRS must also be included in the consolidated financial statements.

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