ASSESSMENT ONE MGT 502 BRIEF

ASSESSMENT ONE MGT 502 BRIEF

Unit Code and Title FIN400 Accounting and Finance for Business

Assessment One

Assessment Type Assignment

Individual/Group Individual Report

Length 1500 words

Learning Outcomes ULO1: Develop an understanding of the critical role of accounting and its impact on overall planning and strategic management of different types of business structures.

Submission Due by Week 5 Friday (17/04/2024) 23.59.

Weighting 20%

Total Marks 20 marks

Referencing

It is essential that you use appropriate Harvard style for citing and referencing research.

The Assessment One: Case Analysis

The case: The Relevance of Firm Accounting Systems for Information System Managers

Objectives:

To Understand the Integration of Accounting Information into Information Systems:

To Analyse Financial Reporting Requirements Across Different Business Structures:

To Assess the Financial Position of Different Business Structures:

Introduction:

In today's rapidly evolving business environment, information system managers play a crucial role in leveraging technology to enhance organizational efficiency and decision-making. However, understanding the firm's accounting system is equally important for these managers to make informed strategic decisions. This assignment aims to explore the relevance of firm accounting systems for information system managers and how they can utilize accounting information to support their decision-making processes.

Assignment Tasks:

Task 1: Accounting Information

Define Accounting and Accounting Information Systems (AIS) and explain their role in capturing, processing, storing, and reporting financial data within a firm.

Differentiate between the two main types of accounting information: financial accounting and management accounting.

Explain how accounting data can be utilized to improve decision-making processes within the organization.

Identify the primary users of financial information, including internal stakeholders (management, employees) and external stakeholders (investors, creditors, regulators).

Analyse the specific information needs of each user group and how accounting systems can cater to these needs through accurate and timely financial reporting.

Task 2: Business Structures and Financial Reporting

Compare and contrast different business structures (e.g., sole proprietorship, partnership, corporation) in terms of their financial reporting requirements.

Explain how information system managers can ensure compliance with financial reporting standards based on the firm's business structure.

Discuss the implications of financial reporting for decision-making and performance evaluation within the organization.

Task 3: Integration of Accounting Information into Information Systems

Discuss the importance of integrating accounting information into the firm's information systems.

You need to respond all the above task and prepare a written report.

Submit your assignment in either Microsoft Word or PDF format, ensuring clarity in formatting and proper labelling of sections. Clearly delineate each task, providing comprehensive responses with examples where necessary. Your assignment will be evaluated based on adherence to task requirements, critical analysis, clarity of communication, integration of relevant concepts, and appropriate use of references.

Suggested Outline of the Report:

Cover Page

Executive Summary

Table of Contents

Introduction

Main Body:

Conclusion

References minimum of five references using Harvard Referencing Style..

Your assignment file should be labels as

First Name_Last Name_BUS102_ Assessment3.docx

First Name_Last Name_BUS102_ Presentation2.pptx

Assessment 1 Individual Report Rubric

Criteria Excellent (50 pts) Good (40 pts) Average (30 pts) Satisfactory (25 pts) Needs Improvement (0 pts)

Understanding & Use of Accounting Info

(6/20) Provides a comprehensive and insightful explanation of accounting, AIS, and how data is utilized for informed decision-making at different organizational levels. Offers clear explanations of accounting, AIS, and data usage for decision-making, with some details missing. Presents basic understanding of accounting, AIS, and data usage, but lacks in-depth analysis or examples. Demonstrates limited understanding of key concepts or how data informs decisions. Lacks understanding or explanations are inaccurate or irrelevant.

Reporting Requirements & Compliance

(6/20) Provides a detailed analysis of the differences in reporting requirements for various business structures (sole proprietorship, partnership, corporation) and outlines clear strategies for ensuring compliance with relevant financial reporting standards. Explains the differences in reporting for various structures and discusses compliance strategies but may lack in-depth analysis. Briefly mentions differences in reporting requirements and compliance but lacks detailed explanations or strategies. Shows minimal understanding of reporting differences or compliance needs. Lacks understanding of reporting requirements or compliance entirely.

Importance & Examples of Integration

(6/20) Offers a strong justification for integrating accounting information into the firm's information systems, highlighting the benefits of such integration. Provides specific and relevant examples of how accounting information can be integrated with different IT aspects (ERP, BI, financial reporting software). Explains the importance of integration and mentions some examples, but details or justifications may be limited. Briefly discusses the benefits of integration and mentions examples but lacks clarity or relevance. Integration not clearly addressed or considered unimportant. Lacks discussion on integration or its importance.

Overall Quality (2/20) Well-organized, insightful, and demonstrates exceptional critical thinking. Analysis goes beyond basic concepts and offers original perspectives. Organized, analyses concepts effectively, and shows strong critical thinking skills. Presents basic analysis, demonstrates some critical thinking, and maintains a clear structure. Meets basic requirements, but lacks significant analysis, critical thinking, or organization. Lacks clarity, organization, analysis, and critical thinking skills.