ExplainingAccountingtoBeginners ACCT1001

StudentName/ID Number

UnitNumberandTitle

Unit5:AccountingPrinciples

AcademicYear

UnitTutor

AssignmentTitle

ExplainingAccountingtoBeginners

IssueDate

SubmissionDate

SubmissionFormat

Theassignmentsubmissionisintheform of:

a five-minute presentation and accompanying one-page double-sided leaflet. The presentation slides and leaflet should be submitted separately. You are required to make effectiveuse ofheadings and bullet points (as appropriate), using your choice of presentation software. The recommended word limit for the presentation and leaflet is 1,000-1,500words,althoughyouwillnotbepenalisedforgoingunderorexceedingthe total word limit.

YourresearchshouldbereferencedusingtheHarvardreferencingsystem(oran alternativereferencingsystem).Youwillalsoneedtoprovideabibliographyusingthe Harvardreferencingsystem(oralternative).Inaccurateuse of referencing mayleadto issuesofplagiarismifnotappliedcorrectly.

UnitLearningOutcomes

LO1 Examinethecontext andpurposeofaccounting

Transferableskillsandcompetencesdeveloped

Effectivecommunicationofrelevantinformationacrosstheorganisationandto appropriatestakeholders

Writtencommunicationusingarangeofmedia

Analyticalskills

Vocationalscenario

Youhaverecentlyjoinedalocalaccountingfirm*asagraduateaccountstrainee,attached to their SME (small and medium enterprises) unit, offering a variety of financial services.

Establishedin 1993,thefirmisoneofthemostpopularlocalaccountants,withconnections to the small business owner community including crafts and tradespeople, specialists such as estate agents and car repairers, and not-for-profit charities. The firm likes to go beyond providing customers with personalisedservicesand works closely withcommunities to keep them informed on all things relevant to accounting.

*Youshouldselectanappropriateaccountingfirmtomeetlocalneeds.

Assignmentactivityandguidance

As part of your ongoing training, you have been asked to attend a local small business networkeventtogiveashort presentationtitledBeginnersguidetoaccountingforsmall business owners. It is normal at these events to provide asupporting leaflet, relevant to the presentation, for attendees to take away with them and use as a resource.

Presentation

Thepresentationshouldcriticallyevaluatetheimportanceofaccountinginanorganisation anditsroleindecision-making,andbeaimedatthelocalaudience.

Yourevaluationshouldrefertomanagementaccountingsmainpurposes,requirements foradheringtoreportingstandardsandregulations,andhowitmeetstheneedsand expectationsofstakeholders.Benefits,risksandlimitationsoffinancialinformation shouldbeconsidered,includingtheoutsourcingofservicestoothers.

Finally,yourpresentationshouldcriticallyevaluatehowaccountingsupportsdecision- makingforowners,includingthechallengesof,andopportunitiesfor,usingaccounting dataeffectively.

Leaflet

Theaccompanyingleafletshouldcriticallyassesstherelevanceoffinancialinformation aspartofanaccountingfunction.Itshouldfocusontheroles,skillsandcompetences required,andhighlightthebroadersocietalimpactofinterrelationshipsbetween accountingandfinanceinincreasinglycomplexenvironments.

Recommendedresources

Pleasenotethattheresourceslistedareexamplesforyoutouseasastartingpointin your research the list is not definitive.

Websites

www.accounting.com

Accounting.com

Theimportanceofaccountingforsmall

businesses

(Article)

https://single-market-economy.ec.europa.eu

EuropeanCommission

AccountingandSMEs

(Generalreference)

www.forbes.comForbes

Whyshouldyouhaveanaccountantfor your small business?

(Article)

Textbooks

Ionacu,M.andIonacu,I.(2021)IntroductiontoFinancialAccounting.Bucharest:Editura

Mostyn,G.(2017)BasicAccountingConcepts,PrinciplesandProcedures,Vol.1:BuildingtheConceptual Foundation. 2nd Ed. California: Worthy and James Publishing.

Romney,M.B.,Steinbart,P.J.,Summers,S.L.andWood,D.A.(2020)Accounting Information Systems. 15th Ed. Harlow: Pearson Education.

Thomas,A.andWard,A.M.(2019)IntroductiontoFinancialAccounting.9thEd. London: McGraw Hill.

HNGlobal

ReadingLists.Availableat:https://hnglobal.highernationals.com/learning-zone/reading-lists

Student Resource Library. Available at:https://hnglobal.highernationals.com/subjects/resource-libraries

Textbooks.Availableat:https://hnglobal.highernationals.com/textbooks

StudentName/ID Number

UnitNumberand Title

Unit5:AccountingPrinciples

AcademicYear

UnitTutor

AssignmentTitle

Financial Reports for Different Types of Organisation (SoleTrader,PartnershipandNot-for-Profit)

IssueDate

SubmissionDate

SubmissionFormat

Theassignmentsubmissionisintheform of:

aportfolioofevidencethatincludesfinancialstatements(incomestatements, balance sheets, forecasted budgets)with accompanyingspreadsheets,supplemental notesandafinancialsummary.

Yourportfolioofevidenceshouldbeappropriatelyindexed,andyourchosenformatshould ensureitispresentedinapracticalandclearway.

UnitLearningOutcomes

LO2 Preparebasicfinancialstatementsforunincorporatedandsmallbusiness organisationsinaccordancewithaccountingprinciples,conventionsandstandards

LO3 Interpretfinancialstatements

LO4 Prepare budgetsforplanning,controlanddecision-makingusingspreadsheets

Transferableskillsandcompetencesdeveloped

Understandbusinessfinance:howtomanagebudgetsandfinancialforecasting

Abletomonitorbudgets,providereports,considerfinancialimplicationsofdecisions andadjustapproachandrecommendationsaccordingly

Manipulationandinterpretationofdatausingspreadsheets

Creationandinterpretationofinformation,showinghowthatinformationcanbeused mosteffectivelytoaddvaluetoanorganisation

Vocationalscenario

Your line manager at the accounting firm* has received many enquiries since your presentation at the last event frommembers ofthe local small business networkwho need help preparing their organisations financial reports. You are to be made responsible for three different types of organisation (sole trader, partnership and not-for-profit) that require financial statements and their next financial years budget planning.