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Unit 10 Financial Accounting and Reporting Assignment

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Aim of Unit 10 Financial Accounting and Reporting Assignment

Unit 10 Financial Accounting and Reporting Assignments aims to identify the importance of various principles in financial accounting and help them keep a record and check on the final accounts. A basic understanding of financial accounting and Reporting, how accurate statements and balance sheets can be measured. The students will be adequately analysing the accounting principles present in an organisation. Accounts for sole entrepreneurship, traders, and limited companies can be analysed. Financial accounting assignment aims to identify the calculations of all the accounting statements with the help of a balance sheet.

Learning outcomes of Unit 10 Financial Accounting and Reporting Assignment

LO1 Record business transactions using double-entry book-keeping, and be able to extract a trial balance

LO2 Prepare final accounts for sole traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards

LO3 Perform bank reconciliations to ensure company and bank records are correct.

LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts

LO1 Record business transactions using double entry book-keeping, and be able to extract a trial balance

The recording of debits and credits has its application in financial accounting. Business transactions take place in sales, purchases and delivery of financial receipts. The calculations can take place in manual and electronic systems. It is necessary to use double-entry booking to store the records in sales and purchases before they are finally transferred into the ledger account. Trial balance helps correct errors, and its importance in making practical calculations are rightly upheld.

LO2 Prepare final accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards

Financial reports contain an overall record of the expenses and transactions carried out at a particular period of time. Financial statements are the record of transactions that have to be calculated to derive an accurate result. There are final accounts for sole traders, partnerships and limited companies. It is necessary to understand the rules and principles and achieve consistency and materiality. Adjustments are required in accruals, bad debts and payments.

LO3 Perform bank reconciliations to ensure company and bank records are correct

Bank reconciliation is a process of making a match between balances of cash account to the information present in the bank account. It is necessary to ensure that the records are correct and up to date. There is a distinction between balances in a bank account and statements in the bank. Various tools have to be used to make a check on the ledger accounts and balances. All entries are inserted into the ledger account for making preparation of profit and loss account.

LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts

Control accounts are the account used to make a record on the subsidiary accounts and to make cross-check on them. Suspense accounts are balances that are entered into the account before it is transferred into the final account. Reconciliation is the process of managing the balance of two accounts. It has to be ensured that the amount of money spent matches the amount that has been deducted from the account.

Learning outcomes of Unit 10 Financial Accounting and Reporting Assignment and Assessment Criteria

PassMeritDistinction
LO1 Record business transactions using double-entry book-keeping, and be able to extract a trial balance.
P1 Apply the double-entry book-keeping system of debits and credits. Record sales and purchases transactions in a general ledger.
P2 Produce a trial balance applying the use of the balance of rule to complete the ledger.
M1 Analyse transactions to show the progression from a previous trial balance to the next one using double-entry book-keeping.D1 Apply trial balance figures to show which statement of financial accounts they will end up in.
LO2 Prepare final accounts for sole traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards.
P3 Prepare final accounts from the given trial balance.
P4 Produce final accounts for a range of examples that include sole traders, partnerships and limited companies.
M2 Make adjustments to balances of sum accounts, for example, accruals, depreciation and prepayments before preparing the final accounts.D2 Compare the essential features of each financial account statement to analyse the differences between them in terms of purpose, structure and content.
LO3 Perform bank reconciliations to ensure company and bank records are correct.
P5 Apply the bank reconciliation process to prepare a number of bank reconciliations.M3 Apply the reconciliation process demonstrating the use of deposit in transit, outstanding checks and Not Sufficient Funds (NSF) checks.D3 Prepare accurate bank reconciliations that apply appropriate tools and techniques to check general accounts and balance sheets.
LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts.
P6 Explain the process taken to reconcile control accounts and clear suspense accounts using.M4 Demonstrate understanding of the different types of accounts and how and why they are reconciled. D4 Produce accurate accounts that have been reconciled by applying the appropriate methods.

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