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conflict between government macroeconomic objectives

Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
1
Accounting 2 Assignment Brief 2015-2016
Unit Overview
The purpose of the Accounting 2 Unit is to give you a greater understanding of the role of financial
accounting in business, and an appreciation of the regulation and techniques involved in creating
accurate financial records, and for you to develop an understanding of the need for and importance
of management accounting techniques in analysing, evaluating and managing the performance of a
business.
Unit Learning Aims
1. To provide students with an opportunity to develop their understanding of the purposes,
principles, concepts, regulation and techniques of accounting.
2. To develop the students’ skills in numeracy, verbal and written communication, application,
presentation, interpretation, analysis and evaluation using accounting information.
3. To allow students to develop generic study skills including; independent research skills,
methodical and critical thinking, collecting, summarising and presenting numerical information
in an appropriate business format.
4. To allow students to interpret, analyse, evaluate, compare, contrast and comment on the
performance of a business using financial information.
Unit Learning Outcomes
The successful students will be able to:
1. Prepare the final accounts for partnerships, non-profit making organisations and a limited
company, explain and discuss elements of the regulatory framework.
2. Prepare the manufacturing account, calculate the value of stock using the methods FIFO,
LIFO and AVCO, and evaluate the use of ICT in accounting and stock management.
3. Interpret, analyse, evaluate, compare, contrast and comment on the performance of a business
based on the preparation of a cash-flow forecast, budget and variance analysis, and make
appropriate recommendations in order to improve business performance.
4. Complete the formal assessments of an accounting preparation assignment, report, essay and 2
hour final examination
Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
2
Formal Assessment Methods
Method of Assessment Percentage (%) Towards
Final Mark
Essay 2000 words 25%
Accounting Preparation & Written Case Study Assignment 25%
2 hour Unseen Examination – 2 hours closed book 50%
Total 100%
Coursework Deadlines
Deadline
Essay (2000 words) Submission deadline
Tuesday 3rd May 2016 at 4pm
Accounting Preparation & Case Study
Assignment
Submission deadline
Monday 11th April 2016 at 4pm
Feedback Dates
Essay (2000 words) During Week Commencing
24th May 2016
Accounting Preparation & Case Study
Assignment
During Week Commencing
2nd May 2016
Assignment Brief
Accounting Preparation & Written Case Study Assignment
You work for Hope Ltd and the owner Murray Hope has heard that some business prepare a
Statement of Cash Flows as a part of their final accounts. He would like to see what the new
statement would look like and has asked you to prepare a basic Statement of Cash Flows for the year
ending 31st December 2013. He has provided you with the following information;
Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
3
Hope Ltd Balance Sheets:
As at 31st December 2012 As at 31st December 2013
£ £ £ £ £ £
Fixed Assets
Intangible Fixed Assets
Investments 120,000 60,000
Goodwill 90,000
210,000
Tangible Fixed Assets
Plant & Machinery 3,500,000 5,500,000
Office Furniture &
Fittings 650,000 700,000
4,150,000 6,200,000
Depreciation 830,000 1,240,000
3,320,000 4,960,000
Current Assets
Stocks 80,000 110,000
Debtors 55,000 68,000
Bank 450,000 590,000
Cash 3,000 6,000
588,000 774,000
Creditors falling due within one
year
Trade Creditors 58,000 64,000
Corporation Tax 90,000 75,000
Dividends 120,000 80,000
268,000 219,000
Net Current Assets 320,000 555,000
Net Assets 3,850,000 5,575,000
Capital & Reserves
Equity Shares 2,500,000 4,000,000
Share Premium Account 125,000 200,000
General Reserves 140,000 220,000
Profit & Loss Account 1,085,000 1,155,000
3,850,000 5,575,000

Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
4
Additional Information
Machinery with an original cost of £85,000 and a net book value of £25,000 was sold for £12,000
cash during the year ending 31st December 2013.
An interim dividend of £30,000 was paid during the year ending 31st December 2013
You are required to: Prepare the Statement of Cash Flow for the year ending 31st December 2013
using a basic indirect method format. You must show your workings including the calculation for the
Net Cash Flow from Operating Activities.
The Report
You are also required to write a report of between 1500 –1800 words which includes the following;
 A clear explanation of the use and purpose of the Statement of Cash Flows (5 marks)
 A clear explanation of the objective and purpose of International Accounting Standard 7 (IAS
7) Statement of Cash Flows (10 marks)
 A clear explanation of the key terms Operating Activities, Investing Activities and Financing
Activities as defined by IAS 7 (15 marks)
 A clear explanation of how the Net Cash Flow from Operating Activities is calculated (10
marks)
 You must evaluate the purpose and use of the Statement of Cash Flows and state clearly
whether you believe it would benefit Hope Ltd to start preparing the Statement of Cash Flows
as a part of their annual final accounts. You must clearly justify your answer (15 marks)
Report Content (55 marks)
You can also be awarded marks for the following;
Analysis & Evaluation – key concepts, principles, points, arguments and ideas identified and
consequences analysed, logical and justified evaluation of arguments and points raised including clear
links to research findings (10 marks)
Conclusion & Recommendations – clarity of conclusion which clearly link to the main points and focus
the report, justification for conclusion, recommendations and suggestions, report question answered
(5 marks)
Research, Referencing & List of References – variety, appropriateness and reliability of sources
used, format and use of referencing when appropriate and List of References (10 marks)
Report Format, Structure and Fluency – appropriate report structure and format, organisation of
points & argument, overall meaning conveyed to the reader (10 marks)
Accounting Preparation Task and Report 122 Total Marks
Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
5
Marks will be awarded for your ability to analyse, evaluate, and to come to an appropriate conclusion
with clear justification of the points that you raise.
A clear report format must be used. You will be penalised if you have not used a report format. All
information from your sources must be clearly referenced and a list of references created. There is
further information about report writing on the Business Pathway Study Skills Study Smart page.
The Accounting Preparation and Case Study Report is 25% of your final grade for the Accounting
2 Unit.
Please note: The final date for submitting the Accounting Preparation and Report for this unit is by
4:00pm Monday 11th April 2016. You must submit your report through the ISC Assignment Box.
The Essay
Essay Question: Discuss the role of the auditor including their legal and professional requirements
(25 marks), and evaluate why an audit is important and its benefits and limitations (20 marks).
Conclusion (5 marks)
Additional Marks
You may also be awarded additional marks for the following;
Up to 10 marks for Analysis & Evaluation – key concepts, principles, points, arguments, ideas
identified and consequences analysed, logical and justified evaluation of arguments and points raised
including clear links to research findings
Up to 10 marks for Research, Referencing & Bibliography – variety of sources, appropriateness
and reliability of sources used, format and use of referencing in the body of the essay and
bibliography
Up to 10 marks for Essay Structure and Fluency – Overall appropriate structure and format,
organisation and flow of points & arguments, overall meaning conveyed to the reader.
Essay 80 Total Marks
Guidance Notes:
 You must conduct research on the role of the auditor including their legal requirements under
company law and their professional requirements as members of a Recognised Supervisory
Body (professional accountancy body) such as the Association of Chartered Certified
Accountants (ACCA)
 You must explain the importance, significance and relevance of the phrase ‘true and fair view’
when discussing the preparation of the financial accounts and the role of the auditor.
Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
6
 You must clearly explain and evaluate the importance of an audit
 You must clearly explain and evaluate the benefits and limitations of an audit
 Your answer should in the main be your own words you must not copy and paste from websites
or any of the resources on my Study Smart pages.
Clear sections and paragraphs must be used and each paragraph must start with a clear topic
sentence.
All information from your sources must be clearly referenced in the body of the essay and in the
bibliography. You will be heavily penalised if you have not used referencing or have not created a
bibliography, and your final grade for the essay will be significantly affected. There is information
about essay writing and referencing on the Business Pathway Study Skills Study Smart page, and
there is further information on the University of Surrey’s website.
You must submit an electronic copy of your essay onto Study Smart using the link provided on
Accounting 2 Study Smart page. The electronic submission must be made by 4pm on Tuesday 3rd
May 2016. You must also submit a printed copy of your essay with a coversheet to the ISC
Assignment Box by 4pm on Tuesday 3rd May 2016.
The Written Essay is 25% of your final mark for the Accounting 2 Unit.
Please note: The final date for submitting essay for this unit is by 4:00pm Tuesday 3rd May 2016.
You must submit your essay through the ISC Assignment box.
Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
7
Additional Information:
GLOBAL ASSESSMENT CRITERIA
The following provides details of the global assessment criteria for the IFY.
Subject Knowledge Application of Knowledge Academic Skills
85%-
100%
 Demonstrates breadth
and depth of
knowledge that is
exceptional and
informed by
extremely high levels
of reading
 Demonstrates and
awareness of the full
range of appropriate
principles, theories,
evidence and
techniques
 Goes beyond the source
material displaying exceptional
ability in conveying issues
identified
 Conveys Exceptional application
of theoretical and technical
knowledge to achieve learning
outcomes. Displays originality
in thought
 Exceptional
presentation using
an expansive range
of resources which
inform the work but
do not dominate
 Demonstrates an
excellent ability to
convey a coherent
and concise
argument within the
level of study;
75%
-84%
 Demonstrates an
excellent grasp of the
subject content
 Demonstrates
excellent breadth and
depth of content
knowledge
 Identifies new
information from
sources which are
consistently
appropriate
 Draws on a wide range the full
range of relevant ideas,
theories and models with
excellent levels of accuracy,
analysis and synthesis
 Consistently selects, evaluates
and responds to a variety of
source material using
techniques and methods with
excellent levels of confidence
and accuracy
 Makes extensive use of new
information- has the ability to
read efficiently and critically
 Work demonstrates an
excellent response to the
demands of the assignment
 Written and oral
work show excellent
command of format,
structure, language
(including lexis) and
referencing
 Makes consistently
sound judgements on
how to complete
work
 Is nearly always able
to address tasks
independently and
reflects fully upon
feedback
 Demonstrates
excellent time
management
Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
8
65-
74%
 Demonstrates a very
good grasp of the
subject content
 Demonstrates a very
good understanding of
the breadth or depth
of content knowledge
 Identifies new
information from
sources which are
generally appropriate
 Draws on a good range of
relevant ideas, theories and
models with very good levels
of accuracy, analysis and
synthesis
 Generally selects, evaluates
and responds to a variety of
source material using
techniques and methods with
very good levels of confidence
and accuracy
 Makes some use of new
information- has the ability to
generally read efficiently and
critically
 Work demonstrates a very
good response to the demands
of the assignment
 Written and oral
work show very good
command of format,
structure, language
(including lexis) and
referencing
 Generally makes
good judgements on
how to complete
work
 Is in most cases
able to address
tasks independently
and reflects fully
upon feedback
 Demonstrates very
good time
management
55-
64%
 Demonstrates a good
understanding of the
subject content
 Demonstrates an
awareness of the
breadth or depth of
content knowledge
 Identifies new
information from
selected or given
sources
 Draws on a range of relevant
ideas, theories and models with
some level of accuracy, analysis
and synthesis
 Can select and respond to a
variety of source material
using techniques and methods
with some level of confidence
and accuracy
 Makes use of new informationhas the ability to read
efficiently and critically
though may require guidance
 Work demonstrates a good
response to the demands of
the assignment
 Written and oral
work show good
command of format,
structure, language
(including lexis) and
referencing
 Is sometimes able to
make judgements on
how to complete
work
 Is sometimes able to
address tasks
independently but
only occasionally
reflects on
feedback
 Demonstrates some
time management
Unit: ACC2 Accounting 2 Semester 2- Feb – June 2016
9
40-
54%
 Demonstrates some
understanding of the
subject content
 Demonstrates little
awareness of the
breadth or depth of
content knowledge
 Has a limited ability to
identify new
information from
selected sources
 Draws on a limited range of
relevant ideas, theories and
models with some level of
accuracy but no independent
analysis or synthesis
 Can respond to given source
material using techniques and
methods with limited accuracy
 Makes little use of new
information- the ability to read
efficiently and critically is
limited
 Work demonstrates a limited
response to the demands of
the assignment
 Written and oral
work show
restricted command
of format,
structure, language
(including lexis) and
referencing
 Needs guidance to
be able to make
judgements on how
to complete work
 Is dependent on
others to address
tasks and is rarely
reflective
 Lacks consistent
organisation and
time management
0-
39%
 Demonstrates little or
no understanding of
the subject content
 Demonstrates no
awareness of the
breadth or depth of
content knowledge
 Is unable to identify
new information from
selected sources
 Draws on limited ideas,
theories and models with
occasional accuracy but no
independent analysis or
synthesis
 Responds to given source
material using techniques and
methods with limited accuracy
 Makes no use of new
information- is unable to read
critically
 Work demonstrates a poor
response to the demands of
the assignment
 Written and oral
work show little or
no command of
format, structure,
language (including
lexis) and
referencing
 Needs support to be
able to complete
work
 Is entirely
dependent on others
to support learning
and participation in
tasks
 Lacks time
management

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