Knowledge:
1. An appreciation of the context and purpose of financial
reporting
2. An understanding of the models, concepts and techniques in
financial reporting
3. An understanding of the international dimension to financial
reporting
Skills
4. An ability to apply international accounting standards
5. An ability to prepare financial statements for incorporated
business entities
Learning outcomes:
The assignment covers all module learning outcomes.
2
Assignment brief:
Your friend, Helmut, started up in business a year ago and has asked you to
help him. During the year he has employed a book-keeper who has prepared
a trial balance. However the book-keeper has said he will have to prepare the
accounts himself. Your friend knows you are currently studying business and
financial management at university and would like to pay you to prepare the
information.
He has provided the financial information for you below.
Trial Balance
DR. CR.
£ £
Capital 9,400
Premises 7,000
Vehicles 1,550
Furniture 775
Book-keeping 725
Wages and Salaries 6,200
Purchases 41,775
Sales 57,250
Returns Inwards 125
Returns Outwards 250
Trade Receivables 2,700
Trade payables 3,725
Stock at 1st January 4,125
Lighting and Heating 575
Taxation 100
Rates 750
Finance costs 100
Sundry Expenses 150
Bank 1,200
Cash 225
Drawings 2,400
Postage and
Telephone 60
Gas and Electric 200
Van expenses 400
Delivery driver
wages 490
Provision for bad
debts 1,000
71,625 71,625
3
You have refused payment to a friend however you have found out the
additional information.
1) Inventories at 31st December £3,620
2) Prepayments
Rates £60
3) Accruals
Sundry Expenses £17
Motor Expenses £33
4) Depreciation for the year
Vehicles £200
Furniture £100
5) Your friend has sent goods to France.
Required
Prepare an Income statement and Statement of Financial Position for your
friend Helmut to 31 December 2015.
Marks 40
You friend has heard of different types of ways to create accounts and you
have confirmed that you will use the international standards to prepare them.
Required
Write a report with the accounts to Helmut explaining the reasons why you
decided to use international standards and how this could be beneficial to the
business. (750 words)
Marks 25
Helmut has been reading on the internet about scandals involving businesses
not doing what he considers the ethically correct procedures.
Required
Identify and analyse the 5 fundamental principles which the professional
accounting body A.C.C.A. uses to reassure Helmut that the accounts
produced are ethical. (1100 words)
Marks 35
4
Further details:
This is an individual assignment. Each requirement has its own stated word
count and is limited to between -10% and +10%.
The word count in total must be displayed on the Front cover and includes all
quotes.
This assignment contributes 100% to the final assessment mark for this
course.
Please note that the University policy on cheating collusion and plagiarism will
be applied to this piece of work.
The University requires that students do not submit work for assessment
which contains someone else’s work ideas, observations or conclusions
without due acknowledgement.
For the full regulations please refer to:-
https://docushare.sunderland.ac.uk/docushare/dsweb/Get/Document-
8019/AQH-F7b%20Academic%20Misconduct%20Regulations.pdf
Marking Guide:
Marks will be awarded with respect to the following assessment criteria.
5
Undergraduate Assessment Criteria
Categories
Grade Relevance Knowledge Analysis Argument and Structure Critical Evaluation Presentation Reference to Literature
86 – The work examined is exemplary and provides clear evidence of a complete grasp of the knowledge, understanding and skills appropriate to the Level of the
100% qualification. There is also unequivocal evidence showing that all the learning outcomes and responsibilities appropriate to that Level are fully satisfied. At this level it is
expected that the work will be exemplary in all the categories cited above. It will demonstrate a particularly compelling evaluation, originality, and elegance of argument,
interpretation or discourse.
76-85% The work examined is excellent and demonstrates comprehensive knowledge, understanding and skills appropriate to the Level of the qualification. There is also
excellent evidence showing that all the learning outcomes and responsibilities appropriate to that level are fully satisfied. At this level it is expected that the work will be
excellent in the majority of the categories cited above or by demonstrating particularly compelling evaluation and elegance of argument, interpretation or discourse and
there may be some evidence of originality
The work examined is of a high standard and there is evidence of comprehensive knowledge, understanding and skills appropriate to the Level of the qualification.
70 – There is also clearly articulated t evidence demonstrating that all the learning outcomes and responsibilities appropriate to that level are satisfied At this level it is
75% expected that the standard of the work will be high in the majority of the categories cited above or by demonstrating particularly compelling evaluation and elegance of
argument, interpretation or discourse.
60 –
Directly relevant to
the requirements
A substantial
knowledge of
Good analysis,
clear and orderly
Generally coherent and
logically structured, using
May contain some
distinctive or
Well written, with
standard spelling
Critical appraisal of up-todate and/or appropriate
69% of the assessment relevant material,
showing a clear
an appropriate mode of
argument and/or
independent thinking;
may begin to
and grammar, in a
readable style with
literature. Recognition of
different perspectives.
Pass
grasp of themes,
questions and
issues therein
theoretical mode(s) formulate an
independent position
in relation to theory
and/or practice.
acceptable format Very good use of source
material. Uses a range of
sources
Some attempt to Adequate Some analytical Some attempt to construct Sound work which Competently Uses a variety of literature
50 – address the knowledge of a fair treatment, but a coherent argument, but expresses a coherent written, with only which includes some
59% requirements of range of relevant may be prone to may suffer loss of focus position only in broad minor lapses from recent texts and/or
the assessment:
may drift away
material, with
intermittent
description, or to
narrative, which
and consistency, with
issues at stake stated only
terms and in uncritical
conformity to one or
standard grammar,
with acceptable
appropriate literature,
though not necessarily
from this in less evidence of an lacks clear vaguely, or theoretical more standard views format including a substantive
focused passages appreciation of its
significance
analytica
l purpose
mode(s) couched in
simplistic terms
of the topic amount beyond library
texts. Competent use of
source material.
40 – Some correlation Basic Largely A basic argument is Some evidence of a A simple basic style Some up-to-date and/or
49% with the understanding of descriptive or evident, but mainly view starting to be but with significant appropriate literature
requirements of the subject but narrative, with supported by assertion formed but mainly deficiencies in used. Goes beyond the
the assessment addressing a little evidence of and there may be a lack derivative. expression or material tutor has
but there are
instances of
irrelevance
limited range of
material
analysis of clarity and coherence format that may
pose obstacles for
the reader
provided. Limited use of
sources to support a point.
6
Undergraduate Assessment Criteria
Fail
35 – Relevance to the A limited Heavy Little evidence of coherent Almost wholly Numerous Barely adequate use of
39% requirements of understanding of a dependence on argument: lacks derivative: the writer’s deficiencies in literature. Over reliance
the assessment
may be very
narrow range of
material
description,
and/or on
development and may be
repetitive or thin
contribution rarely
goes beyond
expression and
presentation; the
on
material provided by the
intermittent, and
may be reduced
to its vaguest and
least challenging
terms
paraphrase, is
common
simplifying
paraphrase
writer may achieve
clarity (if at all)
only by using a
simplistic or
repetitious style
tutor.
The evidence provided shows that the majority of the learning outcomes and responsibilities appropriate to that Level are satisfied – for compensation consideration.
30 – The work examined provides insufficient evidence of the knowledge, understanding and skills appropriate to the Level of the qualification. The evidence provided
34% shows that some of the learning outcomes and responsibilities appropriate to that Level are satisfied. The work will be weak in some of the indicators.
15-29% The work examined is unacceptable and provides little evidence of the knowledge, understanding and skills appropriate to the Level of the qualification. The evidence
shows that few of the learning outcomes and responsibilities appropriate to that Level are satisfied. The work will be weak in several of the indicators.
0-14% The work examined is unacceptable and provides almost no evidence of the knowledge, understanding and skills appropriate to the Level of the qualification. The
evidence fails to show that any of the learning outcomes and responsibilities appropriate to that Level are satisfied. The work will be weak in the majority or all of
the indicators.
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