Reference no: EM132648776 , Length: word count:6000
Unit 10 Financial Accounting - Higher National Diploma in Business
Assignment - Applying Financial Accounting Rules and Principles in the Company
Learning Outcome 1: Record business transactions using double entry book-keeping, and be able to extract a trial balance
Learning Outcome 2: Prepare final accounts for sole-traders, partnerships, and limited companies in accordance with appropriate principles, conventions, and standards
Learning Outcome 3: Perform bank reconciliations to ensure company and bank records are correct
Learning Outcome 4: Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts
Assignment Brief:
You are a Junior Accountant in a medium sized accountancy and auditing company. As a part of the company annual appraisal process you have been asked by your direct manager to prepare report that define and explain the financial accounting and its importance in the business environment. Also, in order to be promoted to a senior level, your manager told you that you need to make successful four (4) closed-book exams.
1. The report will include the following:
a) Define and explain financial accounting.
b) Explain financial accounting rules.
c) Explain financial accounting principles, concepts, and conventions.
d) What is the difference between Financial reports and financial statements?
2. These four (4) closed-book exams will show that you have the knowledge, skills, and abilities to:
a) Correctly record transactions and produce an accurate trial balance by completing the balance off of ledger accounts, checking that each transaction is recorded in line with accepted accounting principles.
b) Apply appropriate and accurate calculations for the constructing of the final accounts.
c) Prepare accurate bank reconciliations that apply appropriate tools and techniques to check general accounts and balance sheets.
d) Produce accurate accounts that have been reconciled applying the appropriate
methods.
1- Report (min 1,000-word).
Attachment:- Financial Accounting Assignment.rar