Student Name / ID Number
Unit Number and Title
Unit 5: Accounting Principles
Academic Year
Unit Tutor
Assignment Title
Explaining Accounting to Beginners
Issue Date
Submission Date
Submission Format
The assignment submission is in the form 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 effective use of headings and bullet points (as appropriate), using your choice of presentation software.
- The recommended word limit for the presentation and leaflet is 1,000-1,500 words, although you will not be penalised for going under or exceeding the total word limit.
Your research should be referenced using the Harvard referencing system (or an alternative referencing system). You will also need to provide a bibliography using the Harvard referencing system (or alternative). Inaccurate use of referencing may lead to issues of plagiarism if not applied correctly.
Unit Learning Outcomes
LO1 Examine the context and purpose of accounting
Transferable Skills and Competences Developed
- Effective communication of relevant information across the organisation and to appropriate stakeholders
- Written communication using a range of media
- Analytical skills
Vocational Scenario
You have recently joined a local accounting firm* as a graduate accounts trainee, attached to their SME (small and medium enterprises) unit, offering a variety of financial services.
Established in 1993, the firm is one of the most popular local accountants, with connections 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 personalised services and works closely with communities to keep them informed on all things relevant to accounting.
*You should select an appropriate accounting firm to meet local needs.
Assignment Activity and Guidance
As part of your ongoing training, you have been asked to attend a local small business network event to give a short presentation titled “Beginners guide to accounting for small business owners.” It is normal at these events to provide a supporting leaflet, relevant to the presentation, for attendees to take away with them and use as a resource.
Presentation
The presentation should critically evaluate the importance of accounting in an organisation and its role in decision-making, and be aimed at the local audience.
Your evaluation should refer to management accounting’s main purposes, requirements for adhering to reporting standards and regulations, and how it meets the needs and expectations of stakeholders. Benefits, risks and limitations of financial information should be considered, including the outsourcing of services to others.
Finally, your presentation should critically evaluate how accounting supports decision-making for owners, including the challenges of, and opportunities for, using accounting data effectively.
Leaflet
The accompanying leaflet should critically assess the relevance of financial information as part of an accounting function. It should focus on the roles, skills and competences required, and highlight the broader societal impact of interrelationships between accounting and finance in increasingly complex environments.
Recommended Resources
Please note that the resources listed are examples for you to use as a starting point in your research – the list is not definitive.
Websites
- www.accounting.com
- Accounting.com
- “The importance of accounting for small businesses” (Article)
- https://single-market-economy.ec.europa.eu
- European Commission
- “Accounting and SMEs” (General reference)
- www.forbes.com
- Forbes
- “Why should you have an accountant for your small business?” (Article)
Textbooks
- Ionacu, M. and Ionacu, I. (2021) Introduction to Financial Accounting. Bucharest: Editura.
- Mostyn, G. (2017) Basic Accounting Concepts, Principles and Procedures, Vol. 1: Building the Conceptual Foundation. 2nd Ed. California: Worthy and James Publishing.
- Romney, M.B., Steinbart, P.J., Summers, S.L. and Wood, D.A. (2020) Accounting Information Systems. 15th Ed. Harlow: Pearson Education.
- Thomas, A. and Ward, A.M. (2019) Introduction to Financial Accounting. 9th Ed. London: McGraw Hill.
HN Global
- Reading Lists. Available at: https://hnglobal.highernationals.com/learning-zone/reading-lists
- Student Resource Library. Available at: https://hnglobal.highernationals.com/subjects/resource-libraries
- Textbooks. Available at: https://hnglobal.highernationals.com/textbooks
Authorised Assignment Brief 2
Student Name / ID Number
Unit Number and Title
Unit 5: Accounting Principles
Academic Year
Unit Tutor
Assignment Title
Financial Reports for Different Types of Organisation (Sole Trader, Partnership and Not-for-Profit)
Issue Date
Submission Date
Submission Format
The assignment submission is in the form of:
- A portfolio of evidence that includes financial statements (income statements, balance sheets, forecasted budgets) with accompanying spreadsheets, supplemental notes and a financial summary.
- Your portfolio of evidence should be appropriately indexed, and your chosen format should ensure it is presented in a practical and clear way.
Unit Learning Outcomes
- LO2 Prepare basic financial statements for unincorporated and small business organisations in accordance with accounting principles, conventions and standards
- LO3 Interpret financial statements
- LO4 Prepare budgets for planning, control and decision-making using spreadsheets
Transferable Skills and Competences Developed
- Understand business finance: how to manage budgets and financial forecasting
- Able to monitor budgets, provide reports, consider financial implications of decisions and adjust approach and recommendations accordingly
- Manipulation and interpretation of data using spreadsheets
- Creation and interpretation of information, showing how that information can be used most effectively to add value to an organisation
Vocational Scenario
Your line manager at the accounting firm* has received many enquiries since your presentation at the last event from members of the local small business network who need help preparing their organisation’s 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 year’s budget planning.