Accounting and Finance Assignment | Online Homework Help
Accounting and Finance Summer Portfolio Briefing
There are TWO parts to your summer portfolio:
- Timed MCQ assessment via Moodle
- Coursework style written assessment to be submitted via Turnitin
This portfolio is for first attempt students and students undertaking resits in attendance. Students resitting not in attendance will be emailed separately.
Deadlines
- MCQ assessment – The assessment will take place on 5 June.
The assessment will be accessible for 24 hours. Within this 24 hour window you have two hours to complete the assessment. Once you open the assessment the clock will start counting down and you will be locked out after two hours. You will be able to access the MCQ assessment on the AF1403 Moodle page on the specified date.
- Written assessment – You must submit your answer by12.00 (midday British Summer Time)12 June 2020.
You will be able to access the written assessment on the AF1403 Moodle page from 4 May. You are required to work independently over the course of the alternative examination period (4 May – 12 June 2020) and submit your answer document via Turnitin, as you have done for coursework assignments during this year, at any time up to the deadline.
Assessment Support
We will deliver two briefing sessions via MS Teams next week. Each session will be delivered twice to accommodate different time zones. Please attend either the morning or the afternoon session depending on which is most convenient for you.
Briefing session one – assessment overview
Tuesday 21 April – 10am (UK) – Join Microsoft Teams Meeting
Tuesday 21 April – 5pm (UK) – Join Microsoft Teams Meeting
Briefing session two- Q&A
Thursday 23 April – 10am (UK) – Join Microsoft Teams Meeting
Thursday 23 April – 5pm (UK) – Join Microsoft Teams Meeting
These sessions are optional, but you are strongly advised to attend as lecturers have limited capacity to respond to individual queries after the briefing sessions.
Please also note that, in the interests of fairness and equity, lecturers will not provide support for the written assessment between 4 May and 12 June.
If, after the briefing sessions you have any remaining questions please contact the following lecturers in the first instance:
- MCQ assessment – Ling Xiao
- Written assessment – Elaine Darby
Please refer to the AF1403 Moodle page section titled “Summer portfolio assessment” for all information related to the assessment.
Assessment overview
- MCQ assessment
The MCQ assessment will focus on AF1403 Introduction to Finance. It is an open book assessment but you are required to work independently (i.e. on your own).
- Written assessment
The written assessment will comprise three sections. Each section requires a written (essay or short-form question) answer. You must choose and answer ONE section ONLY.
Although you may answer any section, you are strongly advised to answer a section that aligns to a subject that you have studied this year. You are not required to read more widely than the requirements for the modules you have studied, but you may choose to do so.
Section A – focuses on financial accounting
This section will focus on the conceptual framework and professional ethics, both of which were covered at the end of the autumn term. The word limit is 800 words in total.
Section B – focuses on financial literacy and personal financial management
This section will present short form questions along the same lines as those in the quizzes throughout last term. You will also need to draw on your knowledge of personal cash budgeting, which was covered towards the end of the term. The word limit is 800 words overall.
Section C – focuses on business law
This question will focus solely on Offer and Acceptance. In this question you will be asked to identify the legal issues within a single extended scenario. Everything required for the question is covered in the reading and lecture slides. The word limit for the question is 800 words overall.
Marking and Feedback
The exam board will consider this portfolio as either a pass or a fail (i.e. there will be no numerical grade) and you are required to pass both parts of the portfolio to proceed to your second year studies.
As the portfolio is largely knowledge based a pass will be awarded where 40% of the required knowledge is evidenced.
There will be no written comments (which is usual for exam marking) and you will be advised of your pass/fail outcome after the undergraduate exam board.
GOOD LUCK!
PORTFOLIO ASSIGNMENT 2020
FIRST YEAR PORTFOLIO ASSESSMENT
WRITTEN ASSESSMENT
Answer EITHER section A, OR section B, OR section C
(The assignment is marked on a pass / fail basis)
MN Calculators are permitted
CONTENT OF ASSIGNMENT:
Section A – Financial Accounting
Section B – Financial Literacy and Personal Financial Planning
Section C – Business Law
ANSWER ONE SECTION ONLY
ANSWER EITHER SECTION A, OR SECTION B, OR SECTION C
Although you may attempt any section, you are advised to attempt a section that aligns to a subject area you have studied this year.
Complete your answer in a Word document and submit it on Turnitin before 12.00 (midday) British Summer Time on Friday 12 June 2020.
SECTION A – FINANCIAL ACCOUNTING
1(a) Discuss the content and purpose of the Conceptual Framework for financial reporting. Illustrate your answer with relevant examples.
1(b) Drawing on all your learning this year, identify and explain the five principles of the IFAC Code of Ethics for accountants and discuss why ethical behaviour is important to professional accountants. Illustrate your answer with relevant examples.
(maximum 800 words in total)
SECTION B – FINANCIAL LITERACY AND PERSONAL FINANCIAL PLANNING
2(a) Briefly explain how age, culture and religion might influence attitudes towards credit and borrowing.
2(b) Dave has an overdraft limit of £3,000. The first £250 of arranged overdraft is interest free. The remainder of the arranged overdraft is charged interest at a rate of 1.12% per month. Unarranged overdrafts are not charged interest but are charged a fee of £5 per day, subject to a maximum charge of £80 per month. Dave was overdrawn by £5,000 for the whole of April. Calculate the total cost of this overdraft for the month of April.
2(c) Briefly discuss the risks and rewards of owning your own home compared with renting.
2(d) Briefly discuss why talking about money is historically a “taboo” subject and outline three reasons why talking about money can be a positive experience.
2(e) List the pros and cons of personal car leasing (instead of buying a new car outright).
2(f) Abdul bought a house for £450,000. He put down a deposit of £150,000 and took out a mortgage repayable over 25 years for the balance. Under the terms of his mortgage Abdul has a variable rate of interest which is currently 4.1% APR. Assuming mortgage interest is calculated monthly and the variable rate does not change, estimate Abdul’s monthly mortgage payments using the formula:
| A = P (i + | i | ) |
| (1 + i)n – 1 |
2(g) Chris is 26 years old, employed, and saving up to buy a house. Chris needs to stay on track with his finances and has asked you to assist him to prepare a personal financial plan (i.e. a cash budget). He has supplied the following information to help you:
- Chris earns an annual gross salary of £30,000. From this PAYE of £3,200, NIC of £2,564 and employee pension contributions of £1,500 are deducted for the year. Chris’ net salary (i.e. his take-home pay) is paid on the last working day of each month.
- Chris makes a small amount of money by selling goods on eBay. Although the amount does vary month-on-month, for the purposes of the financial plan Chris believes that an estimate of £150 income per month is reasonable.
- Chris currently lives in a rented apartment with his friend. His monthly rent is £1,200 and household bills, which are split equally between Chris and his friend, total £200.
- Home contents insurance is £60 per annum. Chris renews this insurance annually and the next annual payment is due in August 2020.
- On 1 October 2019 Chris took out a personal loan of £7,000 to buy a second-hand car. The loan is repayable in quarterly instalments of £400 (on 31 December, 31 March, 30 June and 30 September each year).
- Chris pays car insurance of £600 annually in November of each year.
- Chris estimates that his weekly living costs are approximately £100.
- Chris puts £250 per month into a cash ISA. The savings he has accumulated in this ISA are for the deposit on a house.
- On 1 July 2020 Chris had a balance of £2,100 in his bank account.
Prepare a personal financial plan (i.e. cash budget) for Chris for the six months from 1 July to 31 December 2020 in a table. Show each month separately. Where relevant assume there are four weeks in a month. Use Chris’ bank balance at 1 July 2020 as your starting point.
(maximum 800 words in total)
SECTION C – BUSINESS LAW
3 Offer and Acceptance
Marty, the CEO of Turner Plc, sees an advert for an upcoming sale of several bicycles. The advert proclaims that they are “Super Fast, Super Cool and Super Affordable”. The advertisement claims they are to be sold on the 18th June in a super sale of the product. Seeing this, Marty calls Helen (the CEO of Super Bikes Plc) on the 17th of June to see if he could purchase the bicycles early. He is told this is not possible, but he will be able to purchase them tomorrow on the 18th June.
When Marty arrives the next day, the bicycles are not for sale. Instead, the Super Bikes Plc decides to show off its new range of tricycles. Marty did not want the tricycles and claims that Super Bikes Plc has a duty to offer their bicycles for sale as they had promised him he could buy them on the phone yesterday.
Marty meets his lifelong friend Sarah for drinks that evening. During drinks he complains about the actions of Super Bikes Plc. Sarah, who has drank several beers throughout the course of the evening, tells Marty she would love to buy tricycles for her company Adventure Ltd. Marty agrees to buy and deliver the tricycles if Sarah pays his company Turner Plc for the items and delivery. She agrees.
The following week, Marty calls Sarah. Marty tells her “I’ll deliver the goods to you on July 22nd”. Adventure Ltd often gets deliveries from Marty, and Sarah is incredibly busy that day. She has no memories of the tricycles she discussed with Marty beforehand and thinks Marty is referring to a different delivery. She asks for him to deliver on the 23rd July. He says he cannot but would do it if she offered more money. Sarah says: “Fine! 23rd July, and I’ll pay a little more, and if I hear nothing more of this, I’ll take it that this is agreed!”. She puts the phone down. Marty does not call back.
After the phone call, Marty sends Super Bikes Plc an offer for the tricycles in the post. Super Bikes Plc receives the letter, accepts his offer and sends it back to Marty. The reply is lost in the post. Marty doesn’t want to contact Helen, so he simply finds another company and buys their tricycles.
When Marty turns up to Sarah’s on 23rd July, she refuses to take the tricycles, saying she never agreed to them. Super Bikes Plc turn down several other offers to buy the tricycles but never hear from Marty, and never receive their money. The tricycles lose value as a newer model is produced by their competitor in the ensuing weeks.
1) Advise Marty
2) Advise Sarah
3) Advise Helen
(maximum 800 words in total)
