Accounting Assignment | Online Assignment

Expert Required for Preparation of Financial Statements, Income Staments, Trial balances, T-accounts, and Allocation, Apportionment and Re-apportionment

Module title IML4000 Intermediate Accounting
Module Tutor(s) Sami Khan
Assessment Component 002: Coursework – Individual Report
Weighting 70%
Word Count 2500 words  10%
Deadline 23:59 on Sunday,  via
Turnitin
Aims:
The purpose of this coursework is for the learners to consolidate accounting
principles learnt during the course and help them to develop skills to apply
accounting terminology, rules and formats to given scenario(s) and enhance their
analysis, problem-solving, presentation and communication abilities.
Coursework Tasks:
Task 1 (a): Record the following transactions of Mathew’s business into the doubleentry
bookkeeping accounts (T-accounts), balance off the ledger accounts and
prepare a trial balance at the end of the month. (20 marks)
Date Transactions
01/02 Mathew invested £75,000 in the business and deposited this amount in
business bank account and brought in office furniture worth £6,000.
07/02 Borrowed £30,000 from a bank and deposited into the bank account.
10/02 Paid £3,000 monthly rent for the business premises by cheque.
12/02 Bought office equipment worth £55,000, paying by cheque.
14/02 Paid £4,000 for business advertisement by cheque.
15/02 Purchased goods worth £30,500 from Parco Ltd. paying only £10,000 by
cheque.
18/02 Sold goods of £5,000 and received £2,500 in cash and £2,500 by cheque.
20/02 Withdrew £1,250 in cash for personal use.
23/02 Paid wages of £1,000 by cheque.
25/02 Returned some of the goods worth £2,000 back to Parco Ltd.
28/02 Sold goods of £4,000 by cheque.
29/02 Paid the rest of the money owed to Parco Ltd. by cheque.
Task 1 (b): Discuss why accounting principles are important in the process of recording, classifying and summarising financial information. (10 marks)
Total: (30 marks)
Task 2: James has been trading for several years as a supplier of office equipment. His trial balance as at 31 December 2019 is as follows:
Debit
Credit
£
£
Inventory at 1 January 2019
26,305
Trade payables
10,408
Trade receivables
24,325
Sales
293,258
Bank
1,083
Sales returns
2,746
Purchases
138,960
Wages and salaries
55,891
Office rent and business rates
30,862
Furniture
32,250
Allowance for depreciation: Furniture
7,200
Vehicles
47,500
Allowance for depreciation: Vehicles
7,500
Equity at 1 January 2019
69,258
Drawings
25,275
5% bank loan (payable 2025)
35,000
General expenses
40,889
Purchases returns
3,894
Carriage outwards
898
Irrecoverable debts
700
Allowance for receivables
575
Discounts received
591
427,684
427,684
Additional information:
• The inventories at the close of business on 31 December 2019 were valued at £27,500.
• Bank loan interest has been accrued for the current year but has not yet been paid.
• Goods costing £350 were taken by the owner for his own use.
• Depreciation for the year is to be provided as follows:
Furniture
20% per annum
Straight line method
Vehicles
25% per annum
Reducing balance method
• Further irrecoverable debts of 1,200 are to be written off and an allowance for doubtful debts of 3% is to be created.
Required:
2(a): Prepare the income statement of James business for the year ended 31 December 2019, together with the statement of financial position at that date. (20 marks)
2(b): Explain how the information provided by accounting equation is different from the financial statements of a business. (10 marks)
Total: (30 marks)
Question 3:
The following table provides the costs allocated and apportioned to five cost centres of a clothing business.
Production Centres Service Centres Cutting Stitching Packing Cafeteria Maintenance TOTAL £’000 £’000 £’000 £’000 £’000 £’000
Direct materials
7,000
2,000
1,500
10,500
Direct labour
2,500
5,500
2,000
10,000
Indirect material & labour
1,100
900
300
1,500
3,800
7,600
Electricity
5,200
1,000
200
100
800
7,300
Rent & rates
8,000
Factory supervision
10,000
Machine insurance
2,400
Additional data from the budget is as follows:
Cutting Stitching Packing Cafeteria Warehouse TOTAL
Floor Area (square metres)
12,000
27,000
6,000
12,000
3,000
60,000
Production Machine Hours
1,600,000
400,000
400,000
2,400,000
Direct Labour Hours
1,200,000
1,800,000
600,000
3,600,000
Number of Employees
600
1,000
400
100
400
2,500
Cost of Machinery
£4,000,000
£1,000,000
£1,000,000
£6,000,000
Required:
3(a): Using the information above, prepare a table showing allocation, apportionment and re-apportionment of production overheads. (18 marks)
3(b): Calculate the budgeted overhead absorption (OAR) rates as follows:
i. A machine hour rate for the Cutting cost centre. (2 marks)
ii. A direct labour hour rate for the Stitching cost centre. (2 marks)
3(c): Explain why marginal costing techniques is generally used for short-term decision making. (6 marks)
3(d): Break-Even Analysis has been described as a purely a theoretical exercise that is not useful in practical situations. Discuss the limitations/assumptions underpinning this technique. (12 marks)
Total: (40 marks)
Instructions:
The coursework is a report and should be written in a report format.
Report structure must include:
• A cover page.
• Table of contents with page numbers.
• Introduction – a short introduction to give a brief overview of your report.
• Main body of report – structure your report into sections which will contain answer to each task separately.
• Conclusion – your final evaluation that flows from your work.
• References page(s).
Formatting:
Please submit your report in the following format:
• Microsoft Word.
• Arial.
• Font size 12 for main text.
• 1.5 line spacing.
• Tables must be captioned in sequence and font size 10.5.
E.g. Table 1: This is an example caption for a table.
• All diagrams, graphs and figures must be captioned as figures in sequence and font size 10.5.
E.g. Figure 1: This is an example caption for a figure.
Submission details:
Submission should be via Turnitin and a link will appear on the Moodle page later. Coursework submission deadlines are firm. You will need to be logged in as yourself, and to upload your work to your specific subject and your teacher. It is very important not to upload to another subject or another teacher.
The file name must take the following format:
Student Number.IML4000.Assessment2
e.g. 0123456789.IML4000.Assessment2
The Turnitin submission page will be open at least one week before the submission deadline, in order to give you an opportunity to review the similarity report, proofread and edit. You can, and should, edit your report as many times as you like before the submission deadline. We encourage students to do this to ensure that the final report is properly referenced and not plagiarised.
Turnitin does an originality check and generates a similarity report immediately for the first three submissions. For any further resubmissions, new similarity report will take 24 hours to generate.
The following rules apply to assignments:
• Late submissions will lose marks. The deadline is 23:59 on Sunday 17/05/2020. All submissions must be made to the relevant Moodle page (details to follow). The following penalties apply for work submitted late without documented and approved mitigating circumstances:
– Up to and including seven days late – maximum mark of 40%
– More than seven days late – mark of 0%
• Over length answers will lose marks. For every 10% over the word limit, 5 marks will be deducted from the initial score. The following examples are based on a 1000 word essay/report graded at 60% before penalties:
1099 words- 60% (no penalty)
1100 words- 55%
1199 words- 55%
1200 words- 50%
1300 words- 45%
• Unless specified otherwise in a particular assessment brief, the word count of an assessment includes all material such as quotations and quantitative or qualitative data presented within the main body of the text, but does not include references/bibliography or supplementary material presented in the form of an appendix or title of a figure or table.
Although there is no minimum word limit, short answers are unlikely to meet other assessment criteria.
Plagiarism and collusion are penalised as follows:
The report must be entirely your own work. If you refer to sources (e.g. web pages, books, articles), these must be clearly indicated, according to the Harvard method of referencing. Penalties will apply if material is found to be copied or shared between students with dire consequences for your ability to pass this module and
progress to university. There must be a minimum of 9 good quality academic sources from different categories, in addition to further supplementary material to support your research.
N.B. Wikipedia is not to be used as a reliable source.
Students who failed to adequately reference their report will have their work referred to Academic Offence Board. Where the Academic Offence Board determines that a Breach of the Regulations for Assessment has occurred, the penalties shall be:
• First Offence, logged on the student’s record as a formal caution only, the work marked according to the published assessment criteria. Material deemed to have been presented in breach of the University Regulations for Assessment will not be considered when arriving at the mark;
• Second Offence, logged on the student’s record, with a loss of all marks for the module, a grade of BR recorded, and the module deemed to have been failed;
• Third Offence, with the loss of all marks for the module and a requirement to withdraw from the programme and a grade of BR recorded.
N.B. There can only be one Offence/stage judged on and sanctions applied per term even if more than one submitted piece of work breaches the Regulations.
Marking:
The total mark for this assessment is 100 which makes up 70% of the module.
Marking criteria for assessments:
The marking criteria below has been developed to provide you with more feedback on your work. The criteria are intended to provide a general reflection on your work from those particular perspectives, in addition to the summarised comments and suggestions for improvement.
% Range Content Critical Analysis/ Application of theory Structure / Presentation Research & Referencing 30% 35% 15% 20%
80-100
Demonstrate a high level of knowledge and understanding in all key areas relevant to the task.
Evidence throughout the work showing thorough argument and discussion of key concepts that critically evaluates alternative perspectives.
Excellent structure and immaculate presentation that is logically structured. Articulate use of academic language using correct grammar and spelling.
Extensive range of high-quality sources utilized to gain information, evidence and for argument. Correct referencing and bibliography using the Harvard style.
70-79
Very good demonstration of knowledge and understanding in all areas relevant to the task.
Evidence throughout the work showing ability to analyse and interpret key concepts to provide sound argument and discussion.
Good structure and presentation with a fluent use of academic language using correct grammar and spelling.
A wide range of generally high-quality sources used to gain information, evidence and for argument. Correct referencing and bibliography using the Harvard style.
60-69
Proficient and accurate description of the main issues showing knowledge and understanding relevant to the task.
Evidence of the ability to analyse and interpret key concepts in a justified manner.
Well-structured and logically presented with a good use of academic language and appropriate grammar and spelling.
Relevant and fairly wide-range of good quality sources used to gain information, evidence and for argument. Correct referencing and bibliography using the Harvard style.
50-59
Acceptable and substantiated demonstration of knowledge and understanding in all key areas relevant to the task.
Evidence of the ability to integrate and analyse key concepts in a reasoned manner.
Adequately structured and presented work with clear use of academic language and appropriate grammar and spelling with occasional lack of clarity.
Adequate range of quality sources used to gain information, evidence and for argument using the Harvard style. Some sources may be unsuitable and cited ideas may not be integrated in the work.
40-49
Basic demonstration of knowledge and understanding relevant to the task with occasional lapses in some areas.
Little evidence of the ability to integrate and analyse key concepts with occasional inaccuracies.
Acceptable structured and presented work with basic use of academic language and appropriate grammar and spelling with occasional lack of clarity.
Limited range of suitable resources used to gain information, evidence and for argument using the Harvard style. Some sources may be inappropriate/ outdated. Some in-text references may not match the reference list.
≤ 39
A limited, insufficient and/or inaccurate understanding in key areas of knowledge relevant to the task. Failure to link theory and practice where applicable.
Little/no evidence of research and ability to discuss fundamental concepts. Arguments put forward are inaccurate.
Flawed structure and presentation, with negligible attention to academic language and/or grammar and spelling.
Some or all the source materials are unreferenced and/or irrelevant. No/little attention paid to Harvard style. Sources may be inappropriate/ outdated. In-text references may not match the reference list.