University of Lincoln Assessment Framework

This assessment has two parts. This exercise is based on ‘real life’ with a link to accounting theories and concepts. There is no one best solution and statements are constrained only by time and the need to produce answers for the documents required. Please bear in mind that you have several weeks to prepare this piece of coursework and that it does involve some early research on your part.

Part A requires you to keep a record of all your personal income and expenditure in your first term at university, for the period 1st October 2019 to 30th November 2019. You will use this in Part A of the assignment to produce accounting records and a set of financial statements, using the generally accepted accounting practices taught on this course to show the amounts incurred by you for the first two month of the academic year.  It is intended you will utilise many of the technical skills and processes you have studied so far e.g. double entry, accruals principle, accounting for depreciation etc. Your answer will not be marked in terms of its accuracy in relation to the financial transactions you have actually undertaken! Rather, it will be evaluated on the basis of the construction of a set of accounts based upon the information about transactions which you yourself supply.  You should be able to use the data from your bank statement and the financial transactions you have actually undertaken to help you complete these.

Part B requires you to produce an essay demonstrating your knowledge and understanding of accounting concepts, main theories, principles, frameworks and the generally accepted accounting practices taught on this course. The emphasis is on current issues surrounding accounting policies, concept and convention applicable in the production of financial information. In particular, the role, objectives and limitations of financial statements and an appreciation of the reasons for the regulation of the content and format of financial statements.

It is important to plan ahead for the work and carefully consider what you need to present as evidence, what you did to plan, monitor, evaluate and reflect upon your technical skills, and present evidence of that process. The work you include needs to present a ‘storyboard’ of your learning journey showing selected pieces of evidence to demonstrate what you did to tackle the problem and the outcomes you achieved. You need to demonstrate the time taken to practise and how you apply your skills over a period of time. You should endeavour to attend all your timetabled session to help you acquire the technical skills and knowledge to put together your report.

The following do not rank equally but all will be taken into account

§  Understanding of relevant theories, concepts and principles

§  Extent and quality of literature discussed

§  Quality of arguments and logic of conclusion

§  Style, presentation and originality

Please not that there is no ‘right answer’ or preferred approach here. The question could be addressed in a variety of ways and a wide range of evidence from Part Awill be acceptable, provided that they give a reasoned, logical and coherent answer to the question. When you have written your reports, re-read the question and considered whether your report have provided an answer to that question- not all submissions do!

LO1     Explain and apply the mechanics of recording and processing financial data in order to produce basic accounts for sole traders, limited companies and simple non-for-profit organisations, to include the income statement, balance sheet and cash flow statement.

LO2     Explain some fundamental difficulties of income and worth and appreciate the basic concepts of accounting

§  Apply basic and routine skills and techniques associated with financial accounting preparation

§  Engage in dialogue and use a range of forms of communication effectively and convey ideas in a well-structured and coherent form

§  Exercise initiative and independence in carrying out defined activities

§  Develop essential skills in self-management

§  Develop a reflective, strategic analytical and creative thinking skills that strengthen your academic performance

You are required to submit your assessment before 12 MIDDAY on Thursday 19th December 2019 using the online assessment submission facility on the Module Blackboard site.

Please pay careful attentions to instructions provided at the time of submission

PART A

You are required to produce the following accounting records and financial statements:

1.    An opening position statement as at 1 October 2019 in the form of a trial balance. This will include your assets at the start of the academic year. Include such assets as phones, computers, cars, bicycles maybe even clothes. This opening position statement should reflect the accounting equation and it should balance. See Fox and Gilbert…..!

2.    A recordof your cash and bank transactions for the period 1^st October 2019 – 30^th November 2019. Produce a weekly summary of your income and expenditure under relevant account headings such as food, rent, travel, and stationery.  Present this in the form of a cash book or in individual cash and bank accounts. A copy of your bank balance to reconcile your bank figures at the start and end would also be recommended (but please blank out your account details!).

3.    Journal entries detailing entries for all accruals and prepayments that are relevant at 30 November 2019, and for the depreciation in the period 1st October 2019 to 30^th November 2019. For each journal include a narrative that explains the journal entry.

4.    A set of ‘T’ accounts (ledger accounts) into which all the entries from above. Include the opening balances from 1 above. Include the cash and bank transactions from 2 above, with the appropriate opposite entry, for example purchase Food Dr Food or Living Expenses, Cr Bank. Include all your journals from 3 ACCOUNTS.

5.    A TrialBalance with the closing balances as at 30^th November 2019 from your T-accounts.

6.    An Income and ExpenditureStatement (Income Statement) during the period 1^st October 2019 to 30^th November 2019.

7.    A Statement of Financial Position as at 30^th November 2019.

8.    Reflection on the results (see note below part A!)

Note: For part A Reflection on the results 500 words

(i)            Your answer should also include an explanation of the accounting concepts and conventions that you applied in the preparation of financial statements including the assumptions you made and the supporting information that you used

(ii)           A discussion of the significance of your results – for example is a surplus or a deficit significant?  Is a surplus (profit) a good thing?  Is a deficit (loss) a bad thing?  Do any accounting policies that you have adopted make the results in any sense arbitrary-how accounting policies affected the profit (surplus) or loss (deficit) that you reported. How could you have improved your financial performance?

PART B– 1,500 words

You have been talking to a friend who has recently started studying accounting at another university. During your conversation your friend made the following statements:

1. Stewardship should be the only objective of financial reporting
2. When accounting for transactions and preparing financial statements, certain assumptions are made.
3. The regulation of accounting information is not necessary
4. Accounting information is only useful to users that have a reasonable knowledge of business, economic activities and accounting.

Requirement:

Critically evaluate each of the above statements, making reference to academic literature, financial statement and journal articles.

Remember, the subject librarian can help in accessing materials on academic theory and practice. It may also be good to discuss this with your personal tutor as reflective practice is a recognised way we can continually develop ourselves. You should also identify areas for improvement and give suggestions for your future time at University with ideas to help new students as your conclusion to the report.

Please note that all work is assessed according to the University of Lincoln Management of Assessment Policyand that marks awarded are provisional on Examination Board decisions (which take place at the end of the Academic Year.

Marked work returned with comments on Turnitin submission on blackboard

You may be great at writing, but may need a little guidance on the best way to manage your reading, develop skills to prepare for assignments, exams and group work. Or perhaps you love to give presentations but are not so sure about referencing. Or feel you’d be confident with all of your skills, if only you could find the time to get things done!  Learning at Lincoln  provide expert advice on developing all of the academic skills and practices you will need to succeed at university, including tips from current students and links to resources and support on all aspects of learning and teaching at the University of Lincoln.

You will also need to learn about academic etiquette, develop good time management and goal planning. The following learning resources have been developed to support you throughout your degree. The resources are research-informed and peer-evaluated, covering all the key aspects of each topic:

L4.1 Academic Etiquette

L4.1a Academic Etiquette for International Students

L4.2 Time Management

L4.3 Goals and Action Planning

L4.4 Using Feedback

L4.5 Academic Writing 1: Genres

L4.6 Academic Writing 2: Style

L4.7 Active Listening

L4.8 Critical Analysis 1

L4.9 Developing a Line of Argument

L4.11 Paraphrasing and Summarising Sources

L4.14 Reading strategies

L4.15 Revision and Memory Techniques

L4.16 Academic Writing 3: Hedging

L4.17 Critical Analysis 2

L4.18 Critical Reflection

L4.19 Cross-cultural Communication

L4.20 Exam Strategies

L4.28 English Language Skills: Sentence Structure

L4.29 Harvard Referencing

This resources are developed to give you the best possible headstart in your studies and preparation for studying at university level. It focuses on three key areas of university-level study:

• Academic integrity (including reading, researching, and referencing);
• Communicating at university (including emails to your tutors, lectures and seminars, and academic writing);
• Independent learning (including managing your own time and workload successfully, and becoming an independent and critical thinker).

University of Lincoln Regulations define plagiarism as ‘the passing off of another person’s thoughts, ideas, writings or images as one’s own…Examples of plagiarism include the unacknowledged use of another person’s material whether in original or summary form. Plagiarism also includes the copying of another student’s work’.

Plagiarism is a serious offence and is treated by the University as a form of academic dishonesty. Students are directed to the University Regulations for details of the procedures and penalties involved.

For further information, see www.plagiarism.org