Welcome to the assignment answer page for Financial Accounting Work-Based Task 1. Searching for Financial Accounting Work-Based Task Solution for getting high quality? Here we provide top-class help with financial accounting assignments with on-time delivery & 24/7 support.

Words: 3000

FINANCIAL ACCOUNTING WORK-BASED TASK 1

Learner Brief

Your manager has asked you to provide a Quick Guide to the accounting system, practices and processes used within your organisation for a new member of staff within the finance department. You have been asked to cover the areas outlined below. Your manager has provided guidance on what should be included and encouraged you to use visuals (such as screen shots, diagrams) to bring your Quick Guide to life.

1.  Role within organisation and users (max 500 words)

a).  Provide an overview of your role within your organisation – including the sector you work in, the nature of the work and the type of accounting activities you are involved in.

b).  Identify four users of the financial statements completed by your firm and why these users are interested in accounting.

2. Accounting system (max 300 words)

Provide an overview of the main accounting system (software) used within your organisation:

a).  Explain how it is structured (the different modules/ledgers),

b).  Its features and capabilities.

If you use more than one system, select the system that is used for the basic accounting tasks.

Also Read: ACT3101 Financial Accounting & Reporting

 

3.  Recording supplier invoice (max 200 words)

Use a ‘real-life’ example to explain how a supplier invoice is processed and recorded in the accounting system. Your explanation should include the following:

a).  The process from receipt of invoice

b).  How is the invoice recorded in the accounting system

c).  How the settlement of the invoice is recorded in the accounts

d).  Explain the VAT treatment and filing

e).  Include the journal entry of the accounts to be debited/credited for b), c), and d) above.

4.  Recording income item (max 200 words)

Use a ‘real-life’ example to explain how an income item* is processed and recorded in the accounting system. Your explanation should include the following:

a).  The process from receipt of order/payment (as applicable).

b).  How the income item is recorded in the accounting system.

c).  Explain the VAT treatment and filing.

d).  Include the journal entry ie the accounts to be debited/ credited for b) and c) above.

*You have a choice of income items e.g. sales (credit or cash), grant received, and fees charged.

5. Recording salaries and wages (max 200 words)

Explain how salaries and wages amounts are recorded in the accounting system. Your explanation should include:

a).  The source of the amounts for salaries and wages (e.g., the system/module they are extracted from).

b).  The accounts to be debited/credited, and

c).  Treatment of amounts due to Revenue services

 

Check Out It: Financial Accounting Reporting Questions Answers

 

6. Month/Year end procedures (max 300 words)

Provide an overview of two-month end (or period end) procedures. You should explain:

a).  Why are these carried out.

b).  What they involve.

For example, bank reconciliation, extraction of trial balance, journal entries, production of reports for managers etc.

Please provide an overview of the year-end financial procedures in the absence of month-end procedures.

7.  Accounting errors (max 500 words)

Give examples of three types of accounting errors that can occur.

 

a).  You should categorise each error (ie error of omission, commission, principle )

b).  Explain how each was (or would be) discovered and

c).  Using an example showing how the error would be corrected – include the completed journal entry for correcting each

d).  Using a visual g., an extended trial balance, show the effect on the profit and loss and the final accounts after the adjustments, ie. the trial balance figures before and after the adjustment is reflected.

8.  Working accurately and efficiently (max 300 words)

Based on your own experience, provide an assessment of

a).  the knowledge

b).  skills, and

c).  behaviours

That person must enter transactions in the accounting system accurately and efficiently. Include at least 2 points for each of the above.

 

Also, Read This: 

How To Write An Accounting Assignment?

 

 

Learner Guidance

Your organisation’s main accounting system may be an accounting package or an Excel spreadsheet. Regardless of the type of system, you should be able to cover all the areas required. Please pay attention to the maximum word count for each area.

As outlined in the learner brief, your explanations should be based on ‘real-life’ examples and include visuals such as screenshots from your accounting system. [You should redact your visuals as appropriate e.g. blank out supplier names and follow GDPR guidelines].

You should submit one document covering all the areas required. Formatting Requirements:

• The Work Based Task must be
• The line spacing should be set to 5 lines.
• Font (size 12), with 54 cm margins on all sides.
• Headings identifying each part of the task
• Do not include your name in your Work Based Task

Where visuals are included, ie journal entries or screenshots, etc – please ensure that they are clear and easy to read

FINANCIAL ACCOUNTING WORK-BASED ASSIGNMENT 1 (MARKING SCHEME)

This assignment is marked out of 100. The marks are broken down as follows:

1. Role within organisation and users (10 marks)

2. The accounting system (10 marks)

3. Recording supplier invoice (10 marks)

4. Recording income item (10 marks)

5. Recording salaries and wages (10 marks)

6. Month-end procedures (10 marks)

7. Accounting errors (20 marks)

8. Working accurately and efficiently (10 marks)

9. Presentation and overall coherence of the Quick Guide (10 marks)

General Guidance

The responses to this assignment will vary. Learners should be marked for the quality of their descriptions/explanations. They should not be penalised for not mentioning features e.g. control accounts, that are not part of their organisation’s systems, practices or processes.

Guidance on marking items 1 and 2

Marks	Descriptor
0 – 4	Fails to meet the requirement. The description is too brief, confusing or includes clearly incorrect information.
5 (Pass)	The description is generally good (reasonably clear and most expected areas covered).
6 – 8	The description is generally very good (clear and the main expected areas covered).
9 -10	A description is generally excellent (clear throughout, good level of detail, all expected areas covered).

 

Guidance on marking items 3 – 6

NB If the visuals or journals (double entry for all parts) as required, are NOT included – the highest mark that will be awarded is 5 (Pass).

Mark	Descriptor
0 – 4	An explanation is not given (0 marks) or is insufficient/unclear/ incorrect (1-4 marks).
5 (Pass)	The explanation is good (clear, correct and reasonably comprehensive).
6 – 8	An explanation is very good (clear, correct, comprehensive, and illustrated).
9 – 10	The explanation is excellent (clear, correct, well-expressed, fully complete, and illustrated).

 

Guidance on marking items 7

Visuals should be shown for parts c and d. If the double entry is not shown or the effect before and after the adjustment -the highest mark that will be awarded will be 7

Marks	Descriptor
0 – 5	Fails to meet the requirement. Content is missing. And explanations are poor or clearly incorrect..
6 – 9	Most sections are attempted but not fully explained, and/or visuals are missing. task not answered as requested
10(Pass)	Required number of examples included. Explanations are generally good (clear, correct and reasonably comprehensive).with visuals shown
11 -13	Explanations are generally very good (clear, correct and comprehensive), .with all visuals included
14 – 17	Explanations are generally excellent (clear, correct, well-expressed, fully complete), .and clear, correct visuals included
18 – 20	Explanations are consistently excellent across the required number of examples with some exceptional elements, and all visuals are complete and correct.

Guidance on marking items 8

Marks	Descriptor
0 – 4	Fails to meet the requirement. Too brief or clearly incorrect.
5 (Pass)	Generally good level of assessment. May lack balance across knowledge, skills, and behaviours.
6 – 8	Generally, very good level of assessment. A reasonable number of examples across knowledge, skills and behaviours.
9 – 10	Generally, the excellent level of assessment. A good number of examples across knowledge, skills and behaviours and good depth with some exceptionalperceptions/insights/examples

 

Guidance on marking item 9 (Presentation)

There are 10 marks available for presentation, which should be awarded as follows:

• 0 -5 marks for the overall presentation and cohesiveness of the Quick Guide, including the use of headings
• 0-5 marks for the quality and usefulness of the visuals used

 

 

For REF… Use: #getanswers2002391