Describe the Varied role Accountants Play in Helping an Organization Achieve its Objectives: Accounting and Finance Coursework. BC, Singapore

Learning outcomes that will be addressed in this assignment –

KU1 – Describe the varied role accountants play in helping an organization achieve its objectives.

KU2 – Analyse accounting data from Income Statements and Balance Sheets (Statement of Financial Position) and Cash Flow Forecasts and explain how the information is applied when making business decisions.

SS3 – Prepare accurate accounting records and statements for a given business scenario

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

KES6 – Use spreadsheet software to accurately display data, perform calculations and conduct statistical analysis.

KES7 – Demonstrate and display confidence in the use of numbers and ratios when calculating the financial position of a business

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Task 1 – Cash Budget (Construction)

Learning Outcome

Using the data in Appendix A, you are to construct a Cash Budget for three months ending 30^th June 2021 using spreadsheet software, inputting all the required data.

Your spreadsheet should include –

a) Suitable heading

b) Formulae for calculating monthly data

c) Formulae for calculating total receipts and payments

d) Formulae for calculating any totals

SS3 – Prepare accurate accounting records and statements for a given business scenario.

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

KES6 – Use spreadsheet software to accurately display data, perform calculations and conduct statistical analysis.

KES7 – Demonstrate and display confidence in the use of numbers and ratios when calculating the financial position of a business

Task 2 – Cash Budget (Use)

Learning Outcome

Explain how the Cash Budget is used:

Within the business, the budget has been prepared for

By bank and any other organizations outside of the business

KU2 – Analyse accounting data from Income Statements and Balance Sheets (Statement of Financial Position) and cash Flow Forecasts and explain how the information is applied when making business decisions.

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

Task 3 – Cash Budget (Advantages and Limitations)

Learning Outcome

Name and explain 2 advantages and 2 limitations of preparing and using a Cash Budget

KU2 – Analyse accounting data from Income Statements and Balance Sheets (Statement of Financial Position) and cash Flow Forecasts and explain how the information is applied when making business.

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

Task 4 – Cash Budget (Accounts Receivable/Debtors)

Learning Outcome

When selling goods on credit it is important to ensure that customers pay the money that they owe to the business:

· Explain why this is important for the business; how could the business be affected?

· How can a business encourage customers to pay any amounts they owe on time or early?

KU1 – Describe/utilize the varied role accountants play in helping an organization achieve its objectives.

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

Task 5 – Income Statement and Balance Sheet

Learning Outcome

Using the Incomplete Income Statement in Appendix B (pages 1 and 2) and the additional information stated, complete the Income Statement to ensure it makes the Statement of Financial Information/Balance Sheet accurate.

KU1 – Describe/utilize the varied role accountants play in helping an organization achieve its objectives.

SS3 – Prepare accurate accounting records and statements for a given business scenario.

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

KES6 – Use spreadsheet software to accurately display data, perform calculations and conduct statistical analysis.

KES7 – Demonstrate and display confidence in the use of numbers and ratios when calculating the financial position of a business.

Task 6 – Income Statement and Balance Sheet

Learning Outcome

Using the Income Statement completed in Task 5 explain how you calculated the missing numbers that you have entered.

Which accounting concept is applied when calculating and including any accrued or prepaid expense?

Explain why this concept must be applied

SS3 – Prepare accurate accounting records and statements for a given business scenario.

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

Task 7 – Income Statement and Balance Sheet

Learning Outcome

Depreciation

Name the two main types of Depreciation method used when preparing financial statements

Explain which method is most appropriate for

o Buildings

o Machinery

Based on one of these methods (above) explain why you chose that particular method

SS3 – Prepare accurate accounting records and statements for a given business scenario.

KES5 – Demonstrate a sound grasp of the vocabulary used in accounting and finance.

Task 8 – Income Statement and Balance Sheet

Learning Outcome

Accounting Concepts

Name and explain the two Accounting Concepts applied when including depreciation in Financial Statements

Which type of accountant would calculate depreciation and apply the Accounting Concepts and Standards?

Explain why it is important that these concepts and standards are applied to Financial Statements and not to Management Accounting reports

KU1 – Describe the varied role accountants play in helping an organization achieve its objectives.

SS3 – Prepare accurate accounting records and statements for a given business scenario.

KES5 – Demonstrate a sound grasp of the vocabulary used in Accounting and Finance

Cash Budget

Spencer is starting in business on 1^st April 2021 as a Tree Surgeon offering his services to individuals and businesses when they need to have their trees or bushes cut down or pruned. He is calling his business “Spencer Tree Surgeon”.

Spencer is renting some storage space for his chainsaws and other equipment and has to pay the rent monthly in advance.

Spencer has some customers already but will advertise his new business to gain more customers. The cost of this advertising will be £500 and the adverts will appear on a local trade website. Spencer will advertise again at a later date.

Insurance for the chainsaws and equipment is £150 to be paid in advance.

Repairs and maintenance of the chainsaws and equipment are estimated to be £100 at the end of every three months.

Spencer will be claiming the cost of petrol for all travel related to his business. He estimates that this will be £100 each month.

For individual customers, all sales will be for Cash (30% of Total Sales)

For business customers, Spencer will allow one month’s credit. (70% of Total Sales)

Spencer will take drawings as follows: £500 in April, £750 in May, and £800 in June.

Spencer has £10,000 to invest in his new business and thinks that will be enough capital to finance his business. He is going to prepare a Cash Budget for the first three months of trading for his own information and also for future planning.

Use the information from the case study (above) and the supporting data below to prepare a Cash Budget for the three months ending 30^th June 2021:

1^st April Spencer’s investment in the business	£10,000
Spencer pays 1 month’s rent in advance for his storage space each month starting with the 1^st April payment.	Rent is £2,400 each year
1^st April Spencer pays for advertising	£500
1^st April Spencer’s payment for the insurance is paid	£150
Income for Spencer’s services (Cash and Credit)	£2,000 in April £3,600 in May £5,000 in June
Estimated petrol expenses.	£100 each month

Pavilion Inns

Income Statement for the year ended 31st December 2020

		£	£	£
Sales				263,384
Sales Returns				13,169
Net Sales				250,215
Opening Inventory			43,816
Purchases		86,917
Carriage Inwards		801
		87,718
Purchase Returns		4346	83,372
Net Purchases			127,188
Less Closing Inventory			???
Cost of Sales				65,846
Gross Profit				184,369
Add Other Income
Discount Received				2477
				186,846
Fewer expenses
Electricity			1,040
Wages & Salaries			53,930
Loan Interest ( 11,550 + ?)			???
Discount Allowed			7,506
Stationery			2,628
Bad debts			374
Postage			1,144
Telephone			755
Increase in Allow.D/Debts			???
Carriage Outwards			343
Allowance for Depreciation:
	Furniture		4,763
	Machinery		9,900	98014
Net profit				88,832

Additional information:

1.Closing inventory as of 31st December 2020 is £61,342

2.The allowance for doubtful debts is to be adjusted to 5% of Accounts Receivable. The existing allowance is £1,309

3.There are 3 months Loan Interest owing, to be accrued

2.The allowance for doubtful debts is to be adjusted to 5% of Accounts Receivable. The existing allowance is £1,309.

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University	Bellerbys College (BC)
Subject	Accounting and Finance

Describe the Varied role Accountants Play in Helping an Organization Achieve its Objectives: Accounting and Finance Coursework. BC, Singapore

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