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ACC201 Financial Accounting SUSS Assignment Sample Singapore

ACC201 Financial Accounting is the perfect course to start students on the road to success. It offers a comprehensive introduction to essential concepts in the field, such as reading and analyzing financial statements, regulatory requirements, and accounting principles.

Furthermore, it is designed for students who want to deepen their understanding of financial decision-making skills, develop knowledge around financial analysis tools, and explore commercial markets and investments. As part of the course, students are provided with opportunities to refine their critical thinking ability while engaging in discussions on new topics related to the field. Enrolling in this course is sure to open many doors along your career path.

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This section will offer insight into various types of assignment briefs, including:

Assignment Brief 1: Explain the underlying concepts, principles and assumptions behind financial accounting and related financial statements that are prepared for decision-making and describe the role of financial accounting in business.

Financial accounting is an integral part of the business decision-making process as it provides a foundation of information from which strategic plans can be formulated. The underlying concepts, principles and assumptions that govern financial accounting involve capturing the economic activities of a business in the form of financial statements such as the balance sheet, income statement, statement of changes in equity, and cash flow statement.

These are based on double-entry bookkeeping for reliable assessment and accurate measurement of a company’s performance at any given time. While these financial statements are prepared based on certain laws and accounting regulations, certain accounting principles such as full disclosure, conservatism, duality, etc. must also be satisfied to maintain an ethical standard while portraying the true financial picture. Therefore, financial accounting allows business owners to take better decisions by understanding their assets and liabilities in real-time.

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Assignment Brief 2: Analyse business transactions to record them in a journal and prepare a trial balance.

Business transactions must be timely recorded in a journal to help create an accurate and organized financial trail. By analyzing each transaction, we are able to determine the nature of the action and accurately record it within its respective journal entries. Once all entries are made, a trial balance can then be prepared to track debits and credits. When the two columns match, it ensures accuracy and helps companies understand how money is flowing throughout their business. All these steps are essential for making sure that their finances remain organized so they always have an eye on the bottom line.

Assignment Brief 3: Apply accrual accounting concepts and prepare to adjust entries at the end of the accounting period.

Accrual accounting is the concept of recognizing transactions when they occur and not when cash changes hands. Applying this concept allows businesses to accurately plan for the future using the most up-to-date information. When applying accrual accounting principles, it is important to remember to prepare to adjust entries at the end of each accounting period.

These adjustments are necessary in order to correct any temporary discrepancies between the amount received/spent versus income/expense recognition. By having accurate numbers, organizations are better prepared to move forward with their business plans knowing they have an accurate account of their financial state.

Assignment Brief 4: Describe the characteristics of an effective internal control system and demonstrate the use of bank reconciliation as a control device.

An effective internal control system is an important part of an organization’s operations, as it helps to manage risk, protect assets, and improve efficiency within the company. Such a system should include a range of policies and procedures that are regularly monitored and updated based on changing business conditions. One common control device used by businesses is a bank reconciliation – the comparison between the organization’s bank transactions information (bank statement) with the company’s own records of the transactions.

By reconciling their records periodically often on a monthly basis, any errors or disparities can be quickly identified so appropriate corrective actions can be taken. Furthermore, signing off on reconciliations provides oversight and accountability for funds entered into the system. This also helps to confirm that approved accounting entries have been properly recorded in both financial systems. Ultimately, quality internal controls ensure that established procedures are met to help promote sound financial practices within organizations.

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Assignment Brief 5: Express the accounting for receivables, uncollectible receivables and the writing off of uncollectible receivables.

Accounting for receivables generally involves record-keeping when a customer or a client purchases a product or service on credit. This lets businesses directly track money they are owed by their customers as an asset, usually referred to as accounts receivable on the balance sheet. In cases where such debt is unlikely to be paid, sometimes it must be written off and no longer deemed collectible.

To keep track of these uncollectible receivables, businesses must set up an accounts receivable allowance that helps to identify bad debt for tax deductions in their financial reporting. Effectively, this process enables companies to reduce their reported income in accounting periods, which helps to prevent overstating how well the business performed during the period by ignoring the unrecoverable amounts due from the customers.

Assignment brief 6: Implement the accounting for transactions related to sales and purchase of inventory under the periodic and perpetual inventory systems under various cost flow assumptions.

Accounting for transactions related to sales and purchase of inventory involves accounting for the cost received or paid (e.g. purchase price, credit terms) and the cost of making transactions (e.g. shipping costs). The periodic versus perpetual systems use different methods to account for costs related to inventory transactions, such as specific identification and weighted average cost.

Furthermore, selecting one of the five basic cost flow assumptions ( LIFO, FIFO, Average Costing, Specific Identification and Standard Costing) is also necessary when applying these systems in order to properly record changes in inventory valuation from period to period. It’s important to have a thorough understanding of these processes so that accurate financial records can be maintained and reported.

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Assignment Brief 7: Execute the accounting for fixed assets, intangible assets, investments and their related expenses.

Accurately managing the accounting of fixed assets, intangible assets, investments and their related expenses is essential for every business entity. It requires meticulous attention to detail and a thorough understanding of accounting regulations as they pertain to these types of items.

Developing and executing the appropriate procedures for handling asset acquisitions and disposals, capitalizing particular costs correctly, setting up depreciation schedules, tracking profits & losses related to investments, and maintaining accurate records throughout the entire process are all crucial aspects of performing these accounting activities. Consequently, companies depend upon well-trained professionals who can competently execute the accounting required for fixed assets, intangible assets, investments and their related expenses.

Assignment Brief 8: Illustrate, by preparing the accounting entries for liabilities arising from business transactions, differentiating between the current and long-term liabilities.

Accounting entries for current and long-term liabilities recorded in a business transaction must be carefully prepared to ensure accuracy. Current liabilities are those that require payment within one year while long-term liabilities include all debt obligations that extend beyond twelve months. When recording these entries, the appropriate account should be debited or credited based on the nature of the transaction.

For instance, when a company issues a loan with long-term repayment terms, an entry should be made to reflect the liability balance; this is typically done by debiting the cash account and crediting a long-term liability account. It is important that these entries can easily demonstrate a clear understanding of the liabilities associated with each transaction and how they impact financial performance. Properly achieved through accurate record keeping and analysis of each individual liabilities’ impact on the broader objectives of your enterprise.

Assignment Brief 9: Show the accounting entries for share-related transactions and present them on the relevant financial statements.

Accounting entries for any share-related transactions should be recorded as a debit to cash when issuing shares, a credit to common stock for the par value of the shares issued and a credit to paid-in capital in excess of par for any additional amounts received. On the financial statements, these entries will be reflected on the Statement of Changes in Equity and Balance Sheet.

In the Equity portion of the Balance Sheet, items relating to an increase in shareholder equity such as stock issuance or dividends will increase the corresponding accounts, while items such as unit repurchases or treasury stocks reduce the shareholder’s equity portion. The earned income received from share repurchase is recorded on the income statement. It is important to keep track of each entry accurately as shareholders rely on clear financial statements that reflect all related activities accurately.

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Assignment Brief 10: Present, in proper format, the statement of financial position, statement of comprehensive income and statement of changes in shareholders’ equity.

The financial position of a company is expressed through the Statement of Financial Position, which provides an overview of the company’s assets, liabilities and shareholder equity. Similarly, a comprehensive view of the company’s income and expenses over a period of time can be determined from the Statement of Comprehensive Income.

A Statement of Changes in Shareholders’ Equity indicates any increases or decreases to shareholders’ capital and retained earnings during a given accounting period. Together, these three statements provide an accurate picture of a company’s overall financial health. Every entity should strive to ensure these documents are kept up-to-date and presented properly in accordance with accounting standards and legislation.

Assignment Brief 11: Use financial statement information and compute financial statement ratios to analyze and evaluate business operations.

Financial statement analysis is a powerful tool for assessing the operational health of a business. By leveraging financial statement information and computing financial statement ratios, businesses are able to identify shortfalls and capitalize on areas of strength. These ratios provide an effective way to compare performance with established norms or criteria, as well as other competitors in the industry, enabling companies to take the necessary corrective action for continued success. Financial statement analysis provides invaluable insight into internal operations so that businesses can accurately measure performance and allocate resources accordingly.

Assignment Brief 12: Prepare a statement of cash flows using both direct and indirect methods and use cash flow information for decision-making.

Understanding how a business is generating and using cash is essential in decision-making. To appropriately measure cash flow, preparing a proper statement of cash flows is necessary. This statement can be prepared using either the direct or indirect method, both of which have their benefits and drawbacks. The direct method shows operating activities as they are — with a breakdown of major cash receipts and payments — while the indirect method begins with net income and adjusts for noncash transactions during the period. With either option, cash flow information will provide insight into underlying performance trends so business owners can make more informed decisions.

Assignment brief 13: Develop the essential knowledge and interpersonal skills to work effectively in a team.

To work effectively in a team, it is essential to develop not only the skills to engage and collaborate with one’s peers, but also the knowledge base necessary to build on shared ideas. This skill set requires careful nurturing and investment of time. It means developing a comprehensive understanding of team dynamics and problem-solving techniques which help groups reach a shared goal.

Listening actively and openly communicating are other important skills that need development through practice as well as mentorship from experienced professionals. With diligence and commitment, an individual has the capability of becoming an integral part of any collaborative effort.

Assignment Brief 14: Demonstrate proficiency in written and verbal communication skills.

Effective communication is at the core of many successful team collaborations and projects. Demonstrating a strong proficiency in written and verbal communication skills helps to ensure that professionals communicate effectively with colleagues, supervisors, and clients in all settings.

Good communication enables people to collaborate more productively on tasks, express their thoughts and ideas coherently, and be able to actively listen for clarity and understanding. Knowing how to use written and verbal channels in the most effective way is key to any professional setting; these essential skills should be honed regularly in order to demonstrate further proficiency.

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