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ACC202 Financial and Managerial Accounting Assignment SUSS Sample Singapore

The course will help you understand fundamental concepts in accounting and their role in business. You’ll learn how to analyze information, make decisions based on this knowledge as well as support your claims with appropriate documentation!

You’ll also learn the essentials of the legal system and social forces that influence public policies. In addition, you will expand your understanding of international systems and gain important knowledge on how business has evolved over time. At the end of the course, you’ll have a better grasp on how businesses work and acquire a high level essential skill set that enables you to think critically and solve problems in a systematic way.

By the end of the course, you will have mastered:

What accounting is all about! You’ll gain an understanding of what is being measured, how it’s being measured and why it’s being measured. In addition, you’ll also learn to recognize when information can be trusted and be able to assess its reliability.

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Assignment Brief 1:  Analyze business transactions and explain how they are reflected in financial reports

The goal of financial reporting is to provide information that is useful in making business decisions. Transactions are recorded in the accounting books and then summarized in financial statements.

The income statement shows how much revenue a company has earned and the expenses it has incurred over a period of time. This information can be used to assess a company’s profitability and whether it is generating enough cash flow to cover its expenses.

The balance sheet shows the company’s assets, liabilities, and equity as of a specific date. This information can be used to measure a company’s financial health and determine whether it is able to meet its obligations.

The cash flow statement shows how much cash has flowed in and out of the company over a period of time. This information can be used to determine if a company has enough cash on hand to pay for its current level of operations.

The statement of shareholders’ equity provides information about the changes in the company’s ownership capital over time. This information can be used to understand how certain events affect the value of each class equity security held by stockholders.

The statement of cash flows shows how much cash a company has generated from its activities during a period of time. This information can be used to assess the long term profitability of the business.

Assignment Brief 2: Present the contents of general purpose financial statements

Generally, financial statements show a business’s financial position, performance, and cash flow. The three most common types of financial statements are the balance sheet, the income statement, and the cash flow statement.

The balance sheet shows a company’s assets (what it owns), its liabilities (what it owes), and its shareholders’ equity (the difference between what the company owns and what it owes). The income statement measures a company’s revenue and expenses over a specific period of time, such as a month or a year. And the cash flow statement tracks how much money came into and went out of the company over a specific period of time.

The three financial statements are interdependent, meaning that changes in one part of the statement will likely affect another. For instance, an increase in revenue would also cause an increase in assets and net income and a decrease in liabilities and dividends.

There are three main financial statements that businesses use to track their finances: the income statement, the balance sheet, and the cash flow statement.

The income statement is a summary of a company’s revenues and expenses over a period of time, usually a year. This statement can help you understand how profitable a company is and whether it is generating more revenue than it is spending.

The balance sheet shows a business’s assets, liabilities, and owner’s equity as of a certain date. This statement can give you an idea of how solvent a company is – that is, how likely it is to be able to pay its debts as they come due.

The cash flow statement tracks how much cash comes into and goes out of a business over a specific period of time, usually one year. This statement can help you understand whether the company is generating enough cash to fund its operations and make planned investments for future growth.

Assignment Brief 3: Explain the impact of different cost flow assumptions when accounting for inventory

The impact of different cost flow assumptions when accounting for inventory can be significant. Under the FIFO cost flow assumption, the first unit acquired is also the first unit sold, and costs are assigned to inventory based on this first-in, first-out (FIFO) sequence.

Under the LIFO cost flow assumption, the last unit acquired is also the first unit sold, and costs are assigned to inventory based on this last-in, first-out (LIFO) sequence. The choice of which cost flow assumption to use can have a significant impact on reported profits. For example, if prices increase over time (inflation), then under FIFO inventory would be valued at higher costs than under LIFO, resulting in lower profits. The reverse would be true if inflation is deflationary.

The three most common cost flow assumptions in accounting for inventory are First-In, First-Out (FIFO), Last-In, First-Out (LIFO), and Weighted Average. The choice of cost flow assumption can have a significant impact on a company’s financial statements and their reported profitability.

For example, using the FIFO assumption would mean that the oldest units in stock are assumed to be sold first, and thus the costs associated with those units would be included in the income statement. Conversely, using the LIFO assumption would mean that the newest units in stock are assumed to be sold first, and thus the costs associated with those units would be included in the income statement.

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Assignment Brief 4: Comment on the difference between the direct write-off and the allowance methods to account for receivables and uncollectible receivables

The allowance method is a more conservative approach to accounting for receivables and uncollectible receivables. Under the allowance method, an estimate is made of the amount of receivables that are unlikely to be collected, and this amount is then subtracted from the total amount of receivables on the balance sheet.

The direct write-off method does not involve making an estimate of uncollectible receivables. Under this method, any receivable that is determined to be uncollectible is simply written off as a loss on the income statement. The direct write-off method results in a less conservative estimate of net assets, but it also has the advantage of being simpler and faster to execute.

The allowance method is used by financial institutions, such as banks and credit card companies, that make large numbers of loans to customers. The direct write-off method is more appropriate for vendors that sell products or services on a cash basis only.

The allowance method is a more conservative way to account for receivables and uncollectible receivables. It results in the recognition of a lower net income because it takes into account future bad debt losses that may not be collected.

The direct write-off method is less conservative, and it results in the recognition of a higher net income because it does not take into account future bad debt losses. However, this method requires that management continually assess the collectibility of each account receivable. If management determines that an account receivable is uncollectible, then the direct write-off method would be used to record the loss.

Accounts Receivable are assets that represent money owed by customers to the company. This asset is on a company’s balance sheet, and it can be either on the asset side or the liability side depending upon whether the company has had to give value for this money. The Accounts Receivables are shown as a “Current Asset” i.e. one that is expected to be converted into cash within the next accounting cycle (usually a year).

Accounts Receivables are considered uncollectible when they are past due, meaning that they have not been paid by the debtor for more than 90 days after their maturity date.

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Assignment Brief 5: Identify the net book value of long-term assets and explain how they and their related expenses are reflected in financial statements

 The net book value of long-term assets is the cost of the asset minus its accumulated depreciation. Long-term assets are listed on a company’s balance sheet and represent property, plant, and equipment that have a lifespan greater than one year.

The cost of an asset includes the purchase price, freight costs, installation costs, and any legal or other fees associated with acquiring the asset. The accumulated depreciation is the total amount that has been charged against an asset’s cost over its lifetime. This amount is based on the estimated useful life of the asset and is calculated using a depreciation method such as straight line or declining balance.

The related expenses for long-term assets are depreciation expense and interest expense. Depreciation expense is recorded as a contra account to the asset and does not involve a cash outflow. Interest expense is related to the financing of long-term assets, but this is different from depreciation as it results in a cash outflow.

The net book value of short term assets is the cost of the asset minus any current period depreciation that has been recorded against the asset. Short-term assets are listed on a company’s balance sheet and represent property, plant, and equipment that have a lifespan of one year or less.

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Assignment Brief 6: Categorize and describe various types of liabilities and equity

There are three types of liabilities: current liabilities, long-term liabilities, and contingent liabilities. 

Current liabilities are those that are due within one year. Long-term liabilities are those that are due after one year. And Contingent liabilities are obligations that may or may not materialize in the future. 

There are two types of equity: primary equity and subordinated debt. 

Primary equity is the first money to be paid out to creditors in the event of a company’s bankruptcy. It includes things like common stock and preferred stock. Subordinated debt is debt that’s junior to other debts, meaning it’s the last money to be paid out in the event of a company’s bankruptcy. It basically includes all things like bonds and notes.

So why should you care?

Well, Equity and debt play a huge role in determining the value of a company. This is because Equity and debt are the only types of instruments that share two key features: 

(1) They’re both liabilities.

(2) They’re non-redeemable investments. Because of these two features, Equity and debt are often referred to as the two extremes in the spectrum of corporate finance instruments.

Ok, so how do they determine equity?

The value of equity is derived from the values of assets. It represents ownership in a company without any claim on its operations or profits. The owner/shareholders will gain returns only when the business generates cash in excess of its needs. They will also enjoy a bit more security in the form of limited personal liability.

How is debt determined?

Debt is the result of a company taking out money from a creditor in order to use it for business purposes. In order to repay this money, the company must provide something called ‘interest.’ Interest is basically the time value of money. It’s compensation to the creditor for giving up access to the funds before they are due. And like equity, debt comes in several different forms.

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Assignment Brief 7: Examine a statement of cash flows

A statement of cash flows is a financial statement that shows how changes in balance sheet accounts and income statement accounts affect cash and cash equivalents. It can be used to determine the company’s ability to generate cash flow from its operations. The three sections of a statement of cash flows are: operating activities, investing activities, and financing activities.

Cash flow is important because it is the lifeblood of a company. It tells us how much money the company has to pay its bills, expand its business, and reward its shareholders. It’s also an indicator of a company’s financial health. A positive cash flow means the company has more money coming in than going out; a negative cash flow means the opposite.

Statement of Cash Flows – Operating Section

Cash flow from operating activities is the first section on the statement of cash flows. This shows how much money a company earned or lost during an accounting period by making ordinary, everyday sales and purchases. It also includes non-cash items such as depreciation and amortization expenses. The net change in cash (operating activities) equals net income.

The statement of cash flows is a financial statement that shows how changes in a company’s cash and cash equivalents, short-term investments, and long-term investments have affected its cash flow during a particular period. It consists of three sections:

  1. Operating activities section—shows the company’s net income (profit or loss) as well as the changes in its operating assets and liabilities, providing an overview of how the company generated or used cash during the period.
  2. Investing activities section—shows the company’s purchases and sales of long-term investments, along with any changes in its short-term investments.
  3. Financing activities section—shows where the company got its cash (either from loans or from shareholders) and how it used its cash .

Assignment Brief 8: Use financial ratios to analyze financial statements

There are a number of financial ratios that can be used to analyze a company’s financial statements. Some of the most commonly used ratios are the debt-to-equity ratio, the current ratio, and the return on equity (ROE) ratio.

The debt-to-equity ratio measures how much debt a company has relative to its equity. The higher the debt-to-equity ratio, the more risky a company is, because it means that there is a higher chance that the company will not be able to repay its debts.

The current ratio measures how easily a company can pay its short-term debts. The higher the current ratio, the better, because it means that the company has more short-term assets available to pay short-term debts.

The return on equity (ROE) measures how much profit a company is making with the money that it has already invested. The higher the ROE, the better, because it means that the company makes more money using its current investments. This provides insight into whether the company’s management is effective at using the company’s existing assets to generate profits.

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Assignment Brief 9: Discuss managerial cost concepts

Managerial cost concepts are important to understand in order to make informed decisions about the allocation of resources within an organization. There are three key managerial cost concepts:

1) Fixed Costs: Fixed costs are costs that do not change regardless of the level of production or activity within an organization. For example, rent and utilities are typically fixed costs.

2) Variable Costs: Variable costs are costs that change in relation to the level of production or activity within an organization. For example, the cost of raw materials is a variable cost.

3) Total Costs: Total costs are the sum total of fixed and variable costs.

Managerial cost concepts are important to organizations, because without understanding these concepts, it is difficult for managers to make informed financial decisions. For example, consider a manager who is asked to cut costs by the board of directors. If this manager does not understand managerial cost concepts, they may cut many variable costs. However, cutting too many variable costs may result in lower levels of production or activity, thus increasing the total cost to the organization.

Fixed Costs are costs that do not change regardless of the level of activity within an organization. For example, rent and utilities are typically fixed costs. Managerial cost concepts are important to organizations because without understanding these concepts, it is difficult for managers to make informed financial decisions. For example, consider a manager who is asked to cut costs by the board of directors. However, cutting too many variable costs may result in lower levels of production or activity; thus increasing the total cost to the organization.

If the firm increases its output and sales without changing its fixed costs, its total cost will rise.

Variable Costs are costs that change in relation to the level of activity within an organization. For example, the cost of raw materials is a variable cost. Managerial cost concepts are important to organizations because without understanding these concepts, it is difficult for managers to make informed financial decisions.

Assignment Brief 10: Describe the allocation of overhead costs to products

There are a few different ways to allocate overhead costs to products, but the two most common methods are absorption costing and direct costing.

Absorption costing allocates overhead costs to products based on the amount of overhead costs that are incurred in producing the product. This method assumes that all of the overhead costs are related to producing the product, and therefore, all of the overhead costs should be allocated to the product.

Direct costing allocates overhead costs to products based on the amount of direct labour hours or machine hours that are used in producing the product. This method assumes that only the direct labour hours or machine hours that are used in producing the product are related to producing the product, and therefore, only these labour hours or machine hours should be allocated to the product.

Direct costing is considered to be a better method for allocating overhead costs in certain industries, while absorption costing is considered to be a better method in others. The reason why direct costing is preferred in some cases is because it provides information on how well management controls labour and machine hours used in production. The information provided by direct costing is believed to help management control these costs as well as plan for future changes.

The allocation of overhead costs to products is based on the use of resources by each product. The costs are allocated to products in proportion to the amount of direct labor cost and manufacturing overhead cost used by each product.

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Assignment Brief 11: Compare different types of cost behaviors and use cost-volume-profit analysis

There are three types of cost behaviors: fixed, variable, and mixed. Fixed costs remain unchanged regardless of the level of activity within a company, whereas variable costs change in direct proportion to the level of activity. Mixed costs contain both fixed and variable elements.

Cost-volume-profit (CVP) analysis is a method used to determine the effect of changes in sales volume on a company’s profits. It does this by separating total costs into fixed and variable components. The goal is to identify the point at which total profits are maximized. This occurs when total revenue (sales) is equal to total cost, including both fixed and variable costs.

Fixed costs do not change regardless of the level of activity within a company. If a company’s management knew ahead of time exactly how many units would be produced and sold, they could calculate fixed costs simply by multiplying those unit sales by the cost per unit. However, since it is impossible to know exactly how many items will be sold, companies must use statistical techniques to estimate the likely range of unit sales within a relevant time period. This is done by using a prediction for the expected value, which is the number that is most likely to occur.

The appropriate time period for cost-volume-profit analysis varies depending on the type of company. For example, short-term analysis is used to evaluate performance in a given year. Medium term would be, for example, 3–5 years and long term 5–10 years or even longer.

Assignment Brief 12: Interpret a master budget

A master budget is a comprehensive financial plan that summarizes a company’s expected revenues and expenses over a specific period of time. The master budget is typically divided into four main sections: sales, production, administrative and general expenses, and financial expenses. It also includes a cash flow analysis and detailed explanations for how each revenue and expense line item is projected to change over time.

The purpose of the master budget is to provide business owners and managers with a high-level overview of their company’s financial status so they can make more informed decisions about where to allocate resources and how to best grow their business.

Master budgets are most closely associated with manufacturing companies, but they can also be utilized by e-commerce businesses or any other small or medium-sized company that is seeking to expand their operations.

The master budget is generally created at the department level, meaning there will be separate budgets for each department within a company. However, if a business has a very small number of employees, it could opt to create a master budget at the individual level instead.

The first step in creating a master budget is to make an initial forecast for how much revenue and expenses will be generated over the upcoming months or year (depending on how long and detailed the budget needs to be). This can be done by collecting historical information about past revenue and expenses, or by making educated guesses based on expected changes in the economy.

Once the initial forecast is completed, it should be taken to an experienced financial professional for review before being used as a foundation for creating more detailed projections.

The next step is to create monthly or quarterly budget reports that show how the numbers generated by the initial forecast will be allocated. Each department should provide its own budget report, but it’s also advisable for this step to include a high-level review of the entire master budget to ensure that everything makes sense and lines up with projections made at the department level.

Finally, managers should examine each line item in each revenue and expense category to make sure they fully understand each number. This step is necessary because the more informed a business owner or manager is about their company’s numbers, the better able they will be to make decisions that boost performance.

As part of the budgeting process, managers should compare expected figures from a master budget with actual results on a monthly and quarterly basis. This can help to highlight problem areas in the budgeting process, as well as opportunities for improvement. For example, if a manager notices that actual revenue is always lower than projected figures, they might choose to work more closely with department heads to make sure future forecasts are more accurate.

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

Every successful team is built on a foundation of trust and mutual respect. To work effectively in a team, you need to be able to develop these fundamental qualities. In addition, it’s important to be able to communicate effectively with your team members, collaborate productively, and resolve conflicts constructively.

The best way to build trust and mutual respect is by demonstrating that you are reliable and honest. Be consistent in your actions, and be truthful in your communication. Make sure that you keep your promises, and follow through on your commitments.

To communicate effectively with your team members, you need to understand their needs and preferences. Pay attention to their body language and listen attentively when they are speaking. Try to avoid interrupting them, and respond supportively to their requests.

When it comes to collaborating, you need to find a balance between giving your team members autonomy and working together as a group. The best way to do this is by encouraging everyone’s input when making decisions, and ensuring that each member has an opportunity to contribute during meetings and in other situations.

Finally, it’s important to resolve conflicts constructively. Encourage your team members to work out disagreements by themselves first, and provide support and guidance if they’re unable to do so. If a conflict escalates and becomes personal, take the person aside and talk to him about the problem in private.

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

Written Communication:

I can write effectively and persuasively in a clear, concise, and organized manner. I am able to tailor my writing style to fit the specific needs of my audience.

Verbal Communication:

I am an effective communicator who is able to foster positive relationships with others through open and clear communication. I am able to understand and interpret the thoughts and feelings of others, and respond in a way that demonstrates empathy and understanding.

I can write effectively, and have a strong command of the English language. I am able to communicate complex ideas in a clear and concise manner. Additionally, I am able to adapt my writing style to fit the tone of the audience. In terms of verbal communication, I have strong public speaking skills and can effectively communicate with people from all walks of life. I am also comfortable with leading or participating in group discussions.

I have consistently demonstrated proficiency in written and verbal communication skills throughout my academic career. In addition to earning an A+ in a college-level communication course, I have also worked as a communications assistant for a small business, where I was responsible for drafting and sending correspondence, managing social media accounts, and creating marketing materials. My skills are also evident in the blog posts I’ve written on this platform. Through clear and concise writing, I am able to articulate complex topics in an easy-to-understand manner, making me an asset to any organization.

In terms of verbal communication, I have experience leading group discussions as a teaching assistant for my university’s Natural Sciences department. Similarly, as a marketing intern at a small business, I frequently set up meetings and communicated with clients to discuss their needs and the services we could offer them. Through both written and verbal communication, I am an effective communicator with the ability to listen and respond in a way that is best for the audience.

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