Final assessment and submission

This week’s topics

Final assessment and submission

1. Final coursework submission
2. Assessment against all criteria

What you will be able to do

• 1.1 Explain the need for financial record-keeping.
• 1.2 Explain the importance of liquidity and solvency in business.
• 1.3 Explain the accounting equation.
• 1.4 Explain how to record financial transactions using the double-entry method of bookkeeping.
• 2.1 Examine the purpose and importance of end of year adjustments in the preparation of final accounts.
• 2.2 Calculate the value of revenue and cost of sales, for given data, over the accounting period.
• 2.3 Calculate year-end adjustments, for given data, to account for irrecoverable debts and provisions for doubtful debts.
• 2.4 Calculate year-end adjustments, for given data, to account for accruals and prepayments when preparing the financial statements.
• 2.5 Calculate the cost of depreciation from different methods of depreciation for given data.
• 3.1 Explain the purpose of preparing final accounts for sole traders and partnerships.
• 3.2 Prepare final accounts, including relevant adjustments, for a specific sole trader business.
• 3.3 Prepare final accounts, including relevant adjustments, for a specific partnership business.
• 3.4 Analyse the financial statements of a selected business.
• 4.1 Explain the professional characteristics and ethical principles exhibited by an accountant.
• 4.2 Evaluate the impact of a breach of ethics on accountants and business organisations.
• 4.3 Explain the role of regulatory bodies for accountancy in a specific country.
• 4.4 Identify the requirements for external audit and the basic processes undertaken.

Activity

Final assessment week: submission of the unit assignment.

Study materials