| Higher Nationals Assignment Brief | |
| Qualification Title | Pearson BTec Level 5 Higher National Diploma in Business |
| Unit Number and Title | Unit 5: Accounting Principles |
| Assignment Title | Accounting Principles |
| Submission format | The submission is in the form of a portfolio of evidence compiled from the evidence produced for two assignments that include the following. A blog that should make use of headings, sub-sections, columns, and appropriate business - related images and illustrations. This format offers the opportunity to present academic and theoretical information in a practical, contextualised and creatively written way. The recommended word limit for the case study is 1,500–2,000 words, although you will not be penalised for going under or exceeding the total word limit. All work must be supported with research and referenced correctly using the Harvard referencing system (or alternative referencing system). |
| LO1 | Examine the context and purpose of accounting. |
| LO2 | Prepare basic financial statements for unincorporated and small business organisations in accordance with accounting principles, conventions and standards |
| LO3 | Interpret financial statements |
| LO4 | Prepare budgets for planning, control and decision making using spreadsheets |
| Vocationa Scenario | Having successfully completed your six-month probation at Deloitte as a Graduate Trainee, the accountancy company, you have now been attached to a unit in the firm that deals with the provision of accountancy and consultancy services to small businesses that are typically set up as sole traders, not-for-profit or partnerships. The firm is careful about which small and emerging businesses it works with as it seeks to spot growth potential and identify and work with clients that have scalable business models. |
| Assignment activity and guidance | |
| Your supervisor, one of the firm’s Key Account Managers, has asked you to prepare a blog that will be used to market and promote its accounting services to new and existing clients. The working title you have been given for the blog is ‘The role of accounting in an organisation’. The blog must be presented as an online blog in an engaging and practical way, covering relevant academic theory, making use of, for example, headings, images and illustrations. Your blog should include the following, but is not limited to: | |
| i) | the purpose and scope of accounting in complex operating environments |
| ii) | a critical evaluation of the accounting function in informing decision making and meeting stakeholder and societal needs and expectations |
| iii) | the main branches of accounting and job skillsets and competencies |
| iv) | accounting systems and the role of technology in modern-day accounting |
| v) | issues of ethics, regulation and compliance and the extent to which they are constraints or threats to the organisation. |
| Having completed the first activity, you have now been asked to work with a hospitality and catering start-up business that your firm has just taken on as a client. The business is particularly in need of support and guidance with budgeting and how it can be used to inform efficient resource allocation and support effective control and decision making. The founder of the business is investing £100,000 of their own capital and has also secured a business loan of £50,000. | |
In order to pass this unit, the evidence that the learner presents for assessment needs to demonstrate that they can meet all the learning outcomes for the unit. The assessment criteria for a pass grade describe the level of achievement required to pass this unit.
| Assessment and grading criteria | |||||
| To achieve a pass grade the evidence must show that the learner able to: | To achieve a merit grade the evidence must show that, in addition to the pass criteria, the learner is able to: | To achieve a distinction grade the evidence must show that, in addition to the pass and merit criteria, the learner is able to: | |||
| P1 | Examine the purpose of the accounting function within an organisation. | M1 | Evaluate the context and purpose of the accounting function in meeting organisational, stakeholder and societal needs and expectations. | D1 | Critically evaluate the role of accounting in informing decision making to meet organisational, stakeholder and societal needs within complex operating environments. |
| P2 | Assess the accounting function within the organisation in the context of regulatory and ethical constraints. | ||||
| P3 | Prepare financial statements from a given trial balance for sole traders, partnerships and not-forprofit organisations, to meet accounting principles, conventions and standards. | M2 | Produce financial statements from a given trial balance, making appropriate adjustments. | D2 | Critically evaluate financial statements to assess organisational performance using a range of measures and benchmarks to make justified conclusions. |
| P4 | Calculate and present financial ratios from a set of final accounts. | M3 | Evaluate the performance of an organisation over time, using financial ratios with reference to relevant benchmarks. | ||
| P5 | Compare the performance of an organisation over time using financial ratios. | ||||
| P6 | Prepare a cash budget from given data for an organisation using a spreadsheet. | M4 | Identify corrective actions to problems revealed by budgetary planning and control for effective organisational decision making. | D3 | Justify budgetary control solutions and their impact on organisational decision making to ensure efficient and effective deployment of resources. |
| P7 | Discuss the benefits and limitations of budgets and budgetary planning, and control for an organisation. | ||||
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