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Qualification - OTHM Level 5 Diploma in Business Management
Unit Name - Accounting for Managers
Unit Code - T/616/3032
Unit Level - Level 5
Unit Credits - 20
Assignment Title - Accounting for Managers
Learning outcome 1: Understand accounting concepts and conventions.
Learning outcome 2: Be able to prepare financial statements for sole traders, partnerships and limited firms from ledger accounts and incomplete records.
Learning outcome 3: Be able to evaluate financial performance.
Learning outcome 4: Understand the UK Regulatory Framework for accountancy and finance.
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Scenario
You have applied for a job in the accounting department of a department store.
Task 1
Instructions
As part of the application form, you are to answer the following questions:
1. Explain the aims and purpose of financial and management accounting to business.
2. Who are the various users of accounting information and what information would these users require?
3. Describe the role of the International Accounting Standards Board (IASB) and the Standards Advisory Council (SAC)
Task 2 Accounting Test
After successfully being called in for an interview. You have been asked a problem to solve to test your ability in basic accounting.
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Problem 1
Jack Uzi, wholesale toys online, operates out of his office in his parents' apartment, with 0 inventory. Every toy he sells is first purchased then re-sold, but only after the order comes through. You need to help him out with his bookkeeping. The following transactions occurred in October:
a. Paid £500 for lease of computer equipment in advance for November
b. Cash Sales of £4,847. (for stuffed animal)
c. Cash sales of £4,486 (for Educational Toys)
d. Cash sales of £4,702 (for Video Games)
e. Cash Sales of £1,827 (for Pretend-play toys)
f. Purchase of office supplies on account from Bing's Office Supply, £416.
g. Withdrawal by owner (Jack Uzi) of £1,600.
h. Payment on account (Bing's), £390.
i. Payment of wages with cash, £2,500.
j. Payment for cleaning services with cash, £74
k. Payment to purchase stuffed animal, £4,044
l. Payment to purchase Educational Toys, £3,547
m. Payment to purchase Video Games, £4,169
n. Payment to purchase Pretend-play toys, £1,382
Further, he has account balances for the beginning of October as follows:
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Cash
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£ 2,000
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Accounts Payable, Bing's Office Supply Hut
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£ 75
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Office Supplies
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£ 75
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Jack Uzi, Capital
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£ 2000
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Instructions
1. Prepare books of original entries (Sales journal, purchase journal, cash journal)
2. Prepare the general ledger
3. Jack checked his bank balance and he noticed that his actual cash balance was £20 less due to overdraft fees, make the necessary adjustments
4. Prepare a trial balance for October 31 2017
5. Prepare a cash Flow Statement for October 31, 2017
6. Prepare an Income Statement for the period ending October 31, 2017
7. Prepare a Balance Sheet for October 31, 2017
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Assistance with Integrated Marketing Communications Assignment for Pearson BTEC Levels 4 and 5 Higher Nationals in Business
Problem 2
WoodyTrain has the following income statement
WoodyTrain
Income Statement
2017
Sales £ 31,442.00
Cost of Goods
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Beginning Inventory value
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£ 8,010.00
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Manufacturing cost
Less Ending Inventory value
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£ 19,159.00
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£ 8,793.00
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Cost of Goods Sold
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£ 18,376.00
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Gross Profit
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£ 13,066.00
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Non-Operating Income
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|
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Interest Income
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£ 600.00
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Total Non-Operating Income
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£ 600.00
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Total INCOME
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£ 13,666.00
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EXPENSES
Operating Expenses
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|
|
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Accounting and Legal
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£
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1,107.00
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Advertising
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£
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900.00
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Depreciation
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£
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1,202.00
|
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Insurance
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£
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1,041.00
|
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Maintenance and Repairs
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£
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923.00
|
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Office Supplies
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£
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325.00
|
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Rent
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£
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1,268.00
|
|
Salaries and Wages
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£
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925.00
|
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Telephone & Broadband
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£
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118.00
|
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Utilities
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£
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565.00
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Web Hosting and Domains
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£
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165.00
|
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Total Operating Expenses
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£ 8,539.00
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Non-Recurring Expenses
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|
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Furniture and Equipment
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£ 1,052.00
|
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Total Non-Recurring Expenses
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£ 1,052.00
|
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Total EXPENSES
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£ 9,591.00
|
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Net Income Before Taxes
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£ 4,075.00
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Income Tax Expense
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£ 815.00
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|
|
|
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NET INCOME
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£3,260.00
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Woody Train
Statement of financial position at 31 Dec 2017
Assets
Current Cash £ 1,704.00
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Inventory of Office Supplies Inventory (Raw Materials, Work In
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£120.00
|
|
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Progress, Finished Goods)
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£ 8,793.00
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£ 10,617.00
|
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Non-current assets
|
|
|
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Office Equipment
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£ 3,785.00
|
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Less: Accumulated depreciation 2,583.00
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£ 1,202.00
|
|
£
|
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Equity
|
|
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£13,200.00
|
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Owner Capital
|
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£ 6,000.00
|
|
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Profits/loss
|
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£ 3,260.00
|
|
|
£
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9,260.0
|
|
|
|
|
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Liabilities Current
Liabilities Short-term loan
Non- Current Liabilities £ 1,940.00
Long-term loans £ 2,000.00
Total Liabilities + Equity £ 13,200.00
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Assistance with Taxation Principles and Practices Assignment for OTHM Level 5 Diploma in Accounting and Business
Instructions
1. Using the usual ratio categories (Liquidity ratios, Solvency ratios and Profitability ratios), classify the following ratios
• Current Ratio
• Acid-Test Ratio
• Debt-Equity Ratio
• Profit Margin
• Return on Owners' Equity
2. Calculate the following ratios
• Debt-Equity Ratio
• Profit Margin
• Return on Owners' Equity
3. Based on the information provided and your ratio, how would you describe the financial performances of WoodyTrain?
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LO
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LO Description
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AC
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AC Description
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1
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Understand accounting concepts and conventions.
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1.1
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Explain the aims of financial and management accounting and accounting regulations.
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1.2
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Explain the main types of business and accounting information and their features.
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1.3
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Evaluate the role of different users of accounting and financial information.
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2
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Be able to prepare financial statements for sole traders, partnerships and limited firms from ledger accounts and incomplete records.
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2.1
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Prepare books of original entry.
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2.2
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Prepare trial balance information to enter to final accounts.
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2.3
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Construct final accounts including cash flow statements.
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2.4
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Make adjustments for book keeping and final accounts.
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3
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Be able to evaluate financial performance.
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3.1
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Calculate a range of financial ratios.
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3.2
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Categorise financial ratios.
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3.3
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Evaluate financial performance using ratios.
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4
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Understand the UK Regulatory Framework for accountancy and finance.
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4.1
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Summarise the main features of the UK regulatory framework.
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4.2
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Evaluate the impact of international regulations on UK organisations
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