Observation record WBS Business Studies BTEC National Unit 1 Ass1 BTEC by liaoqinmei

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									WBS Business Studies/BTEC National/Unit 1/Ass1


                                         BTEC National Assignment front sheet
  Learner name                                                      Assessor name

                                                                   Mr F O Abe

  Date issued                             Completion date                                  Submitted on

  07 September 2010                       30 September 2010

  Qualification                                                    Unit number and title


  BTEC National                                                    UNIT 6 – Financial Accounting

  Assignment title       Assignment 2 & 3: Adjustments to Final Accounts and Cashflow
  In this assessment you will have opportunities to provide evidence against the following criteria.
  Indicate the page numbers where the evidence can be found.

  Criteria        To achieve the criteria the evidence must show that
                                                                                                                 Task no.   Completed (tick)
  reference       the student is able to:


                  Explain explain how a limited company’s financial statements are
  P2
                  influenced by the legal and regulatory framework [RL, TW]


  P3              Make adjustments to a limited company’s financial statements [SM]


  P4              Explain the purpose of a limited company’s cash flow statement. [CT]


                  M2 assess the impact of adjustments to profit and loss account and
  M2
                  balance sheet items for a limited company


                  M3 assess the importance of the different elements of a cash flow
  M3
                  statement.


                  D1 justify the application of accounting conventions and regulations to
  D1
                  ensure that the financial statements meet their users’ needs


                  D2 evaluate the changes in the financial position of a limited company
  D2
                  using a cash flow statement.

  Learner declaration


  I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.

  Learner signature:                                                         Date:
WBS Business Studies/BTEC National/Unit 1/Ass1



Assignment brief
  Unit number and title                          UNIT 6 – Financial Accounting

  Qualification                                  BTEC National
                                                   th
  Start date                                     30 September 2010
                                                   nd
  Deadline                                       22 October

  Assessor                                       Mr F O Abe


  Assignment title                               Assignment 2 & 3: Adjustments to Final Accounts and Cashflow

  The purpose of this assignment is to:


  Know the impact of accounting legislation and concepts on organisations’ accounting
  policies and procedures

  Scenario

  When accountants prepare financial statements (final accounts) for an organisation, the financial performance and
  position of the organisation can be seen and interpreted clearly. Users of those financial statements will compare them
  with the information from previous accounting periods. Comparisons are only valid where accountants consistently
  follow the same accounting rules, principles and policies.

  Task 1

  Conduct a research into the accounts of sole traders, partnerships, charities, private limited companies and public
  limited companies’ financial accounts and statements and discuss in your groups, how accounting concepts have
  been developed and applied over a number of years, and the Framework for the Preparation and Presentation of
  Financial Statements which was developed in 1989. Furthermore, you will explain in detail, the differences in these
  accounts as compared to the larger businesses’s accounts:

  Legislation: Companies Acts (1985, 1989, 2006), Partnership Act (1890); division of profits and losses

  Task 2

  Working in groups of 2-3 people in each group, prepare a group presentation on the main principles that should be
  followed when presenting financial statements. You will need to discuss adjustments that should be applied at the end
  of the accounting period, so that the final accounts present a ‘true and fair view’ of the organisation’s financial
  performance and position and any changes in the financial position. Those adjustments will be related to actual
  accounting concepts and the Framework:

  Accounting concepts: business entity; materiality; going concern; accruals (matching); prudence; consistency; money
  measurement; historical cost; duality (double-entry); principles of relevance, reliability, comparability and
  understandability; Framework for the Preparation and Presentation of Financial Statements

  Task 3

  With the use of case studies and applied accounting concepts to the accounting information you will consider the
  impact on assets, liabilities and profit of a selected business. You are advised to look at the final accounts of sole
  traders, partnerships, clubs and charities and compare them. Looking at actual final accounts of clubs or charities
  provides an interesting contrast and you will be able to download these from the internet. You will also understand that
  an organisation’s accounting policies are based on the concepts and Framework, but some variation will be found
  between different organisations in areas such as depreciation methods and rates:

  Accounting policies and procedures: principles; conventions; rules and practices applied to financial statements (valuation of
  assets, matching of income and expenditure); depreciation; bad debts; provision for doubtful debts; accruals; prepayments; stock
  valuation.
WBS Business Studies/BTEC National/Unit 1/Ass1
  Sources of information




  This brief has been verified as being fit for purpose

  Assessor                F O Abe

  Signature                                                                   Date

  Internal verifier

  Signature                                                                   Date




Assessor's comments
  Qualification                BTEC National                          Assessor name   F O Abe

  Unit number and title        Unit 2 – Managing Business Resources   Learner name


  Grading criteria                                                                                      Achieved?

  P2 – Explain how a limited company’s financial statements are influenced by the legal and
  regulatory framework [RL, TW]

  P3 – Make adjustments to a limited company’s financial statements [SM]

  P4 – Explain the purpose of a limited company’s cash flow statement. [CT]

  M2 - Assess the impact of adjustments to profit and loss account and balance sheet items for a
  limited company

  M3 - Assess the importance of the different elements of a cash flow statement.

  D1 - Justify the application of accounting conventions and regulations to ensure that the financial
  statements meet their users’ needs
  D2 - Evaluate the changes in the financial position of a limited company using a cash flow
  statement.




  Learner feedback
WBS Business Studies/BTEC National/Unit 1/Ass1
  Assessor feedback




  Action plan




  Assessor signature                             Date


  Learner signature                              Date

								
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