Details of the task
Fortunate Ltd operates in the United Kingdom (UK) and sells Product A – a perishable food item, which is ordered from suppliers. They also specialise in the manufacture and sale of Product B. As a recently established company, they are seeking a team of financial accountants to assist with their Financial andManagement accounting procedures. The company’s management has heard about key terms in both Financial and management Accounting,
As a new Accountant within the Financial and Management Accounting department at Fortunate Ltd, the CFO has asked you to prepare a report for the next board meeting.
1. Discuss the books of prime entry in details and provide examples of each.
(10 marks)
2. Briefly discuss statement of the financial statements and provide examples of each.
(10 marks)
3. Differentiate between financial and management accounting.
(10 marks)
4. Briefly discuss five qualitative characteristics of financial information.
(10 marks)
5. Discuss the advantages and disadvantages of sole proprietor and limited liability company.
(20 marks)
6. Discuss the classification of costs by illustrating them with diagrams.
(10 marks)
7. Discuss the difference between absorption costing and marginal costing approaches and provide examples of each.
(10 marks)
Special note: You are advised to use academic sources to support your arguments. Please make full reference to any sources you use since failure to do so may be regarded as plagiarism and would imply severe consequences. Please refer to the Referencing section below for more information and advice.
Assignment instructions
Structure
You have been asked to produce a report. It should contain the following:
• Title Page, including the given title in full.
• Abstract (No more than 50 words)
• Contents Page
• Introduction
• Main body, which should also be organised under appropriate headings.
• Conclusion & recommendations
• Appendices, which should be numbered.
• Make sure you refer your reader to them as required.
• Word count; excluding appendices and references list.
Presentation
Your work should be word processed in accordance with the following:
• Font style, Times New Roman, font size 12
• 1.5 line spacing.
• The page orientation should be ‘portrait’
• Margins on both sides of the page should be no less than 2.5 cm
• Pages should be numbered
• Your name should not appear on the script.
Your student number should be included on every page
Skills advice
Refer to your material provided in your skills modules to make sure that you have conformed to academic conventions. Pay particular attention to:
• Your introduction,
• Your conclusion,
• The use of headings and/or signpost words
• Paragraph structure
Do refer to Info skills at http://writeitright.uelconnect.org.uk/home/and http://infoskills.uelconnect.org.uk/
Referencing
The university expects students to use Harvard referencing as specified in the book Cite them Right.
• Refer to http://www.uel.ac.uk/lls/support/harvard.htmfor further advice and a link to an online version of Cite them Right
• You should be careful to include citations within your work as well as a reference list at the end. Unreferenced work will fail.
Word count
Your word count should not include your abstract, contents, references list or appendices. You should provide your word count at the end of your report.
Exceeding the word count by more than 10% will result in a penalty of 10% of your marks for your work.
If your work is significantly shorter, then you will probably have failed to provide the level of detail required.
Submission to Turnitin of work submitted for assessment
Our policy on the use of Turnitin recognises the educational desirability that all of our students should enjoy the opportunity to self-submit their work to Turnitin (before submitting for assessment). We also recognise that Turnitin Originality Reports will sometimes assist in the identification of plagiarised work submitted for assessment.
Work that is submitted to Turnitin generates a Turnitin originality report, showing which parts of it have been reproduced from which sources. The system compares submissions to material that is to be found: on the world-wide web; in its database of previous submissions; and in its growing number of databases of published articles. You should not assume that a Turnitin originality report with a low similarity index is evidence that the piece of work concerned is free from plagiarism.
Our policy provides that a Module Leader may decide, in accordance with the policy of School of Business and Law, that all student submissions for a particular component of assessment should be submitted to Turnitin, provided that the relevant Module Guide includes a notice to that effect.
Notice is hereby given that all submissions of reports for this Module must be submitted to Turnitin. Detailed guidance on how to submit your work to Turnitin will be made available on this Module’s Moodle site.
If you fail to submit your report to Turnitin, in accordance with the guidance on the Moodle site, you will be awarded a mark of 0 for the component.