Accounting for Business - Australia Assignments

LSC UoS BA in Business

Assignment Brief

Course/Programme:	BA Business
Level:	5
Module Title:	Accounting for Business
Module Leader:	S. A. Palan
Assignment titles:	Accounting concepts
Assignment number:	1
Weighting:	Individual assignment: 30%
Date given out:	April 2023
Submission date:	19^th May 2023
Eligible for late submission (3 working days, with penalty)?	Yes
Method of submission:	X	Online only	Online and paper copy
Special instructions for submission (if any):
Date for results and feedback:
Employability skills assessed:	C1: Reading, selecting, analysing and synthesising information from a range of sources C2: Producing different types of document C3: Participating in discussions IT1: Preparing information N3: Presenting your findings S1: Plan personal work schedules WWO2: Working towards identified targets
Learning outcomes assessed:	LO1: Understand the theoretical and conceptual underpinning and frameworks for financial accounting LO2: Understand and consider the issues in revenue recognition, expense recognition, accruals, prepayments, depreciation, inventory valuation, recognition of liabilities in the construction of core financial statements for sole traders and limited companies

TASK DESCRIPTION

In the UK, a conceptual and regulatory framework is currently in place for financial reporting as required by the International Accounting Standards Board (IASB).

TASK

Discuss six accounting concepts used in the preparation of financial statements. Use examples to illustrate the application of these accounting concepts.

LENGTH REQUIRED

1000 words +/- 10%. Any deviation from this will be penalised.

FORMATTING AND LAYOUT

Please note the following when completing your written assignment:

Writing: Written in English in an appropriate business/academic style

Focus: Focus only on the tasks set in the assignment.

Document format: Essay

Ensure a clear title, course, and name or ID number is on a cover sheet and a reference using Harvard referencing throughout is also provided.

Research: Research should use reliable and relevant sources of information e.g. academic books and journals that have been peer reviewed. The research should be extensive.

The use of a range of information sources is expected – academic books, peer reviewed journal articles, professional articles, press releases and newspaper articles, reliable statistics, company annual reports and other company information. All referencing should be in Harvard style

marking criteria and Student FEEDBACK – ASSIGNMENT 1

This section details the assessment criteria. The extent to which these are demonstrated by you determines your mark. The marks available for each criterion are shown. Lecturers use a similar format to comment on the achievement of the task(s), including those areas in which you have performed well and areas that would benefit from development/improvement.

Common Assessment Criteria Applied	Marks available	Marks awarded
1. Research-informed Literature Extent of research and/or own reading, selection of credible sources, application of appropriate referencing conventions.	5
The objectives of the assignment identified and clarified.
The objectives of the assignment identified and clarified.
2. Knowledge and Understanding of Subject Extent of knowledge and understanding of concepts and underlying principles associated with the discipline.	10
With respect to the assignment topic, students must have a sound knowledge and understanding of accounting concepts in the preparation of financial statements.
3. Analysis Analysis, evaluation and synthesis; logic, argument and judgement; analytical reflection; organisation of ideas and evidence	60
The ability to discuss real life situations reflecting on your own experiences through appropriate theories, models, techniques and frameworks. Credit will be given for the use of both quantitative and qualitative elements within the response to the question provided the approach adopted is reasonable and is justified.

4. Practical Application and Deployment	15
Conclusion and recommendations – Ensure your conclusions and recommendations are justified and supported by facts. They should follow logically the evidence contained in the main body of the assignment. Reaching a conclusion based on your analysis is important. Don’t be afraid to have an opinion.

5. Skills for Professional Practice Attributes in professional practice: individual and collaborative working; deployment of appropriate media; presentation and organisation.	10
Overall presentation – This should be coherent, logically organised, and clearly expressed. They should be accurate in terms of spelling, grammar and punctuation. Appendices should contain material relevant to supporting the assignment. Referencing Use Harvard referencing style should be strictly followed. Ensure your reference list include all citations in the text and others which may not be in the text (bibliography) Ensure that your references are coming from quality sources such as articles; textbooks and other peer-reviewed journals

Assignment Mark (Assessment marks are subject to ratification at the Exam Board. These comments and marks are to give feedback on module work and are for guidance only until they are confirmed. )

Late Submission Penalties (tick if appropriate)

GENERIC ASSESSMENT CRITERIA

Level 5

In accordance with the Framework for Higher Education Qualifications, at the end of Level 5 students will be expected to have developed sound knowledge and critical understanding of the well-established concepts and principles in their field of study, and of the way in which those principles have developed. They will have learned to apply those concepts and principles more widely outside the context in which they were first studied, including, where appropriate, the application of those principles in an employment context. They will have knowledge of the main methods of enquiry in the subject area, and ability to evaluate critically different approaches to problem solving. They will possess an understanding of the limits of their knowledge, and how this influences their analyses and interpretations. They will be able to use a range of established techniques to initiate and undertake critical analysis of information, and to propose solutions to problems arising from that analysis. They will be able to effectively communicate information, arguments and analysis in a variety of forms to specialist and non-specialist audiences, and deploy key techniques of the discipline effectively. They will be able to undertake further training, develop existing skills and acquire new competences that will enable them to assume significant responsibility within organisations. They will have the qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making.

Level 5	FAIL	MARGINAL FAIL	SATISFACTORY (3^rd / Pass)	GOOD (2.2 / Pass)	VERY GOOD (2.1 / Merit)	EXCELLENT (1^st / Distinction)	EXCEPTIONAL (1^st / Distinction)
Engagement with literature (including reading, referencing, academic conventions and academic honesty)	Little or no evidence of reading and/or reliance on inappropriate sources. Views and findings mostly unsupported and non-authoritative. Referencing conventions used incoherently or largely absent.	Poor engagement with essential reading.No evidence of wider reading.Reliance on inappropriate sources, and/or indiscriminate use of sources. Heavily reliant on information gained through class contact. Inconsistent and weak use of referencing.	Engagement with a limited range of mostly relevant and credible sources. Some omissions and minor errors. Referencing conventions evident though not always applied accurately or consistently.	Engagement withan appropriate range of literature, including sources retrieved independently. Some over-reliance on texts. Referencing may show minorinaccuracies or inconsistencies.	Engagement with a wide range of literature, including sources retrieved independently. Selection of relevant and credible sources. Very good use of referencing, with no/very few inaccuracies or inconsistencies.	Engagement with an extensive range of relevant and credible literature. Consistently accurate application of referencing.	Exceptional engagement with an extensive range of relevant and credible literature. High-level referencing skills consistently applied.
Knowledge and understanding (Sound knowledge and critical understanding of the well-established concepts and principles in their field of study; knowledge of the main methods of enquiry in the discipline.)	Major gaps in knowledge withunsatisfactory, uncriticalunderstanding of the subject matter. Much irrelevant material. Substantial inaccuracies. Significantly flawed understanding of the main methods of enquiry in the discipline.	Fragmentary knowledge, with only superficial criticalunderstanding. Some significant inaccuracies and/or irrelevant material. Incomplete or partially flawed understanding of the main methods of enquiry in the discipline.	Limitedbut adequate knowledge and critical understanding of the well-established concepts and principles within the subject area, with a few gaps in the selection of material. A narrow critical understanding of the main methods of enquiry.	Knowledge is reasonably detailed and accurate.A good critical understanding of the well-established concepts and principles and the main methods of enquiry, with minor gaps in the selection of material.	Knowledge is reasonably extensive. Exhibits very competent critical understanding of the well-established concepts and principles of the subject and the main methods of enquiry. Breadth and depth of knowledge.	Excellent, detailed knowledge and highly critical understanding of thewell-established concepts and principles of the subject and the main methods of enquiry.	Exceptionally detailed knowledge and outstanding critical understanding of the well-established concepts and principles of the subject and the main methods of enquiry. May go beyond established theories.
Cognitiveand intellectual skills (Critical evaluation and analysis of concepts and principles;argument and judgement; the limits of their knowledge, and how this influences their analyses and interpretations.)	Wholly or almost wholly descriptive work. Little or no critical evaluation and analysis of concepts and principles. Failure to develop arguments, leading to illogical or invalidjudgements. Unsubstantiated generalisations or opinion, made without use of any credible evidence.	Largely descriptive work, with superficial use of critical evaluation and analysis of concepts and principles. Weak development of arguments and judgements. Information accepted uncritically, uses generalised statements made with scant evidenceand unsubstantiated opinions. Ideas sometimes illogical and contradictory.	Limitedattempt atcritical evaluation and analysis of concepts and principles, tending towards description. Some evidence to supportarguments and judgements but these may be underdeveloped, with a little inconsistency / mis-interpretation or failure to fully recognise limits of knowledge.	Some critical evaluation and analysis of concepts and principles, though descriptive in parts. An emerging awareness the limits of their knowledge and ability to use evidence to support the argument though with some tendency to assert/state opinion rather than argue on the basis of reason and evidence. Mostly valid arguments and logical judgements.	Sound critical evaluation and analysis of concepts. Is selective in the range of evidence used and synthesises rather than describes. Ability to devise argumentsthat show awareness of different stances, and use evidenceconvincingly,to support appropriate and valid judgements.	Excellent critical evaluation and analysis of concepts and principles leading tological, evidence-based, reasoned argumentsand judgements. Explicit recognition of other stances and a strong awareness of the limits of their knowledge. A capacity for independent thought and ability to ‘see beyond the question’, suggesting some grasp of the broader field and wider concepts.	Outstanding critical evaluation and analysis of concepts and principles. Uses evidence exceptionally well to connect ideas, and support highly logical and persuasive, arguments and judgements.Evidence of independent thought and ability to ‘see beyond the question’, suggesting a clear grasp of the broader field and wider concepts. Perceptive recognition of the limits of their knowledge, and how this influences their analyses and interpretations.
Practical skills (Apply underlying concepts and principles more widely outside the context in which they were first studied; use a range of established techniques; propose solutions to problems arising from analysis.)	Limited or no use of established methods, materials, tools and/or techniques. Little or no appreciation of the context of the application. Limited understanding of the application of theory to practiceormaking appropriate links between the two. Very weak problem-solving skillsoutside the context in which they were first studied.	Rudimentary application of established methods, materials, tools and/or techniques but without consideration and competence. Flawed appreciation of the context of the application. Weak understanding of the application of theory to practice, with only occasional evidence of making appropriate links between the two. Weak problem-solving skills outside the context in which they were first studied.	An adequate awareness and mostly appropriate application of established methods, materials, tools and/or techniques. Basic appreciation of the context of the application. Theoretical knowledge and understanding applied in practice, but not always making logical links between the two. Can identify problems and propose basic solutionsoutside the context in which they were first studied.	A good and appropriate application of established methods, materials, tools and/or techniques. Clear appreciation of the context of the application. Mainly consistent, accurate and logical application of theory to practice, making appropriate links between the two. Can identify problems and propose mostly appropriate solutionsoutside the context in which they were first studied.	A very good application of a range of established methods, materials, tools and/or techniques. Very good consideration of the context of the application, with perceptive insights. Consistent, accurate and logical application of theory to practice, making appropriate links between the two.Can identify problems and propose appropriate solutionsoutside the context in which they were first studied. Evidence of some creativity.	An advanced application of a range of established methods, materials, tools and/or techniques. The context of the application is well considered, and insightful. Consistent, accurate and logical application of theory to practice, making well-developed links between the two.Can identify problems and propose excellent,creative solutionsoutside the context in which they were first studied.	Exceptional levels of application and deployment skills using established methods, materials, tools and/or techniques. Consistent, accurate and logical application of theory to practice, making highly developed links between the two.Can identify routine and non-routine problems and propose quite sophisticated, creative solutionsoutside the context in which they were first studied.
Transferable skills for life and professional practice (Effectively communicate in a variety of forms to specialist and non-specialist audiences; the qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making.)	Communication medium is inappropriate or misapplied. Work is poorly structured, disorganised and/or confusingly expressed. Very weakuse of language and/or very inappropriate style.Failure to work effectively as part of a group.Little or no evidence of the skills foremploymentrequiring the exercise of personal responsibility and decision-making.	Communication medium is poorly designed and/or not suitable for the audience. Work is poorly presented in a disjointed manner. It is loosely, and at times incoherently, structured, with information and ideas often poorly expressed. Weak use of language and/or inappropriate style. Flawedapproach to group work, meeting only partial obligations to others.Limited evidenceof the skills for employment requiring the exercise ofpersonal responsibility and decision-making.	Can communicate in a suitable mediumfor the audience but with some room for improvement. Mostly ordered presentation and structure in which relevant ideas / concepts are reasonably expressed.Work may lack coherence in places. Can work as part of a group, meeting most obligations to others but perhaps with limited involvement in group activities. Demonstrates the basic skills for employment requiring the exercise of personal responsibility and decision-making, with some areas of minor weakness.	Can communicate effectively in a suitable medium for the audience, but may have minor errors. Mostly coherent, organised work,in a suitable structure and is for the most part clearly expressed.Can work effectively independently and/or as part of a team, with clear contribution to group activities. Demonstrates the skills for employment requiring the exercise of personal responsibility and decision-making, with some areas of strength and some of minor weakness.	Can communicate well, confidently and consistently in a suitable medium for the audience. Work is coherent, fluent, well-structured and organised.Can work very well autonomously and/or as part of a team, with very good contribution to group activities. Demonstrates very goodskills for employment requiring the exercise of personal responsibility and decision-making, with just occasional minor weakness.	Can communicate professionally confidently andconsistently in a suitable medium for the audience. Work is coherent, very fluent and is presented proficiently.Can work autonomously with initiative. Where relevant can work professionally within a team, showing leadership skills as appropriate, and meeting obligations.Demonstrates excellentskills for employment requiring the exercise of personal responsibility and decision-making and an appetite for further development.	Can communicate with an exceptionally high level of professionalism, highly suitablefor the audience. Work is exceptionally coherent, very fluent and is presented professionally.Can work exceptionally well within a team, showing leadership skills.Demonstrates exceptional skills for employment requiring the exercise of personal responsibility and decision-making and an appetite for further development.

Level 5

FAIL

MARGINAL FAIL

SATISFACTORY

(3^rd / Pass)

GOOD

(2.2 / Pass)

VERY GOOD

(2.1 / Merit)

EXCELLENT

(1^st / Distinction)

EXCEPTIONAL

(1^st / Distinction)

Category

0-29%

30-39%

40-49%

50-59%

60-69%

70-84%

85-100%

Engagement with literature (including reading, referencing,

academic conventions and

academic honesty)

Little or no evidence of reading and/or reliance on inappropriate sources.

Views and findings mostly unsupported and non-authoritative.

Referencing conventions used incoherently or largely absent.

Poor engagement with essential reading.No evidence of wider reading.Reliance on inappropriate sources, and/or indiscriminate use of sources. Heavily reliant on information gained through class contact. Inconsistent and weak use of referencing.

Engagement with a limited range of mostly relevant and credible sources. Some omissions and minor errors.

Referencing conventions evident though not always applied accurately or consistently.

Engagement withan appropriate range of literature, including sources retrieved independently. Some over-reliance on texts. Referencing may show minorinaccuracies or inconsistencies.

Engagement with a wide range of literature, including sources retrieved independently.

Selection of relevant and credible sources. Very good use of referencing, with no/very few inaccuracies or inconsistencies.

Engagement with an extensive range of relevant and credible literature. Consistently accurate application of referencing.

Exceptional engagement with an extensive range of relevant and credible literature. High-level referencing skills consistently applied.

Knowledge and understanding (Sound knowledge and critical understanding of the well-established concepts and principles in their field of study; knowledge of the main methods of enquiry in the discipline.)

Major gaps in knowledge withunsatisfactory, uncriticalunderstanding of the subject matter. Much irrelevant material. Substantial inaccuracies. Significantly flawed understanding of the main methods of enquiry in the discipline.

Fragmentary knowledge, with only superficial criticalunderstanding. Some significant inaccuracies and/or irrelevant material. Incomplete or partially flawed understanding of the main methods of enquiry in the discipline.

Limitedbut adequate knowledge and critical understanding of the well-established concepts and principles within the subject area, with a few gaps in the selection of material. A narrow critical understanding of the main methods of enquiry.

Knowledge is reasonably detailed and accurate.A good critical understanding of the well-established concepts and principles and the main methods of enquiry, with minor gaps in the selection of material.

Knowledge is reasonably extensive. Exhibits very competent critical understanding of the well-established concepts and principles of the subject and the main methods of enquiry. Breadth and depth of knowledge.

Excellent, detailed knowledge and highly critical understanding of thewell-established concepts and principles of the subject and the main methods of enquiry.

Exceptionally detailed knowledge and outstanding critical understanding of the well-established concepts and principles of the subject and the main methods of enquiry. May go beyond established theories.

Cognitiveand intellectual skills

(Critical evaluation and analysis of concepts and principles;argument and judgement; the limits of their knowledge, and how this influences their analyses and interpretations.)

Wholly or almost wholly descriptive work. Little or no critical evaluation and analysis of concepts and principles.

Failure to develop arguments, leading to illogical or invalidjudgements. Unsubstantiated generalisations or opinion, made without use of any credible evidence.

Largely descriptive work, with superficial use of critical evaluation and analysis of concepts and principles. Weak development of arguments and judgements. Information accepted uncritically, uses generalised statements made with scant evidenceand unsubstantiated opinions. Ideas sometimes illogical and contradictory.

Limitedattempt atcritical evaluation and analysis of concepts and principles, tending towards description.

Some evidence to supportarguments and judgements but these may be underdeveloped, with a little inconsistency / mis-interpretation or failure to fully recognise limits of knowledge.

Some critical evaluation and analysis of concepts and principles, though descriptive in parts.

An emerging awareness the limits of their knowledge and ability to use evidence to support the argument though with some tendency to assert/state opinion rather than argue on the basis of reason and evidence.

Mostly valid arguments and logical judgements.

Sound critical evaluation and analysis of concepts. Is selective in the range of evidence used and synthesises rather than describes. Ability to devise argumentsthat show awareness of different stances, and use evidenceconvincingly,to support appropriate and valid judgements.

Excellent critical evaluation and analysis of concepts and principles leading tological, evidence-based, reasoned argumentsand judgements. Explicit recognition of other stances and a strong awareness of the limits of their knowledge.

A capacity for independent thought and ability to ‘see beyond the question’, suggesting some grasp of the broader field and wider concepts.

Outstanding critical evaluation and analysis of concepts and principles. Uses evidence exceptionally well to connect ideas, and support highly logical and persuasive, arguments and judgements.Evidence of independent thought and ability to ‘see beyond the question’, suggesting a clear grasp of the broader field and wider concepts. Perceptive recognition of the limits of their knowledge, and how this influences their analyses and interpretations.

Practical skills

(Apply underlying concepts and principles more widely outside the context in which they were first studied; use a range of established techniques; propose solutions to problems arising from analysis.)

Limited or no use of established methods, materials, tools and/or techniques.

Little or no appreciation of the context of the application.

Limited understanding of the application of theory to practiceormaking appropriate links between the two.

Very weak problem-solving skillsoutside the context in which they were first studied.

Rudimentary application of established methods, materials, tools and/or techniques but without consideration and competence. Flawed appreciation of the context of the application.

Weak understanding of the application of theory to practice, with only occasional evidence of making appropriate links between the two. Weak problem-solving skills outside the context in which they were first studied.

An adequate awareness and mostly appropriate application of established methods, materials, tools and/or techniques.

Basic appreciation of the context of the application. Theoretical knowledge and understanding applied in practice, but not always making logical links between the two.

Can identify problems and propose basic solutionsoutside the context in which they were first studied.

A good and appropriate application of established methods, materials, tools and/or techniques.

Clear appreciation of the context of the application. Mainly consistent, accurate and logical application of theory to practice, making appropriate links between the two.

Can identify problems and propose mostly appropriate solutionsoutside the context in which they were first studied.

A very good application of a range of established methods, materials, tools and/or techniques.

Very good consideration of the context of the application, with perceptive insights. Consistent, accurate and logical application of theory to practice, making appropriate links between the two.Can identify problems and propose appropriate solutionsoutside the context in which they were first studied.

Evidence of some creativity.

An advanced application of a range of established methods, materials, tools and/or techniques.

The context of the application is well considered, and insightful.

Consistent, accurate and logical application of theory to practice, making well-developed links between the two.Can identify problems and propose excellent,creative solutionsoutside the context in which they were first studied.

Exceptional levels of application and deployment skills using established methods, materials, tools and/or techniques. Consistent, accurate and logical application of theory to practice, making highly developed links between the two.Can identify routine and non-routine problems and propose quite sophisticated, creative solutionsoutside the context in which they were first studied.

Transferable skills for life and professional practice

(Effectively communicate in a variety of forms

to specialist and non-specialist audiences; the qualities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making.)

Communication medium is inappropriate or misapplied.

Work is poorly structured, disorganised and/or confusingly expressed. Very weakuse of language and/or very inappropriate style.Failure to work effectively as part of a group.Little or no evidence of the skills foremploymentrequiring the exercise of personal responsibility and decision-making.

Communication medium is poorly designed and/or not suitable for the audience.

Work is poorly presented in a disjointed manner. It is loosely, and at times incoherently, structured, with information and ideas often poorly expressed. Weak use of language and/or inappropriate style. Flawedapproach to group work, meeting only partial obligations to others.Limited evidenceof the skills for employment requiring the exercise ofpersonal responsibility and decision-making.

Can communicate in a suitable mediumfor the audience but with some room for improvement.

Mostly ordered presentation and structure in which relevant ideas / concepts are reasonably expressed.Work may lack coherence in places. Can work as part of a group, meeting most obligations to others but perhaps with limited involvement in group activities.

Demonstrates the basic skills for employment requiring the exercise of personal responsibility and decision-making, with some areas of minor weakness.

Can communicate effectively in a suitable medium for the audience, but may have minor errors.

Mostly coherent, organised work,in a suitable structure and is for the most part clearly expressed.Can work effectively independently and/or as part of a team, with clear contribution to group activities.

Demonstrates the skills for employment requiring the exercise of personal responsibility and decision-making, with some areas of strength and some of minor weakness.

Can communicate well, confidently and consistently in a suitable medium for the audience.

Work is coherent, fluent, well-structured and organised.Can work very well autonomously and/or as part of a team, with very good contribution to group activities.

Demonstrates very goodskills for employment requiring the exercise of personal responsibility and decision-making, with just occasional minor weakness.

Can communicate professionally confidently andconsistently in a suitable medium for the audience.

Work is coherent, very fluent and is presented proficiently.Can work autonomously with initiative. Where relevant can work professionally within a team, showing leadership skills as appropriate, and meeting obligations.Demonstrates excellentskills for employment requiring the exercise of personal responsibility and decision-making and an appetite for further development.

Can communicate with an exceptionally high level of professionalism, highly suitablefor the audience.

Work is exceptionally coherent, very fluent and is presented professionally.Can work exceptionally well within a team, showing leadership skills.Demonstrates exceptional skills for employment requiring the exercise of personal responsibility and decision-making and an appetite for further development.