Lowest guaranteed price across the globe. Get upto 50% off ! Book Now

Regulations Related to Financial Accounting

University: University of Chester

  • Unit No: 9
  • Level: Undergraduate/College
  • Pages: 2 / Words 598
  • Paper Type: Assignment
  • Course Code:
  • Downloads: 542
Brief :

LEARNING OUTCOMES

  1. Record the transaction of businesses in double entry bookkeeping and make a trial balance.
  2. In context with principles, conventions and standards prepare the accounts for partnerships, limited companies, and sole traders.  
  3. Make the bank reconciliation statement in order to ensure the company about the correct bank records.
  4. Adjust the control accounts and shift recorded transactions from the suspense account to the correct accounts.

PROJECT BRIEF

1. Being a junior accountant in a small accountancy firm you are asked to prepare a 1000 words report as evidence for awareness of regulations in relation to rules, principles, and conventions of accountancy. Your report will include:

  • definition of financial accounting
  • explicates the regulations related to financial accounting.
  • Explain the accounting principles and rules.
  • State the conventions and concepts linked with consistency and material disclosure.

You have to follow this learning outcome in order to prepare the report.

  • LO1. Record the business transaction by utilising the double entry bookkeeping in order to make a trial balance.
  • P1. apply the double-entry bookkeeping system in order to record the transaction of sales and purchases in a ledger.
  • P2. prepare a trial balance by applying the balance of rule method in order to complete the ledger.
  • M1. evaluate the sales and purchase transaction in a way to make the trial balance by using double-entry bookkeeping.
  • D1. record the correct transaction and prepare the trial balance. And ensure that each recorded transaction is in accordance with accounting principles.
  • LO2.  In context with principles, conventions and standards prepare the accounts for partnerships, limited companies, and sole traders.  
  • P3. make the final accounts from the given trial balance by making adjustments for the accruals, depreciation, and prepayments.
  • P4. make final accounts to an extent for example considers the sole trader, partnership, or limited company.
  • M2. examine the final accounts, P&L accounts, and cash flow statements for the given instances.
  • D2. make the proper calculation for the construction of final accounts.
  • LO3. Make the bank reconciliation statement in order to ensure the company about the correct bank records.
  • P5. utilise the process of bank reconciliation in order to form a bank reconciliation statement.
  • M3. refer to the reconciliation process to present the use of deposit in transit, outstanding checks, and not sufficient funds checks.
  • D3. create an appropriate bank reconciliation that applies the tools and techniques to check the general accounts and balance sheet.
  • LO4. Adjust the control accounts and shift recorded transactions from the suspense account to the correct accounts. 
  • P6. state the process which has been undertaken to reconcile the controls account and clear the suspense account with the help of given examples.
  • M4. present the knowledge of various types of accounts and the process and reason for the reconciliation.
  • D4. Render the correct accounts which are reconciled by applying the proper methods.

 

Download Full Answer
Cite This Work To export references to this Answer, select the desired referencing style below:
Copy to Clipboard
Copy to Clipboard
Copy to Clipboard
Copy to Clipboard
Instant Assignment Help. [Internet]. Instant Assignment Help.(2024), Retrieved from: https://www.instantassignmenthelp.com/answers/accounting/regulations-related-to-financial-accounting
Copy to Clipboard
Boost Grades & Leave Stress

Share Your Requirements Now for Customized Solutions.

Lowest Price

USD6.27

    FOR FIRST ORDER GET EXTRA 25% OFF

    Seasonal seasonal-mobile

    Our unique Features

    24/7 Customer Support

    100% Customer Satisfaction

    No Privacy Infringement

    Quick Services

    Subject Experts

    Innovative Documents

    100+ Qualified Writers

    For Best (Accounting) Assignment Help

    Steffy Jones
    2354 - Completed Orders
    Steffy JonesView Profile Hire Me
    Alexander Evans
    1567 - Completed Orders
    Alexander EvansView Profile Hire Me
    Olivia Power
    789 - Completed Orders
    Olivia PowerView Profile Hire Me
    Liam Wall
    189 - Completed Orders
    View All Writers
     
    IAH whatsapp