Description
this is the assignment please do all questions
Unformatted Attachment Preview
College of Banking and Financial Studies
Presentation (oral/viva) Brief – BTEC
Higher National Diploma in Business (Level 5)
Student Name /ID Number
Unit Number and Title
5/Accounting Principles (Code: Y/618/5038)
Academic Year
Spring 2023-24
Unit Assessor
Dr. Lakmal Hettiarachchi (M1 Batch), Dr. Niranjan Shetty
(M2 Batch)/ Dr. Salman Nusrat (E Batch)
I. V. Name
Ms. Sujata Suresh, LIVT Member
Examining the context and purpose of accounting
Assignment Title
Date of issue:
Date of issue: 6th March 2024
Date for submitting ppt. in Turnitin:
Date for submitting ppt. in Turnitin: 22nd March 2024
Presentation: (Recorded in MS Teams): Presentation: (M Batch 1): 25th, 27th and 28th March 2024
Presentation Format:
This assessment component is designed to assess the command/action verbs used in this (LO1)
learning outcome through presentation (oral/viva/). Learners are required to prepare a powerpoint
presentation consisting of 6-8 slides on the context and purpose of accounting. The total number
of word count must not be more than 1000 words including the presenter notes. It includes an
examination of the purpose of accounting, assessing regulatory and ethical constraints,
evaluating the organizational and societal expectations and finally critically evaluating the
role of accounting in decision-making for meeting organizational stakeholder and societal
needs. The presentation (Ppt) slides must be submitted in the Turnitin ahead of the presentation by
the learner. Learners are required to align the presentation to the command verbs (see page 2)
so that you secure desired grades. The assessment will observe over and above the command
verbs, the following transferable skills.
1.
2.
3.
4.
Oral communication
Critical thinking
Reasoning
Creativity
The presentation/oral/viva is for 20 minutes, and 10 minutes is for questions and answers.
Unit Learning Outcome:
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
1
LO1: Examine the context and purpose of accounting
LO1 Examine the context and purpose of accounting
Pass
Merit
P1 Examine the purpose of the
accounting function within an
M1 Evaluate the context and
organisation.
purpose of the accounting
function in meeting
organisational, stakeholder
P2 Assess the accounting and societal needs and
function
within
the expectations.
organisation in the context of
regulatory
and
ethical
constraints.
Distinction
2
D1 Critically evaluate the role of
accounting
in
informing
decision-making
to
meet
organisational, stakeholder and
societal needs within complex
operating environments.
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
The Case Scenario
Accounting is a term that describes the process of
consolidating financial information to make it clear
and understandable for all internal and external
stakeholders.
The main goal of accounting is to record and report
a company’s financial transactions, financial
performance, and cash flows.
Accounting standards improve the reliability of
financial statements. The financial statements
include the income statement, the balance sheet, the
cash flow statement, and the statement of retained
earnings. The standardized reporting allows all
stakeholders and shareholders to assess the
performance of a business. Financial statements need
to be transparent, reliable, and accurate.
Key Highlights
•
•
•
Accounting is a term that
describes the process of
consolidating financial
information to make it clear
and understandable for all
stakeholders and
shareholders.
The main goal of accounting
is to accurately record and
report an organization’s
financial performance.
Accounting can be classified
into two categories – financial
accounting and managerial
accounting.
Purpose of of Accounting
1. Keeps a record of business transactions
Accounting is important as it keeps a systematic record of the organization’s financial
information. Up-to-date records help users compare current financial information to historical
data. With full, consistent, and accurate records, it enables users to assess the performance of
a company over a period of time.
2. Facilitates decision-making for management
Accounting is especially important for internal users of the organization. Internal users may
include the people that plan, organize, and run the organization. The management team needs
accounting in making important decisions. Business decisions may range from deciding to
pursue geographical expansion to improving operational efficiency.
3. Communicates results
Accounting helps to communicate company results to various users. Investors, lenders, and
other creditors are the primary external users of accounting information. Investors may be
deciding to buy shares in the company, while lenders need to analyze their risk in deciding to
lend. It is important for companies to establish credibility with these external users through
relevant and reliable accounting information.
4. Meets legal requirements
Proper accounting helps organizations ensure accurate reporting of financial assets and
liabilities. Tax authorty -Oman, use standardized accounting financial statements to assess a
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
3
company’s declared gross revenue and net income. The system of accounting helps to ensure
that a company’s financial statements are legally and accurately reported.
Types of Accounting
Accounting can be classified into two categories – financial accounting and managerial
accounting.
4
1. Financial Accounting
Financial accounting involves the preparation of accurate financial statements. The focus of
financial accounting is to measure the performance of a business as accurately as possible.
While financial statements are for external use, they may also be for internal management use
to help make decisions.
Accounting principles and standards, such as US GAAP (Generally Accepted Accounting
Principles) or IFRS (International Financial Reporting Standards), are standards that are widely
adopted in financial accounting. The accounting standards are important because they allow all
stakeholders and shareholders to easily understand and interpret the reported financial
statements from year to year.
2. Managerial Accounting
Managerial accounting analyzes the information gathered from financial accounting. It refers
to the process of preparing reports about business operations. The reports serve to assist the
management team in making strategic and tactical business decisions.
Managerial accounting is a process that allows an enterprise to achieve maximum efficiency
by reviewing accounting information, deciding on the best next steps to follow, and then
communicating these next steps to internal business managers.
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
An example of managerial accounting is cost accounting. Cost accounting focuses on a detailed
break-up of costs for effective cost control. Managerial accounting is very important in the
decision-making process.
You may find many variants in accounting other than financial and management accounting,
i.e Cost accounting, Tax accounting, Auditing and Government accounting.
Careers in Accounting
The role of an accountant is to responsibly report and interpret financial records. Small
businesses may hire only one accountant. Large companies may employ an entire accounting
department.
The accounting profession covers a broad range of roles, including bookkeeping, tax planning,
and audit. Accountants may become certified with designations, such as Certified Public
Accountant (CPA) in the U.S., Chartered Accountant (ACA) in the U.K., Chartered
Professional Accountant (CPA) in Canada, and so on. The four largest accounting firms
globally include Deloitte, KPMG, PwC, and EY.
Other careers in accounting may include, but not limited to, Controllers and assistant
controllers, Financial Managers, Pricing Analysts, Purchase to pay (P2P) professionals and
Record to report (R2R) professionals.
Importance of Ethics in Accounting
The set of moral principles and rules that govern the profession of accounting form what is
typically called ‘ethics in accounting’. These principles guide accountants in performing their
tasks, thereby establishing a trust-based relationship with their clients, stakeholders and the
general public.
Example:
For instance, an accountant has access to much of a company’s sensitive financial data. If
principles such as integrity and confidentiality are ignored, the accountant could misuse this
information, leading to serious repercussions including financial loss or a damaged business
reputation. Hence, it’s essential that the accountant follows ethical guidelines to avoid such
misconduct.
Types of Ethical Obligations in Accounting
Accountants carry a variety of ethical obligations that can be classified into different types
depending on the context in which these obligations arise:
Client Obligations: When working for clients, accountants are responsible for maintaining
confidentiality, providing competent services, keeping accurate records, and providing
appropriate advice.
Employer Obligations: Accountants employed by firms have obligations towards these firms.
They must conduct their tasks with integrity, honesty, and in accordance with the employer’s
goals and regulations. They should also uphold confidential information.
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
5
Professional Obligations: As members of a profession, accountants have an obligation to
uphold the reputability of their profession. This entails committing to the professional body’s
ethical guidelines and assisting in enhancing public trust in the profession.
Public Interest Obligations: Accountants hold responsibilities to serve the public interest by
functioning as trusted providers of financial information. They play vital roles in financial
markets and the overall economy.
There are many elements within the ever-evolving accounting context. Inventory management
systems, Accounting automation, Cloud computing and shared service approaches are ondemand within the modern accounting context.
Given the context and purpose of accounting, critically evaluate the role of accounting in
informing decision-making to meet organizational, stakeholder and societal needs within
complex operating environments.
Reference:
Powell, S. (2023) Accounting context and Purpose, Corporate Finance Institute. Available at:
https://corporatefinanceinstitute.com/resources/accounting/accounting/#:~:text=Accounting%
20is%20a%20term%20that,financial%20performance%2C%20and%20cash%20flows.
(Accessed: 26 February 2024).
StudySmater (no date) Understanding Ethics in Accounting, StudySmarter UK. Available at:
https://www.studysmarter.co.uk/explanations/business-studies/intermediateaccounting/ethics-in-accounting/ (Accessed: 26 February 2024).
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
6
Observation record:
Student name:
Qualification:
BTEC Pearson: HND Business
Unit number &
title:
5/Accounting Principles (Code: Y/618/5038)
Description of activity undertaken
7
Assessment & grading criteria
How the activity meets the requirements of the criteria
Student
signature:
Date:
Assessor
signature:
Date:
Assessor
name:
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
ASSESSMENT RECORD SHEET – SUMMATIVE FEEDBACK
Date for submitting ppt. in Turnitin: 22nd Mar 2024
Date
Presentation: (M Batch 1) 25th, 27th and 28th Mar
submitted
2024
Deadline
Targeted
criteria
P1
P2
M1
D1
Criteria
achieved
Assessment comments
8
General comments
Learner Declaration
I certify that the evidence submitted for this presentation/oral/viva is my
own. I have clearly referenced any sources used in the work. I
understand that false declaration is a form of malpractice.
Learner signature
Assessor declaration
Date
I certify that the evidence submitted for this presentation/oral/viva is the
learner’s own. The learner has clearly referenced any sources used in
the work. I understand that false declaration is a form of malpractice.
Assessor signature
Date
Date of
feedback to
learner
Source: Customised by CBFS@DUS@HND based on Pearson BTEC format: Annexure 21
Purchase answer to see full
attachment
