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A)

Assessment requirements and weighting


Assessment consists of a written assignment and an end of semester examination. Both the written assignment and an end of semester examination carry equal weightings to the overall mark for the module. An overall mark of 40% needs to be achieved in order to pass the module with a threshold of at least 20% in each assessment. The assignment questions are given on pages 123 and must be submitted by Monday 26 March 2012 in Room TC 375 by 10.00am. Please note failure to submit a final assignment (i.e. exam) will deny you the opportunity to re-sit the module and you may be obliged to re-enrol and incur additional fees. Penalties for late assessment Assessments handed in up to one week late, where no extension has been granted will be capped at 40%. Assessments handed in over a week late will not be accepted. In no circumstances should extensions exceed 10 working days. The examination will take place at the end of the semester. It will be a closed book exam and will last 2 hours in total. The structure of the paper will be as follows:

TOPIC Preparing final accounts for a sole trader Financial Accounting and Management Accounting

OPTION

MARKS

Section A

Compulsory

40

Section B

2 out of 4 questions to be attempted

Each question carries 30 marks

B)

Criteria for assignment 1


Correct layout, including details of all the workings of the Income Statement in accordance with the appropriate principles, conventions, and standards will be marked out of 25 per cent. The cash statement will be marked out of 15 per cent. The letter (which should not exceed 1000 words) concerning the query will be marked as follows:Percentage weighting Relevance and Quality Clarity and Discussion General Presentation Plagiarism It is perfectly acceptable to quote items you have read in your assignment. However, if you do use any such quotations you must enclose them in quotation marks and state the source of quotation. Failure to attribute quotations in this manner will result in your assignment being penalised in accordance with the Universitys regulations on plagiarism. 50 5 5 60

Learning outcomes for this assignment


On completion of this assignment you should be able to: (1) (2) Prepare a simple cash statement. Prepare an Income statement for a sole trader in accordance with appropriate accounting principles, conventions and standards. Address a common accounting misconception outlined in Part (c) in a letter format.

(3)

C)

Assignment

Case Study Victoria decided to start a business selling cakes in a small shop situated in Bournemouth. The business commenced on 1 November 2011 with the money she saved amounting to 10,000 and a bank loan of 5,000 with a 6% per annum interest payable monthly. All monies were paid into her business bank account on that day. On the first day of her trading she paid 2,000 rent by cheque consisting of one months rent in advance and one months deposit. On the same day she baked 200 cakes costing 30 pence each which she sold for 1.20 each paying the proceeds into her business bank account. On 3 November 2011, she received her business insurance premium invoice amounting to 240 per annum for the period 1 November 2011 to 31 October 2012, which she paid by cheque. Due to the fact that the business was so busy she hired temporary staff from that day at a rate of 30 per day for 7 days a week until the end of November. The temporary member of the staff was paid cash in hand at the end of each day. By the end of November, Victoria and her assistant had baked a further 300 cakes costing 30 pence each of which 150 were sold for cash at the usual price. Victorias other monthly overheads consisted of: (i) (ii) (iii) (iv) (v) Telephone 100 paid by direct debit Electricity 150 unpaid Gas 300 paid by direct debit Rates 100 unpaid Water 50 unpaid

Required: As Victorias accountant she has asked you: (a) (b) To prepare a cash statement (incorporating both cash and bank transactions) for the month of November. (15 marks) To prepare an Income Statement for the month of November. (Justify your figures and make relevant assumptions where appropriate) (25 marks) After reviewing the above statement, Victoria is confused as to why she has a healthy bank balance and at the same time has a net loss for the month of November. Write a letter to Victoria explaining why this has occurred. (60 marks)

(c)

D)

Feedback policy
You will normally receive your marked assignments back within three teaching weeks of the hand-in date. Each assignments marks with comments will be broken down under the following headings: a) b) c) d) e) Cash Statement Income Statement Letter - Relevance and Quality Letter - Clarity of discussion Letter - Presentation - marked out of 15 marks - marked out of 25 marks - marked out of 50 marks - marked out of 5 marks - marked out of 5 marks Total possible marks 100 Markers comments on last years assignment Last year students spent more time and effort in trying to answer the numerical aspect of the assignment. Remember the theoretical aspect of the assignment does have a higher weighting compared to the numerical aspect of it. It is therefore important that a lot of thought and evidence of research be given to this.