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COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF PROFESSIONAL STUDIES
Assignment Front Sheet (Assignment – 1)
Qualification
Unit number and title
Pearson BTEC Level 5 HND Diploma in
Accounting.
Cost Accounting and Performance Management
Semester
Batch - Spring 2016-2017
IV
Student name
Assessor name
Ms. Shobhna & Ms. Vruti
Student No.
Internal Verifier (IV) name
Dr. Roslin
Date issued
Completion date
Assignment title
Understand The Nature Source And Purpose Of Management
Information And Cost Accounting Concepts And Be Able To Compare
Actual Costs With Standard Costs And Analyse Variances.
Learning
Outcome
Learning outcome
Assessm
ent
Criteria
1.1
LO- 1
Understand the Nature
source and purpose of
management
information and cost
accounting concepts
1.2
Compare and contrast various Cost
classification methods
1.3
Estimate inventory values using different
methods
Differentiate between cost, profit,
investment and revenue centres.
Separate the fixed and variable elements
of total costs using a suitable method in
a given situation
Explain and illustrate the difference
between standard cost card under
marginal and absorption costing
Compute and interpret price and usage
variances for material, labour, and
overhead inputs
Reconcile budgeted profit with actual
profit under standard absorption costing.
1.5
3.1
LO - 3
In this assessment you will have
the opportunity to present
evidence that shows you are able
to: of cost
Explain the relationship
accounting to financial and managerial
accounting
1.4
Understand and be
able to compare
actual costs with
standard costs and
analyse variances
Submitted on
3.2
3.3
Task Evidence
no. (Page no)
1
2
3
4
5
6
7
8
I certify that the work submitted for this assignment is my own and research sources are fully
acknowledged.
Student signature:
pg. 1- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
Date:
In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the
following MERIT and DISTINCTION grades
Grade Descriptor
Indicative
characteristic/s
Contextualisation
M1 Identify and apply
strategies to find appropriate
solutions
To achieve M1, explore the relationship between Cost, Financial and Managerial
Effective judgements have Accounting. (Task 1). To get M1 you should make the effective judgement between
been made.
M2 Select / design and apply
appropriate methods /
techniques
A range of methods and
techniques have been
applied
standard cost and standard costing. (Task 6)
A range of sources of
information has been used
M3 Present and communicate
appropriate findings
The appropriate structure
and approach has been
used
To get M2 you should be able to select suitable method to separate the fixed and
variable elements of total costs and explain it. You should explain the concept of cost
behaviour used in the identified method. (Task 5)
To get M2 Use appropriate method to calculate sales variances accurately.(Task 7)
To achieve M3 you will need to differentiate Inventory values and present the reasons
of difference between the stock values. (Task -3). To get M3. You should be able to
make judgement, of the responsibility centre and explain how managers of responsibility
centres are responsible for the performance of their part of the organization and its
activities and how the performance is measured.(Task 4).To get M3 Present and
communicate appropriate findings to explain the concept of reconciliation statement
using different methods.( Task 8)
D1 Use critical reflection to
evaluate own work and
justify valid conclusions
Realistic improvements
have been proposed
against defined
characteristics for success
To achieve D1 you should evaluate the process of inventory control system.(Task -3)To
get D1 evaluate the reasons for the occurrence of adverse and favorable variances.( Task
-7)
D2 Take responsibility for
managing and organising
activities
Autonomy/independence
has been demonstrated
To achieve D2- Recognize the interrelationship between variances.( Task 7)
D3 Demonstrate convergent
/lateral / creative thinking
Innovation and creative
thought have been applied
A range of sources of
information has been used
pg. 2- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
Assignment Brief
Purpose of this Assignment: Involvement with costs is fundamental to the role of management
accountants. Any Business, whether it manufactures goods or provides a service, needs to know how
much its product or services cost and how these costs might change in response to decisions made. This
assignment will help you understand the nature source and purpose of management information and
cost accounting concepts and to compare actual costs with standard costs and analyse variances. It also
helps to understand performance measurement models: Balanced scorecard, benchmarking, types of
benchmarking.
Task 1 (LO-1 AC -1.1) P,M1
1.1 Explain the relationship of cost accounting to financial and managerial accounting.
Context- Relevant to L.O.1.1 (P, M1)
Financial accounting system provides information about profits and so on to shareholders and to the
other interested parties.
Management Accounting system provide information specifically for the use of managers within an
organization.
Cost accounting is a part of management accounting and provides a data for the management
accountants to use.
Pass: To get the Pass Grade explain briefly Cost accounting, Management Accounting and Financial
Accounting and explore the relationship between them.
M1- To achieve M1, make an effective judgement by differentiating Cost, Financial and Managerial
Accounting.
Task 2. (LO-1 AC 1.2 )
Compare and contrast various Cost classification methods.
Tested in semester – 3 Management Accounting Costing and Budgeting. (Learning Outcome 1.1)
Classify different types of cost.
Task 3 (LO -1 AC 1.3) P, M3, D1
1.3 Estimate inventory values using different methods.
Scenario-1
Inventory can be defined as items of value held for use or sale by an enterprise and usually comprise of
raw material supplied used for production work in progress and finished goods at the end of an
accounting period. Different methods are used to value inventory. It is the means by which store ledger
account of goods is debited with the value or amount of goods received and credited with the value of
goods disposed of or sold during the accounting period.
pg. 3- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
Al Kans is a construction Company. The company discloses the following information about the stock for
the month of January 2017:
Date
1st January
4th January
7th January
10th January
11th January
15th January
20th January
25TH January
27th January
28th January
Purchases/Sale
Opening Stock
Sale
Purchase
Sale
Sale
Purchase
Purchase
sale
Purchase
sale
Kgs
1000
500
300
400
200
450
200
475
350
500
Cost per unit ($)
12.00
11.50
10.00
9.25
9.00
Pass - To achieve Pass grade you should be able to estimate inventory values of Al Kans Company on
31st January using FIFO and AVCO methods.
M3 - To achieve M3 you need to present appropriate findings by differentiating Inventory values
calculated above and present the reasons of difference between the stock values.
D1- To achieve D1 you should evaluate the process of inventory control system and justify it.
Task 4 (LO-1 AC- 1.4) P,M3
1.4 Differentiate between cost, profit, investment and revenue centres.
Scenario:
Seasons is a chain of hotels located in middle east region. Booking can be made directly with the
hotel or via a call centre. Each hotel has a restaurant which is open to the public as well as the
guests. The hotel manager has a capital expenditure budget although the head office makes all
decision regarding the purchase of new hotels.
Difference between cost, profit, revenue and Investment centres are important for allocating
responsibilities. Suggest which of the following responsibility centres would be categorised as a cost
centre, revenue centre, profit centre and investment centre.
1.
2.
3.
4.
Booking call centre
The Hotel
The restaurant.
Housekeeping department
Pass- To get the Pass grade explain responsibility accounting and differentiate between cost, profit,
investment and revenue centres.
M3- To get M3 grade present appropriate findings of the above scenario and link them with the
appropriate responsibility centres and communicate how managers are responsible for their centre’s
performance and how the performance is measured.
Task 5 (LO-1 AC- 1.5) P,M2
pg. 4- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
1.5
- Separate the fixed and variable elements of total costs using a suitable method in a given
situation.
Scenario- 3
Albatross Plc. is a subsidiary of a British packaging Company, it is preparing its budget for the year to
30th June 2017. In respect of Fuel oil consumption. It is desired to estimate the fuel cost based on the
data available to the year ending 30th June 2015:
Months
July
August
September
October
November
Machine Hours
(000)
34
30
34
39
42
Fuel Expenses ($)
(000)
640
500
620
590
620
Variable cost per unit and total fixed cost is constant within this range of activity.
Pass- To get the pass grade you should be able to separate the fixed and variable elements of total
costs using a suitable method in a given scenario.
M2 - To get M2 you should be able to select suitable method to separate the fixed and variable
elements of total costs and explain it. You should explain the concept of cost behaviour used in the
identified method.
Task 6 (LO-3 AC- 3.1) P,M1
3.1 - Explain and illustrate the difference between standard cost card under marginal and absorption
costing.
Scenario
Moosa Ltd. makes one product “Mash”. Standard cost details regarding the product is given below:
Direct Materials
Material X – 4Kg at $4 per Kg
Material Y – 9 Litre at $2 per litre
Direct Labour:
Grade A – 6 Hours per unit at $1.50 per hour
Grade B – 7 Hours per unit at $2.00 per hour
Variable Overheads 13 hour at $0.50 per hour
Budgeted production is 1,000 units and budgeted fixed overheads are $28,000, absorbed according to
the Grade B labour hours per unit.
Pass-To get pass grade use the above date to draw the standard cost card under marginal and
absorption costing and explain the difference between them.
M1-To get M1 you should make the effective judgement between standard cost and standard costing,
pg. 5- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
Task 7 (LO-3 AC- 3.2) P,M2,D1,D2
3.2 - Compute and interpret price and usage variances for material, labour, and overhead inputs
Scenario- 5
Task 7 (LO-3 AC- 3.2) P,M2,D1,D2
Deadeye Company operated a standard costing system in which all inventories are valued at a standard
cost.
The company has obtained the following budgeted information regarding cost and revenue for its only
product DYE for the year 2016:
Direct material 2 Kg at $2.5per kg
Direct labour, 2 Hours at $4.5 per hour
Variable production Overhead, 2 Hours at $1.5 per hour
Fixed production Overhead 2 hour at $2.5 per hour
5.00
9.00
3.00
5.00
The budgeted selling price per product is $30 and Deadeye budgeted to produce 12,000 units and sell
10,000 units a year
During 2016, 11,000 units were actually produced and 9,750 units were sold, actual selling price was
$33.50 per unit.
Relevant actual details of production are as follows:
Materials 22,500 Kgs costing
Labour 21000 hours were worked and total wages were
Variable production overhead was
Fixed production overhead was
$65,000
$100,000
$35,625
$59,375
Compute and Interpret price and usage variances for material, labour, overhead (fixed and variable)
and sales.
Pass- Compute and interpret price and usage variances for material, labour, overhead (fixed and
variable).
M2 - To get M2 Use appropriate method to calculate sales variances accurately.
D1 - To get D1 evaluate the reasons for the occurrence of adverse and favourable variances.
D2- Variances should not be looked at in isolation. One variance might be inter-related with another,
take a responsibility for managing and organising your activity and recognize the interrelationship
between variances calculated above.
Task 8 (LO-3 AC- 3.3) P, M3
3.3- Reconcile budgeted profit with actual profit under standard absorption costing.
Pass: To get the pass grade prepare the reconciliation statement (using task 7 above) and actual profit
statement and match the profits under absorption costing using appropriate format.
M3- To get M3 Present and communicate appropriate findings to explain the concept of reconciliation
statement using different methods.
pg. 6- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
Evidence
checklist
Summary of evidence required by student
Task 1
Essay identifying and explaining the relationship of cost accounting to financial
and managerial accounting.
Task 2
Tested before
Task 3
Calculation showing stock valuation using different methods.
Task 4
Based on the case evidence identify responsibility centres.
Task 5
Calculation showing the segregation of fixed and variable part of the total cost.
Task 6
Drafting standard cost card under marginal and absorption Costing.
Task 7
Calculation and interpretation of Variances.
Task 8
Drafting statement to reconcile actual and budgeted profits.
Evidence
presented
Guidance notes:
1. Use standard document formats and structures.
2. Word process the documents.
3. Use 12 point Arial or Times New Roman script.
4. Provide a list of references and use the Harvard referencing system.
5. Complete the title page and sign the statement of authenticity.
6. Upload the entire assignment in MS word format only on Turnitin.
7. Staple only once to keep the pages of your work together.
8. Late submission, late work will only be marked on the next occasion the unit is taught.
9. Submit the work along with the Turnitin report to the respective assessors in their offices.
10. Collect the assignment submission form duly signed by the assessor and the learner.
11. Grades are subject to External Verification.
Resources: List of Websites
1. www.accagloabl.com
2. www.cimaglobal.org.uk
3. http://www.ICAEW.co.uk
4. http://www.aicpa.org
List of Books:
1. FIA, FMA, Management Accounting, ACCA Paper F2 (2016), BPP Learning Media.
2. William Lanen, Shannon Anderson, Michael Maher: Fundamentals of Cost Accounting, McGrawHill/Irwin; 3 edition (January 7, 2010), ISBN-10: 0073527114, ISBN-13: 978-0073527116 | Edition: 3
1. James Jiambalvo: Managerial Accounting, 2nd Edition, Wiley, June 2012, ©2004, ISBN: 978-0-47013718-5.
Word limit – 2500 words.
pg. 7- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
Achievement Summary
Pearson BTEC Level 5 HND
Diploma in Accounting
Qualification
Unit Number and
title
Cost Accounting and
Performance Management
Student Number
Criteria
Reference
Assessor name
Ms. Shobhna
IV name
Dr. Roslin
Student name
To achieve the criteria the evidence must show that the
student is able to:
Achieved?
(tick)
LO1
1.1
Explain the relationship of cost accounting to financial and managerial
accounting
1.2
Compare and contrast various Cost classification methods
1.3
Estimate inventory values using different methods
1.4
Differentiate between cost, profit, investment and revenue centres.
1.5
Separate the fixed and variable elements of total costs using a suitable
method in a given situation
LO-3
3.1
Explain and illustrate the difference between standard cost card under
marginal and absorption costing
3.2
Compute and interpret price and usage variances for material, labour,
and overhead inputs
3.3
Reconcile budgeted profit with actual profit under standard absorption
costing.
Higher Grade achievements (where applicable)
Grade descriptor
Achieved?
(tick)
M1: Identify and apply strategies to
find appropriate solutions
Grade descriptor
D1: Use critical reflection to
evaluate own work and justify
valid conclusions
M2:
Select/design
and
apply
appropriate methods/techniques
D2:
Take
managing
activities
M3:
Present
and
appropriate findings
D3:
Demonstrate
convergent/lateral
/creative
thinking
communicate
pg. 8- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
responsibility
for
and
organising
Achieved?
(tick)
Assignment Feedback
Summative Feedback: Assessor to Student
Action Plan
Formative feedback
Feedback: Student to Assessor
Assessor Signature
Date
IV Signature
Date
Student Signature
Date
pg. 9- HND- SEM-IV- ASSIGNMENT – CAPM – SPRING 2016-2017
COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF PROFESSIONAL STUDIES
Assignment front sheet
Assignment - 1
Qualification
Unit number and title
Pearson BTEC Level 5 HND Diploma in Business
Unit 10: Financial Accounting and Reporting
Semester
Batch
IV
Student name
Assessor name
CA.Sujatha Bhat/Mr.Ali Al Asmi/Mr N Lakmal/
Student No.
Internal Verifier (IV) name
Mr. Gnanendran
Date issued
Completion date
27th March 2017
Assignment title
Learning
Outcome
LO 1
LO 2
Learning
Outcome
24
th
Submitted on
April 2017
Regulatory framework for financial reporting and presentation of
information in accepted formats for publication
Assessment
Criteria
In this assessment you will have the
opportunity to present evidence that
shows you are able to:
Task
no.
Understand the
regulatory
framework for
financial
1.1
reporting
1.3
Assess the implications for users
3
1.4
Explain how different policies are dealt
with by accounting and reporting
standards
4
Be able to
prepare financial
statements from
complete or
1.2
2.3
Describe the different users of financial
statements and their needs
Explain the legal and regulatory
influences on financial statements
Prepare a consolidated balance sheet and
profit and loss account for a simple group
of companies
financial
Evidence
(Page no)
1
2
5
incomplete
records
LO 3
Be able to present
financial
information in
accepted formats
for publication
3.1
3.2
Explain how the information needs of
different user groups vary
Prepare financial statements in a form
suitable for publication by a sole trader,
partnership and limited company
1
6
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.
Student signature:
Date:
1
In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the following MERIT and
DISTINCTION grades
Grade Descriptor
Indicative characteristic/s
Contextualisation
To achieve M1, you will make effective judgements by comparing different
M1 Identify and apply strategies
to find appropriate solutions
users of financial statements as to how they use those information for
decision making by linking to various financial statements prepared by the
Effective judgements have company (Task 1).
been made.
To achieve M1 you have to make an effective judgment on application of
relevant IAS and IFRS. (Task 5).
To achieve M1, you should use effective judgment while making the
adjustments in the financial statements. ( task 6)
M2 Select / design and apply
appropriate methods /
techniques
To achieve M2 you will have to use range of sources information to explain
A range of sources of
information has been used the importance of consistency in accounting policy. (Task 4).
M3 Present and communicate
appropriate findings
To achieve M3, you will have to explain a range of legal and regulatory
influence including the regulation for stock exchange listing. Also explain
both International and local Accounting Standards. (Task 2).
The appropriate structure
and
approach has been used
Coherent and logical
approach has been used
To achieve M3 you will have to use a coherent and logical approach
assessing the implication for the users of financial statement. (Task 3)
To achieve M3, you should use the appropriate structure as specified by
IAS/IFRS in preparing the
consolidated balance sheet.
You should
demonstrate the interdependence on Non-Controlling Interest, Goodwill and
retained earning calculation. You have to solve the problem accurately and
balance the consolidated SOFP. (Task 5)
To achieve M3, you should use an appropriate structure specified by
2
IAS/IFRS in preparing the SOFP and the income statement. You should
validate the result by balancing the SOFP. You will have to solve the
problem accurately and balance the SOFP by applying creative thinking
(Task 6)
To achieve D1, you have to make conclusions through synthesis of ideas
D1 Use critical reflection to
evaluate own work and justify
valid conclusions
and have been justified when assessing the implication of each accounting
concepts/assumptions/qualitative characteristics. You should explain the
conclusions have been
fundamental and enhancing qualitative characteristics and link how
arrived at
through synthesis of ideas enhancing characteristics strengthen the fundamental characteristics.(Task
and have
3)
been justified
To achieve D1 you answer should reflect a critical evaluation on when a
firm can change its accounting policy and validate your conclusion. (Task 4).
D2 Take responsibility for
managing and organising
activities
To achieve D2, you will have to demonstrate autonomy and independence
Autonomy/independence
has been demonstrated
by bringing more information like how company legislation is linked to
Accounting standards for detailed accounting guidance. (Task 2).
To achieve D3, you should show convergent and lateral thinking on how
D3 Demonstrate convergent
/lateral / creative thinking
different user groups use the financial statement for decision making. You
convergent and lateral
thinking have
been applied
should illustrate conflicting interest of different user groups in using the
financial statement for decision making. Also describe why businesses need
to produce financial statements and why company has to follow accounting
procedures in order to produce financial information. (Task 1).
3
Assignment Brief
Purpose of this assignment
The manner in which items and transactions are treated and presented in the financial
statements may affect an investor's perception of the position and performance of the
business. Whilst individual accounting standards can be developed to deal with specific issues
it is also important that there is a framework that sets out the wider purposes that accounting
standards are intended to achieve. This assignment will help you understand the importance of
accounting regulations, the importance of accounting information to different user groups with
varied needs and the need to present financial statements in standardized formats
Task 1 – LO1 & 3 - Assessment Criteria 1.1 & 3.1 (M1, D3):
Describe the different users of financial statements and their needs.
Explain how the information needs of different user groups vary
The Financial Accounting is always providing quality information for stakeholders to make
their financial decisions, hence, the value of enterprise can be maximized within the
regulations available for LLCs. But Most of the Financial Statements are general purpose
reports, so that it is user’s duty to blend it as per their requirements.
.
Describe, Who exactly are these "users of financial statements"?
Also, what information do they need and what decisions do they make?
To achieve pass you must;
•
List out and describe the different users of financial statements
•
Identify different components of financial statements to be prepared by the company
•
Explain how the information needs of different user group vary
To achieve M1, you will make effective judgements by comparing different users of financial
statements as to how they use those information for decision making by linking to various
financial statements prepared by the company
To achieve D3, you should show convergent and lateral thinking on how different user groups
use the financial statement for decision making. You should illustrate conflicting interest of
different user groups in using the financial statement for decision making. Also describe why
do businesses need to produce financial statements and why company has to follow
accounting procedures in order to produce financial information
4
Task 2 – LO1 - Assessment Criteria 1.2 (M3, D2):
Explain the legal and regulatory influences on financial statements
The preparation of financial statements of LLC
is closely regulated. The regulation comes
from three main sources: Company Law, Accounting standards and Stock exchange
listing requirements.
Explain
clearly
the
regulatory
framework
relating
to
Company
Legislation,
Accounting standards and other sources of regulations.
To achieve pass you must;
•
Identify legal and regulatory influences.
•
Explain how legal and regulatory aspects influence the content and the form of the
financial statements.
To achieve M3, you will have to use the appropriate structure and approach in explaining the
range of legal and regulatory influences including the regulation for stock exchange listing.
Also explain both International and Local Accounting Standards.
To achieve D2, you will have to demonstrate autonomy and independence by bringing more
information like how company legislation is linked to Accounting standards for detailed
accounting guidance.
Task 3 – LO4 - Assessment Criteria 1.3 (M3,D1):
Assess the implications for users.
It is utmost important for Board of Directors comply with the Accounting Concepts,
Assumptions and Qualitative Characteristics laid down by the Conceptual Framework which is
the origination of Accounting Standards. An Annual Report will receive the due recognition
from relevant parties, such as Government and Banks when they are adhere to the
Conceptual Framework.
Identify four accounting concepts/assumptions/qualitative characteristics and
assess the implication of each of the above concepts/assumptions/qualitative
characteristic on the users of financial statements
To achieve pass you must;
5
•
Identify four accounting concepts/assumptions/qualitative characteristics.
•
Explain each of the concepts/assumptions/Qualitative characteristics, which you have
selected for users of financial statement and Assess the implication of the above for the
users.
To achieve M3 you will have to use a coherent and logical approach assessing the implication
for the users of financial statement.
To achieve D1, you have to make conclusions through synthesis of ideas and have been
justified when assessing the implication of each accounting concepts/assumptions/qualitative
characteristics. You should explain the fundamental and enhancing qualitative characteristics
and link how enhancing characteristics strengthen the fundamental characteristics.
Task 4 – LO1 - Assessment Criteria 1.4 (M2,D1):
Explain how different policies are dealt with by accounting and reporting standards.
The accounting policies are the specific policies and procedures that are used by a company to
prepare its financial statements.
Describe with examples, how different policies are dealt with by accounting and reporting
standards referring to Inventory (IAS 2) and Depreciation (IAS 16)
To achieve pass you must;
•
Explain the relevant accounting standards pertaining to depreciation and inventory
•
Explain the importance of the concept of consistency in valuation of inventory and
methods of depreciation though accounting standards.
To achieve M2 you will have to use range of sources information to explain the importance of
consistency in accounting policy.
To achieve D1 your answer should reflect a critical evaluation on when a firm can change its
accounting policy and validate your conclusion.
Task 5 – LO2 - Assessment Criteria 2.3 (M1,M3):
Prepare a consolidated balance sheet and profit and loss account for a simple group of companies
6
The Statement of Financial Position (SFP) of Al Mossi LLC . and Al Possi are as follows:
Statement of Financial Position as on December 31, 2016
Non current Assets:
Fixtures and fitting
Premises
Al Mussi
OMR
35 000
Al Possi
OMR
8 000
7 500
1 000
30 000
Investment (75 % shares in Al possi)
Current assets:
Inventory
45 000
20 000
Trade and other Receivables
25 000
12 000
Cash at Bank
10 000
10 000
152 500
51 000
Equity share capital of OMR 1 each
32 500
10 000
Share premium
17 500
5 000
Retained Earnings
35 000
12 500
Bank loans
22 500
10 000
Trade and other Payables
30 000
10 000
Accrual and other Liabilities
15 000
3 500
152 500
51 000
Total Assets
Liabilities
Current Liabilities:
Total Equity and Liabilities
The following additional information is provided:
Al Mussi LLC acquired an 75 % holding in Al Possi LLC on January 1, 2016. On that day the
balances of retained earnings of Al Possi LLC stood at OMR 6,000 . Al Mossi LLC’s accounts
show OMR 2 500 owing to Al Possi LLC ; Al Possi LLC’s accounts show OMR 10,000 owed by Al
Mossi LLC . No impairment of goodwill has occurred to date.
You are required to prepare the consolidated Statement of Financial Position of Al Mossi LLC
7
as on 31st December 2016.
(B) On 1 January 2016 Hussain LLC acquired 70% of the ordinary shares of Mohamed LLC At
the time of acquisition the Retained earnings of Mohamed LLC stood at OMR 10,000.
The following statement of Profit and Loss Account have been produced by Hussain LLC and
Mohamed LLC for the year ended 31 December 2016.
Hussain LLC
Mohamed LLC
OMR
OMR
Revenue
315,000
130,000
(105,000)
(52,500)
Gross Profit
210,000
77,500
Distribution Cost
(45,000)
(15,000)
Administration expenses
(30,000)
(22,500)
Profit from Operations
135,000
40,000
9,000
-
Profit before taxation
144,000
40,000
Corporation Tax
(32,500)
(6,500)
Profit after Taxation
111,500
33,500
Cost of Sales
Dividend from Mohamed LLC
During the year ended 31 December 2016 Hussain LLC had sold OMR 21,000 worth of goods
to Mohamed LLC. These goods had cost Hussain LLC OMR 14,000. On 31 December 2016
Mohamed LLC still had One-fourth of these goods in Inventories. Goodwill impairment for the
year is OMR 1,000.
On 31 December 2016, both Hussain LLC
and Mohamed LLC revalued their Premises ,
resulting in a revaluation surplus of OMR 4,000 and OMR 2,500 respectively.
Calculate Group revenue, Cost of sales and prepare a Consolidated Income
statement for the year ended 31 December 2016
Explain why consolidated financial statements are useful to the users of financial
statements (as opposed to just the parent company’s separate (entity) financial
statements. (Provide Reference to IAS and IFRS wherever applicable)
To achieve pass you must
•
Show the Group structure, calculation of Goodwill, NCI, and Group reserve and prepare
the consolidated balance sheet of Dal Mussi LLC as on 31 December 2016.
•
Calculate the group revenue, Cost of sales and prepare the consolidated
8
Comprehensive Income statement for the year ended 31 December 2016.
To achieve M1 you have to make an effective judgment on application of relevant IAS and
IFRS.
To achieve M3, you should use an appropriate structure as specified by IAS/IFRS in preparing
the consolidated balance sheet. You should demonstrate the interdependence on NonControlling Interest, Goodwill and retained earning calculation. You have to solve the problem
accurately and balance the consolidated SOFP.
Task 6 – LO3 - Assessment Criteria 3.2 (M1,M3):
Prepare financial statements in a form suitable for publication by a sole trader,
partnership and limited company
Arwa Natural Water Company LLC has produced the following Trial Balance as at 31st December 2016
DR (OMR)
Sales revenue
Advertising Cost
Opening Inventory
10% Debentures
Machinery at cost
Accumulated depreciation for Machinery
Salaries and wages
Premises at cost
Rents and rates
Purchase
Sales return
Rent receivable
Bad debts
Provision for bad debts
Bank overdraft (OD)
Ordinary Share capital of OMR 1 each
Insurance
Ordinary Dividend paid
Discounts
General Reserve
Accounts receivables
Accounts Payable
Retained profits last year
Office expenses
General Expenses
CR (OMR)
334 000
18 000
37 000
35 000
160 000
27 000
36
150
12
122
11
000
000
000
000
000
6 000
9 000
1000
5 000
140 000
14 000
11 000
2 000
3 000
16 000
26 000
11 000
53 000
12 000
11 000
631 000
You are given the following information:
9
631 000
1.
Inventory in trade as on 31 December 2016 amounted to
OMR 18 000.
2. Additional Bad debts to be written off by OMR 1 000.
The provision for bad debts is to be allowed at 10 % of Accounts
Receivables.
3. Rent receivable due at 31 December, 2016 amounted to
OMR 2 000.
4. Insurance paid in Arrears at 31 December 2016 amounted to OMR 4 000
5. Depreciation on Machinery is to be provided for at the rate of 25% p.a. reducing
balance method.
7. The total outstanding Debenture interest is to be provided.
8.
OMR 5,000 is to be transferred to General
Reserve.
9. Provision is to made for dividend at OMR 0.600 per share.
10. Provide tax of OMR 11 000
11. The allocation of expenditure between distribution and administration expenses
is as follows:
Cost of sales
Wages and Salaries
General Expenses
Office Expenses
Bad Debts
Insurance
Depreciation – Plant and
Machinery
Advertising
Rent and rates
10%
Distribution
Expense
Administration
Expense
90%
25%
75%
100%
100%
100%
70%
100%
30%
100%
10
You are required to prepare:
a) A Income Statement for the year ended 31 December 2016
b) A statement of Financial Position (Balance Sheet) as at 31 December 2016 (in
compliance with IAS1)
To achieve pass you must
•
Show the steps in calculating depreciation, provision for doubtful debts.
•
Prepare the income statement and the statement of financial position.
To achieve M1, you should use an effective judgment while making adjustments in the
financial statements.
To achieve M3, you should use an appropriate structure specified by IAS/IFRS in preparing
the SOFP and the income statement. You should validate the result by balancing the SOFP.
You will have to solve the problem accurately and balance the SOFP by applying creative
thinking
11
Evidence
checklist
Evidence
presented
Summary of evidence required by student
Recognize different financial statements and Understanding on
Task 1
different uses of accounting information and why they use those
information.
Task 2
Able to explain legal and regulatory influences
Assess
the
implication
of
Accounting
Task 3
concepts/assumptions/qualitative characteristic on the users of
Task 4
financial statements
Explanation on how different policies are dealt referring to IAS 16
and 2
Task 5
Prepare consolidated Income statement and SOFP
Task 6
Prepare financial statement for publication.
Guidance notes:
•
Use standard document formats and structures.
•
Word process the documents.
•
Use 12 point Arial or Times New Roman script.
•
Provide a list of references and use the Harvard referencing system.
•
Complete the title page and sign the statement of authenticity.
•
Upload the entire assignment in MS word format only on Turnitin.
•
Staple only once to keep the pages of your work together.
•
Late submission, late work will only be marked on the next occasion the unit is taught.
•
Submit the work along with the Turnitin report to the respective assessors in their
offices.
•
Collect the assignment submission form duly signed by the assessor and the learner.
•
Grades are subject to External Verification.
Word count: 2500 words
12
Achievement Summary
Pearson BTEC Level 5 HND
Diploma in Business
Qualification
Unit Number and
title
Unit 10: Financial Accounting
and Reporting
Student Number
Criteria
Reference
Assessor name
CA.Sujatha Bhat
Mr N Lakmal
IV name
Mr. Gnanedran
Student name
To achieve the criteria the evidence must show that the
student is able to:
Achieved?
(tick)
LO1
1.1
Describe the different users of financial statements and their
needs
1.2
Explain the legal and regulatory influences on financial
statements
1.3
Assess the implications for users
1.4
Explain how different policies are dealt with by accounting and
reporting standards
LO2
2.3
Prepare a consolidated balance sheet and profit and loss
account for a simple group of companies
LO3
3.1
Explain how the information needs of different user groups vary
3.2
Prepare financial statements in a form suitable for publication
by a sole trader, partnership and limited company
Higher Grade achievements (where applicable)
Grade descriptor
Achieved?
(tick)
M1: Identify and apply strategies to
find appropriate solutions
Grade descriptor
D1: Use critical reflection to
evaluate own work and justify
valid conclusions
M2:
Select/design
and
apply
appropriate methods/techniques
D2:
Take
managing
activities
M3:
Present
and
appropriate findings
D3:
Demonstrate
convergent/lateral
/creative
thinking
communicate
13
responsibility
for
and
organising
Achieved?
(tick)
Assignment Feedback
Formative Feedback: Assessor to Student
Action Plan
Summative feedback
14
Feedback: Student to Assessor
Assessor Signature
Date
IV Signature
Date
Student Signature
Date
15
COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF PROFESSIONAL STUDIES
Assignment front sheet
Assignment - 1
Qualification
Unit number and title
Pearson BTEC Level 5 HND Diploma in Accounting
Unit No : MLN 1,Fundamentals of Accounting
Semester
Batch
III
Spring 2016-2017
Student name
Assessor name
Dr. Roslin, Ms. Amitha
Student No.
Internal Verifier (IV) name
Mr. Feroskhan
Date issued
Completion date
Assignment title
Application of accounting policies, principles & financial statements of a sole
trader and partnership form of business organization.
Learning
Outcome
LO 1
LO 3
Submitted on
Ass
In this assessment you will have the
Learning Outcome ess opportunity to present evidence that shows
me
you are able to:
nt Distinguish between accounting policies,
Understand and apply Crit
1.1
accounting policies
eria accounting estimates and measurement bases.
and principles
1.2 Identify the documents and describe the
procedure relating to credit transactions.
1.3 Explain nature and objectives of financial
accounting.
1.4 Evaluate the qualitative characterestics of financial
information.
Be able to prepare
3.1 Compute the amount of depreciation using
different methods and explain resulting charges to
financial statements of
the income statement.
a sole trader and
partnership form of
3.2 Differentiate between capital and revenue
expenditure.
business organization.
3.3 Prepare simple financial statements from the trial
balance for a sole trader and partnership firm.
Task Evidence
no. (Page no)
1
2
3
4
5
6
7
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully
acknowledged.
Student signature:
Date:
Page 1 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the
following MERIT and DISTINCTION grades
Grade Descriptor
Indicative characteristic/s
Contextualisation
M1 Identify and apply
strategies to find appropriate
solutions
To achieve M1, you will need to make effective judgements at distinguishing
between accounting policies and estimates using relevant examples of accounting
policies, accounting estimates and measurement bases (Task 1).
1. Effective judgements have
To achieve M1, you will make effective judgements about the purpose of financial
been made.
accounting information for different user groups (external & internal) using
2. An effective approach to study
relevant examples of the elements of financial statement (Task 3).
and research has been applied.
To achieve M1, you will need to apply effective approach & judgements to
evaluate the qualitative characteristics of financial information using appropriate
examples (Task 4).
M2 Select / design and apply
appropriate methods /
techniques
1. Relevant theories and
techniques have been applied.
2. A range of methods and
techniques have been applied.
3. A range of
sources of
information has been used.
To achieve M2, you will need to apply relevant accounting concepts and should
use range of information’s to identify source documents for the financial
information given in scenario (A).You need to apply the principles of double entry
system to describe the procedure relating to credit transactions using information
given in scenario (A).
To achieve M2, you will need to apply relevant accounting policies, accounting
estimates and measurement bases and a range of methods to compute the amount
of depreciation using different methods and explaining resulting charges to the
financial statements (Task 5).
To achieve M2 you will need to apply relevant accounting policies, accounting
estimates and rules of double entry to differentiate between capital and revenue
expenditure using relevant examples from the elements financial statements.
(Task 6).
M3 Present and communicate
appropriate findings
1. A range of methods of
presentation have been used and
technical language has been
accurately used.
2. The appropriate structure and
approach has been used
To achieve M3, you will need to apply a range of methods of presentation,
appropriate structure and approach for computation of depreciation and technical
language should be accurately used. (Task 5).
To achieve M3 you will need to prepare correctly the financial statements for a
sole trader and partnership firm, using appropriate structure, approach and
prescribed formats (Task 7).
Page 2 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
D1 Use critical reflection to
evaluate own work and
justify valid conclusions
To achieve D1, you should justify the conclusions drawn on the basis of relevant
accounting policies, principles and concepts in critically evaluating the qualitative
characteristics of financial information (Task 4).
Conclusions have been arrived at
through synthesis of ideas and
To achieve D1, you should justify the conclusions drawn on the basis of relevant
have been justified.
accounting policies & rules at differentiating capital & revenue expenditure and in
assessing its resulting charges to the financial statements using appropriate
examples.(Task 6)
To achieve D2, you should take an effective approach to independent research to
study accounting policies and principles, methods of computing depreciation and
in assessing its resulting charges to the financial statements .You will have met the
deadline to submit the tasks and achieve the unit assessment criteria. (Task 5).
D2 Take responsibility for
managing and organising
activities
Autonomy/independence has
been demonstrated.
D3 Demonstrate convergent
/lateral / creative thinking
1. Ideas have been generated and
decisions taken
2. Convergent and lateral thinking
have been applied .A range of
sources of information has been
used.
To achieve D2 you should take an effective approach to independent research to
prepare the financial statements for a sole trader and partnership firm. You will
have met the deadline to submit the tasks and achieve the unit assessment criteria.
(Task 7).
To achieve D3 you should to apply lateral thinking to relevant accounting policies
and principles of financial accounting in preparation of financial statements for a
sole trader and partnership firm in the prescribed formats and in commenting on
the significant features revealed by the financial statements. (Task 7).
Page 3 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
Assignment Brief
Assignment title
Application of accounting policies, principles & financial statements of a
sole trader and partnership form of business organization.
Purpose of this assignment
Accounting is concerned with collecting, analysing and communicating financial information. This
information is useful for a range of users to help them make better judgements and decisions concerning a
business. Financial information and decisions exert an enormous influence over the way in which a business
operates. This assignment will help you to understand and apply accounting policies, accounting estimates and
measurement bases and to be able to prepare financial statements of a sole trader and partnership form of
business organization.
Scenario ‘A’
Scenario ‘A’ addresses LO 1.2.
Given below are some business transactions of ABC Traders, a retail electronic goods dealer, for the
month of December 2016:
Dec 1
Purchased office equipment on credit from Star Electronics for OMR 75,000
Dec 2.
Goods purchased on 2 months credit from XYZ Traders for OMR 80, 000.
Dec 10.
Sold goods for cash OMR 20,000 and on credit to Ahmed Traders for OMR 40,000
Dec 14.
Goods purchased costing OMR 1,500 were not as per the order so were returned to ‘XYZ
Traders’.
Dec 16
Goods sold on credit costing OMR 1,000 were defective so were returned by customer
‘Ahmed Traders’.
Dec 25.
Office furniture purchased on credit OMR 35,000 from Greenwood Furniture Ltd.
Dec 30.
Bought a delivery van for OMR 40,000, cheque issued.
Dec 31.
Electricity bill received for the month of Nov and December OMR 100, not yet paid.
Page 4 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
Scenario ‘B’
Scenario ‘B’ addresses LO 1.1, 1.3, 1.4, 3.2 and LO 3.3 (A).
The trial balance of Bader Traders( a retail Electronic goods dealer) for the year ended 31st December 2016
is given below:
Office Building, at cost
Office Equipment , at cost
Accumulated depreciation on building (1st January 2016)
Accumulated depreciation on equipment (1st January 2016)
Purchases
Sales
Inventory (1st January 2016)
Advertisement expense
Interest on loan
Salaries
Rent
Bad debts
Utility bill expense
Other administrative expenses
Trade payables
Trade Receivables
Cash in hand
Bank balance
Drawings
Capital
10% Long term loan
Amt in OMR
Dr
500,000
300,000
Amt in OMR
Cr
50,000
45,000
600,000
800,000
35,000
14,000
15,000
87,700
36,000
1,000
8,500
20,400
30,000
50,000
20,200
32,600
10,000
1,730,400
655,400
150,000
1,730,400
The following additional information is available:
i.
Inventory at the end of the year has been valued at cost at OMR 90,000.
ii.
Salaries of OMR 13,300 were still outstanding at the year end.
iii.
Rent expense includes a prepayment of OMR 18,000. Rent paid in advance for the month of January,
February 2017.
iv.
Depreciation for the year ended 31 December 2016 has still to be allowed for as follows:
-
Office Building : 5 % per annum using the straight line method; and
-
Office Equipment: 15% per annum using the reducing balance method
Page 5 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
Scenario ‘C’
Scenario ‘C’ addresses LO 3.3 (B)
Hashim, Salman and Zayed are partners in the ABC partnership firm, sharing profits in the ratio of 2:2:1
respectively. Their capital and current account balances on 1st January 2016 were as follows.
Capital Accounts
Current Accounts
OMR
OMR
Hashim
160,000
50,000
Salman
100,000
(8,000) Dr
Zayed
80,000
25,000
The additional information is given below:
i.
Interest at 9% per annum is given on the fixed capital amounts.
ii.
Salaries of OMR 10,000 per annum are credited to partners Salman and Zayed‘s current account.
iii.
The partnership profit for the year ended 31st December 2016 was OMR 90,000 and the partners had
made drawings of: Hashim OMR 30,000; Salman OMR 24,000; Zayed OMR 20,000 during the year.
iv.
Interest on drawings is charged at 5 % of the year –end balance.
ASSIGNMENTS TASKS 1.1, 1.2, 1.3, 1.4, 3.1, 3.2, 3.3
Task 1
LO1- AC 1.1 -Distinguish between accounting policies, accounting estimates and measurement bases.
( P, M1)
1.1 The preparation of a company’s financial statements is of great importance in determining the firm’s
financial stability and in understanding the firm’s ability to operate in the future without facing liquidity
issues. The financial statements must "present fairly" the financial position, financial performance and cash
flows of an entity and therefore requires proper use of accounting theories and techniques. Accounting
policies and accounting estimates serve this purpose by ensuring that the accounting data recorded in the
company books are valid in terms of regulatory requirements and financial reporting accuracy.
To achieve pass you must;
Distinguish between accounting policies, accounting estimates and measurement bases.
To achieve M1, you will need to make effective judgements at distinguishing between accounting policies and
estimates using relevant examples of accounting policies, accounting estimates and measurement bases.
(You may use financial information given in the above scenario ‘B’ and from Task 7)
Task 2
LO1- AC 1.2 - Identify the documents and describe the procedure relating to credit transactions.
(P,M2 )
1.2 Identify and explain the various source documents, books of prime entry for the transactions of ABC
Traders for the month of December 2016 and describe the procedures relating to credit transactions, from the
financial information given in scenario (A).
Page 6 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
To achieve pass you must;
Identify the various source documents, books of prime entry for the transactions of ABC Traders for the month
of December 2016 and describe the procedures relating to credit transactions, from the financial information
given in scenario (A)
To achieve M2, you will need to apply relevant accounting concepts and should use range of information’s to
identify source documents for the financial information given in scenario (A).
You need to apply the principles of double entry system to describe the procedure relating to credit
transactions using information given in scenario (A).
Task 3
LO1- AC 1.3 - Explain nature and objectives of financial accounting. ( P, M1 )
1.3 Accountancy is the process of communicating financial information about a business entity to users such
as shareholders and managers (Elliot, Barry & Elliot, Jamie: Financial accounting and reporting).
Explain nature and objectives of financial accounting .Explain for what purpose would the different user
groups need accounting information?
(You may use financial information given in scenario B , C and Task 7 )
To achieve pass you must;
Explain nature and objectives of financial accounting and explain for what purpose would the different user
groups need accounting information?
To achieve M1, you will make effective judgements about the purpose of financial accounting information for
different user groups (external & internal) using relevant examples of the elements of financial statements.
Task 4
LO1- AC 1.4 - evaluate the qualitative characterestics of financial information .(P, M1,D1)
1.4 To meet these users’ needs, it can be argued that accounting information should possess certain key
qualities. Critically evaluate the qualitative characteristics of financial information.
(You may use financial information given in scenario B, C and Task 7 )
To achieve pass you must;
Evaluate the qualitative characteristics of financial information.
To achieve M1, you will need to apply effective approach & judgements to evaluate the qualitative
characteristics of financial information using appropriate examples.
To achieve D1, you should justify the conclusions drawn on the basis of relevant accounting policies,
principles and concepts in critically evaluating the qualitative characteristics of financial information.
Task 5
LO 3- AC 3.1 - compute the amount of depreciation using different methods and explain resulting charges to
the income statement.(P, M2, M3 , D2)
Tanner Ltd, Sport goods manufacturer and dealer, purchased machinery on 1 January 2014, at a cost of OMR
200,000. The machinery has an expected life of five years and a residual value of OMR 20,000.
Page 7 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
Required:
i.
What is the purpose of charging depreciation in the accounts?
ii.
Compute depreciation on machinery for Tanner Ltd for minimum 3 years using straight line method
and reducing balance method( rate of depreciation in 15 % per annum) and assessing its resulting
charges to the financial statements by preparing Income statement (extract) and Statement of financial
position (extract) for Financial years 2014, 2015 & 2016).
iii.
You are also required to prepare non-current asset account, Accumulated depreciation account for the
financial years ended 31st December 2014, 2015 and 2016.
To achieve pass you must;
Compute the amount of depreciation using different methods and explain resulting charges to the income
statement.
To achieve M2, you will need to apply relevant accounting policies, accounting estimates and measurement
bases and a range of methods to compute the amount of depreciation correctly using different methods and
explaining resulting charges to the financial statements.
To achieve M3, you will need to apply a range of methods of presentation, appropriate structure and approach
for computation of depreciation and technical language should be accurately used.
To achieve D2, you should take an effective approach to independent research to study accounting policies
and principles, methods of computing depreciation and in assessing its resulting charges to the financial
statements .You will have met the deadline to submit the tasks and achieve the unit assessment criteria.
Task 6
LO 3- AC 3.2 differentiate between capital and revenue expenditure. (P, M2,D1)
3.2 Compare and contrast between capital and revenue expenditure with examples. (You may use financial
information given in scenario A & B).
To achieve pass you must;
Differentiate between capital and revenue expenditure.
To achieve M2 you will need to apply relevant accounting policies, accounting estimates and rules of double
entry to differentiate between capital and revenue expenditure using relevant examples from the elements
financial statements.
To achieve D1, you should justify the conclusions drawn on the basis of relevant accounting policies & rules
at differentiating capital & revenue expenditure and in assessing its resulting charges to the financial
statements using appropriate examples.
Task 7
LO3 - AC 3.3- prepare simple financial statements from the trial balance for a sole trader and partnership
firm. (P, M3, D2, D3)
3.3 (A) Prepare an Income Statement for the year ended 31st December 2015 and a Statement of Financial
Position of Bader Traders as at 31 December 2015, (showing full workings) from the financial information
given in scenario (B).
3.3 (B) Prepare appropriation account, the partners’ capital and current accounts in respect of the year ended
31st December 2015 of ABC partnership firm from the financial information given in scenario (C).
Page 8 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
To achieve pass you must;
Prepare financial statements from the trial balance for a sole trader and partnership firm using financial
information given in scenario B & C .
To achieve M3 you will need to prepare correctly the financial statements for a sole trader and partnership
firm, using appropriate structure, approach and prescribed formats.
To achieve D2 you should take an effective approach to independent research to prepare the financial
statements for a sole trader and partnership firm. You will have met the deadline to submit the tasks and
achieve the unit assessment criteria.
To achieve D3 you should to apply lateral thinking to relevant accounting policies and principles of financial
accounting in preparation of financial statements for a sole trader and partnership firm in the prescribed
formats and in commenting on the significant features revealed by the financial statements.
Evidence
checklist
Task 1
Task 3
Identifying and distinguishing between accounting policies, accounting
estimates and measurement bases.
Identifying and explaining the various source documents, books of prime entry,
and the procedures relating to credit transactions.
Assessing the nature and objectives of financial accounting.
Task 4
Evaluating the qualitative characteristics of financial information.
Task 5
Computing the amount of depreciation using different methods and explaining
resulting charges to the income statement.
Differentiating between capital and revenue expenditure.
Task 2
Task 6
Evidence
presented
Summary of evidence required by student
Task 7
Preparing simple financial statements from the trial balance for a sole trader and
partnership firm.
Guidance notes:
1. Use standard document formats and structures.
2. Word process the documents.
3. Use 12 point Arial or Times New Roman script.
4. Provide a list of references and use the Harvard referencing system.
5. Complete the title page and sign the statement of authenticity.
6. Upload the entire assignment in MS word format only on Turnitin.
7. Staple only once to keep the pages of your work together.
8. Late submission, late work will only be marked on the next occasion the unit is taught.
9. Submit the work along with the Turnitin report to the respective assessors in their offices.
10. Collect the assignment submission form duly signed by the assessor and the learner.
11. Grades are subject to External Verification.
12. The word limits for assignment will be 2500 words. The tolerance rate is 5% of the word
limits.
Page 9 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
Batch
Turnitin Password Turnitin ID
Achievement Summary
Qualification
Unit Number and
title
Pearson BTEC Level 5 HND
Diploma in Accounting
1 (MLN)
Fundamentals of accounting
Student Number
Criteria
Reference
Assessor name
IV name
Dr. Roslin, Ms. Amitha
Mr. Mr. Feroskhan
Student name
To achieve the criteria the evidence must show that the student is able
to:
Achieved?
(tick)
LO1
1.1
Distinguish between accounting policies, accounting estimates and measurement
bases.
1.2
Identify the documents and describe the procedure relating to credit transactions.
1.3
Explain nature and objectives of financial accounting.
1.4
Evaluate the qualitative characteristics of financial information.
LO3
3.1
3.2
3.3
Compute the amount of depreciation using different methods and explain resulting
charges to the income statement.
Differentiate between capital and revenue expenditure.
Prepare simple financial statements from the trial balance for a sole trader and
partnership firm.
Higher Grade achievements (where applicable)
Grade descriptor
M1: Identify and apply strategies to
find appropriate solutions
Achieved?
(tick)
Grade descriptor
Achieved?
(tick)
D1: Use critical reflection to
evaluate own work and justify
valid conclusions
M2:
Select/design
and
apply
appropriate methods/techniques
D2:
Take
managing
activities
M3:
Present
and
appropriate findings
D3:
Demonstrate
convergent/lateral
/creative
thinking
communicate
responsibility
for
and
organising
Page 10 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
Assignment Feedback
Formative Feedback: Assessor to Student
Action Plan
Page 11 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
Summative feedback
Feedback: Student to Assessor
Assessor Signature
Date
IV Signature
Date
Student Signature
Date
Page 12 of 12
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 6
COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF PROFESSIONAL STUDIES
Assignment front sheet
Assignment - 1
Qualification
Unit number and title
Pearson BTEC Level 5 HND Diploma in Business
HND-A&F2: Management information System
Semester
Batch
III
Spring 2016-17
Student name
Assessor name
Ms. Priya Gopal
Student No.
Internal Verifier (IV) name
Dr Omer Ali Ibrahim
Date issued
Completion date
Assignment title
Identifying information needs within different functional areas and using
Accounting Information System
Learning
Outcome
LO1
Learning
outcome
Analyse
information
needs within
different
functional
areas
Using
LO3
Accounting
information
systems to
produce
management
Information
Assessment
Criteria
Submitted on
In this assessment you will have the
opportunity to present evidence that
shows you are able to:
Task Evidence
no. (Page no)
1.1
Identify input output and processing
requirement of functional areas.
1
1.2
Ascertain the relationship between different
functional areas of an organisation.
2
3.1
3.2
3.3
Understand Installation process of
Accounting Information system available in
the market.
Use an Accounting Information System to
generate valid, accurate and useful
information for a given problem
Evaluate alternative methods of solving the
problem
3
4
5
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully
acknowledged.
Student signature:
Date:
In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the
following MERIT and DISTINCTION grades
Grade Descriptor
M1 Identify and apply
strategies to find appropriate
solutions
M2 Select / design and apply
appropriate methods /
techniques
Indicative characteristic/s
Contextualisation
To achieve M1, you will make effective judgements in identifying the type of
Effective judgements have been leger accounts based on the transaction details given in (Task 4). You need to
record all transactions correctly and show in detail how each transaction can
made.
be stored by using Tally.ERP 9. You will have to use appropriate methods to
record the business transactions using Tally.ERP 9 (Task 3)
A range of methods and
To achieve M2, you will have used a range of methods and techniques to
techniques have been applied
explore the functional areas and needs to discuss the information flow
Appropriate learning
methods/techniques have been
applied
between the functional areas specific to the organisation selected. Use a range
of sources to present the information. (Task 2).
The appropriate structure and
approach has been used
To achieve M3, you will have used appropriate structure and approach in
presenting the core four functional areas specific to the organisation selected.
You need to present the information in logical sequence (Task 1).
To achieve M3, you need to demonstrate the use of advanced financial
features in Ms Excel (task 5)
D1 Use critical reflection to
evaluate own work and
justify valid conclusions
Conclusions have been arrived
at through synthesis of ideas
and have been justified
To achieve D1, you will have to write conclusions based on the reports
generated from Tally.ERP 9(Task 4)
D2 Take responsibility for
managing and organising
activities
Activities have been managed
To achieve D2, you will have to manage all the activities effectively in
Tally.ERP 9(Task 4)
Effective thinking has taken
place in unfamiliar contexts.
To achieve D3, you have to demonstrate effective /convergent thinking by
identifying the advanced features of Ms Excel and evaluating them (Task 5)
M3 Present and communicate
appropriate findings
D3 Demonstrate convergent
/lateral / creative thinking
Assignment Brief
Purpose of this assignment
Learner will gain an understanding of the information requirements with data processing needs in an
organization. Learner will get an opportunity to get hands-on-training of Accounting Information and
general purpose software to resolve real world reporting issues.
Case Study
InterContinental Muscat(ICM)
Located on beach front and with a view of the Hajjar Mountains, this five-star resort is located in the
heart of the city's residential, government and diplomatic quarter. The hotel's Palm Beach Club offers
two floodlit tennis courts, a 25-metre olympic size pool, a leisure pool, a fully equipped fitness center,
sauna,jacuzzi and easy access to the beach. Local sites of interest include the Grand Mosque and
Amouage Perfume Factory.
www.intercontinental.com/Muscat
Task 1 – LO1 - Assessment Criteria 1.1 (M3):
Identify functional areas in the selected organisation (ICM) and analyse inputs, process, and output
requirements for minimum four functional areas’ processes.
To achieve pass you must;
•
•
•
Provide a brief introduction to the organisation and its functional areas
Identify the core functional areas specific to the organisation.
Identify the input, process and output requirements for the functional areas selected.
To achieve M3, Choose core processes of four functional areas, arrange all tasks related to the chosen
processes in logical sequence use technical language accurately to describe the tasks. Use structured
methods of information presentation.
Task 2 – LO1 - Assessment Criteria 1.2 (M2, D3):
Ascertain the relationship between different functional areas of the selected organisation.
To achieve pass you must;
•
Ascertain the relationships between the functional areas of the selected organisation(ICM) in
task 1 by using flow diagram
To achieve M2, Select at least 2 tasks related to each functional area (Total 8 tasks) and discuss flow of
information among the functional areas to conduct those tasks. Use a range of sources of information.
To achieve D3, Select complex tasks, show comprehensive understanding in information flow, and
make appropriate diagrams to present the flow of information, provide references. Effective thinking
has shown in flow of information.
Task 3 – LO3 - Assessment Criteria 3.1 (M1)
Understand Installation process of Accounting Information system available in the market.
Assume you have started your own shop at Ruwi, Muscat in the month of March to sell the computers’
components. To keep track of the inventory and the financial transactions of your business, you have
decided to use Tally.ERP 9. For this purpose you need to perform the following tasks:
To achieve pass you must;
a) Write hardware and software requirements for Tally ERP 9
b) Prepare document which contains screen shots of installation process reflecting your
understanding of all necessary steps involved in the installation of Tally.
c) Setup a company under your name to record the business transactions. Make sure your
company complies with Oman statutory regulations
To achieve M1, make effective judgement on the use of appropriate hardware/software to show all
necessary steps involved in the above mentioned tasks and provide appropriate description of each
step
Task 4 – LO3 - Assessment Criteria 3.2 (M1,D1,D2):
Use an Accounting Information System to generate valid, accurate and useful information for a given
problem.
To achieve pass you must;
a. Create the necessary Ledger accounts by using Tally ERP 9 and record the following transactions
in Tally.ERP9. While recording the transaction take screen print of each transaction and paste
them in MSWord document for evidence.
Note: In the following transactions
I.
S1, S2, S3 and S4 represent the sundry creditors of your company, in place of them write
names of the computer suppliers/dealers exist in the market near your residence and while
creating the ledger account for them, provide full address and other details required to store in
Tally.ERP 9.
II.
C1,C2, and C3 represent the sundry debtors of your company, in place of them write names of
your three friends who are not studying in your class and while creating the ledger accounts for
them provide the full detail required to store in Tally.ERP 9.
S.No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
b.
Transaction
On March 1,2017: You have invested R.O 85000 capital in the business
On March 3,2017: Bought furniture for cash R.O 6500
On March 4,2017: Purchased 450 CPUs from S1 at R.O 120 per unit
on credit
On March 5,2017: Purchased 260 Monitors from S2 at R.O 50 each on
credit
On March 6,2017: Purchased 180 Keyboards from S3 at R.O 7.500
each on credit
On March 7,2017: Purchased 200 mouse from S4 at R.O 1.5 each on
credit
On March 8,2017: Sold 65 CPUs to C1 at R.O 350 each
On March 9,2017: Sold 20 CPUs to C2 @ 340 each
On March 10,2017: 18 CPUs returned to S1
On March 11,2017: R.O 5200 Cash Received from C1
On March 12,2017: R.O 5600 Cash Received from C2
On March 13,2017: Sold 6 CPUs to C3 @ 390 each
On March 14,2017: Sold 14 CPUs to C1 at R.O 355 each
On March 15,2017: Sold 6 CPUs to C2 @ 362 each
On March 16,2017: R.O 600 Cash Received from C1
On March 17,2017: 4 Monitors returned to S2
On March 18,2017: Sold 2 CPUs to C3 @ 270 each
On March 18,2017: R.O 355 Cash Received from C1
On March 18,2017: R.O 190 Cash Received from C2
On March 19,2016: R.O 550 Cash Paid to S1
On March 19,2017: R.O 700 Cash Paid to S2
On March 19,2017: 3 CPUs returned by C2
On March 25,2017: R.O 600 Cash Received from C3
On March 27,2017: R.O 190 Electricity bill paid
After recording all the transactions take print of the Day Book, Balance Sheet, Profit and Loss
and the Trial Balance and analyze the information shown in the reports (Suggested 600-900
Words)
To achieve M1, record all transactions correctly in appropriate sequence and shown each step in your
assignment.
D1: Write conclusions to prove the accuracy of Day book, Balance sheet, Profit and Loss and Trial
Balance reports.
D2: Demonstrate all activities have been managed well .
Task 5 – LO3 - Assessment Criteria 3.3 (M3, D3):
Evaluate alternative methods of solving the problem
To achieve pass ;
MS Excel is being used commonly in managing account, inventory, payroll etc. Evaluate at least
three features of MS Excel as an alternative method which can help in managing financial matters.
To achieve M3, describe three advanced features of MS Excel, demonstrate the use of those features
effectively to deal with financial matters, provide diagrams with appropriate details.
To achieve D3, provide suitable examples with valid comments. Effective thinking has demonstrated in
evaluating the features.
Evidence
checklist
Summary of evidence required by student
Task 1
Identify input, process and output requirements for different functional
areas for the selected the organisation.
Task 2
Determine the relationship between different functional areas with specific to the
organisation.
Task 3
Understand Installation process of Accounting Information system Tally ERP 9
Task 4
Use Tally ERP 9 to record the transactions and generate reports.
Task 5
Evaluate the use of advanced financial features of Ms Excel.
Evidence
presented
Guidance notes:
1. Use standard document formats and structures.
2. Word process the documents.
3. Use 12 point Arial or Times New Roman script.
4. Provide a list of references and use the Harvard referencing system.
5. Complete the title page and sign the statement of authenticity.
6. Upload the entire assignment in MS word format only on Turnitin.
7. Staple only once to keep the pages of your work together.
8. Late submission, late work will only be marked on the next occasion the unit is taught.
9. Submit the work along with the Turnitin report to the respective assessors in their offices.
10. Collect the assignment submission form duly signed by the assessor and the learner.
11. Grades are subject to External Verification.
12. Assignment length should not exceed 2500 words.
Class ID:
Pass word:
Achievement Summary
Qualification
Unit Number and
title
Pearson BTEC Level 5 HND
Diploma in Business
Assessor name
Ms. Priya Gopal
HND-A&F2: Management
information System
IV name
Dr Omer Ali Ibrahim
Student Number
Criteria
Reference
Student name
To achieve the criteria the evidence must show that the
student is able to:
Achieved?
(tick)
LO1
1.1
Identify input output and processing requirement of functional areas.
1.2
Ascertain the relationship between different functional areas of an
organisation.
LO3
3.1
3.2
Understand Installation process of Accounting Information system
available in the market.
Use an Accounting Information System to generate valid, accurate
and useful information for a given problem
3.3
Evaluate alternative methods of solving the problem
Higher Grade achievements (where applicable)
Grade descriptor
M1: Identify and apply strategies to
find appropriate solutions
Achieved?
(tick)
Grade descriptor
D1: Use critical reflection to
evaluate own work and justify
valid conclusions
M2:
Select/design
and
apply
appropriate methods/techniques
D2:
Take
managing
activities
M3:
Present
and
appropriate findings
D3:
Demonstrate
convergent/lateral
/creative
thinking
communicate
responsibility
for
and
organising
Achieved?
(tick)
Assignment Feedback
Formative Feedback: Assessor to Student
Action Plan
Summative feedback
Feedback: Student to Assessor
Assessor Signature
Date
IV Signature
Date
Student Signature
Date
COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF PROFESSIONAL STUDIES
Assignment front sheet
Assignment - 1
Qualification
Unit number and title
Pearson BTEC Level 5 HND Diploma Business
Unit 12: Taxation
Semester
Batch
IV(Four)
Spring 2016-17
Student name
Assessor name
Ms. Sujata Suresh
Student No.
Internal Verifier (IV) name
Ms. Sujatha Bhat
Date issued
Completion date
March 2017
16th April 2017
Assignment title
UK Tax System – Tax practitioner, Corporation Tax for UK Companies
Learning
Outcome
Learning
outcome
LO1
Understand
the duties and
responsibilities
of the tax
practitioner in
the UK tax
environment
LO3
Be able to
calculate
corporation
tax liabilities
for companies
Assessment
Criteria
Submitted on
In this assessment you will have the
opportunity to present evidence that
shows you are able to:
Task Evidence
no. (Page no)
1.1
Describe the UK tax environment
1
1.2
Analyse the role and responsibilities of the
tax practitioner
2
1.3
explain the tax obligation of tax payers or
their agents and the implications of noncompliance
3
3.1
calculate chargeable profits
4
3.2
3.3
Calculate the tax liabilities and due payment
date
Explain how income tax deductions are
dealt with.
5
6
Learner declaration
I certify that the work submitted for this assignment is my own and research sources are fully
acknowledged.
Student signature:
Page 1 of 10
Date:
Tax/Assignment /Spring 2016/17/CBFS
In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the
following MERIT and DISTINCTION grades
Grade Descriptor
Indicative characteristic/s
Contextualisation
M1 Identify and apply
strategies to find appropriate
solutions
Effective judgements have been
To achieve M1, you will have to have an effective judgement in giving your
made.
answer.(Task3.1)
M2 Select / design and apply
appropriate methods /
techniques
A range of sources of
information has been used
M3 Present and communicate
appropriate findings
D1 Use critical reflection to
evaluate own work and
justify valid conclusions
D2 Take responsibility for
managing and organising
activities
Page 2 of 10
To achieve M2 , you should have used different sources to collect data and a
range of source of information should have been used for information relating
to the (Task1.3),(Task3.3)
1.
the appropriate structure
and approach has been used
coherent, logical development
of principles/ concepts for the
intended audience
2.
a range of methods of
presentation have been used
and technical language has
been accurately used
1.
Conclusions have been
arrived at through synthesis of
ideas and have been justified
Autonomy/independence has
been demonstrated
To achieve M3, you should have used an appropriate structure and approach in
presenting the types of taxation in UK, and put your findings in a tabular form
or in a flow chart with proper explanation(Task1.1) ,( Task 1.2),(Task3.2)
a range of methods of presentation should have been used with technical tax
language (Task1.1) ,( Task 1.2),(Task3.2).
To achieve D1, you should justify the conclusions drawn on the basis of
relevant rules and formulas and its application. (Task3.1)
To achieve D2, you should have demonstrated autonomy and independence by
bringing details in answering (Task1.1) ,(Task3.3)
Tax/Assignment /Spring 2016/17/CBFS
Assignment Brief
Purpose of this assignment
Understand the UK Tax environment and the duties and responsibilities of the tax practitioner. Students
should also know about corporation tax liability of relevant entities. The knowledge gained should help the
student in Self-Assessment and also help in filing returns for their company.
LO -1- Understand the duties and responsibilities of the tax practitioner in UK tax
environment
“Scenario ‘A’ Covers LO 1.1, L O 1.2 and LO 1.3
The budgetary impact of the low oil prices has resulted in tax reforms. Both Corporates and individuals
focus on understanding the Tax environment and tax planning at various stages.
1.1
Task 1 (LO1- AC 1.1 ) Describe the UK tax environment P, M3,D2
Required:As a tax practicing expert licensed by HMRC in UK, you are required to describe in detail the UK tax
environment to your clients. Your explanation must include all relevant information about the UK Tax
Environment.
To achieve P, you are required to explain the meaning of taxation, types of taxation, methods of tax
collection and tax legislation of UK.
To achieve M3, you should have used an appropriate structure and approach in presenting the types of
taxation in UK, and put your findings in a tabular form or in a flow chart with proper explanation.
To achieve D2, you should have demonstrated autonomy and independence in describing the overall
taxation system in your own way of presentation by doing an independent search. You should have met
the deadline to submit the tasks to achieve the unit assessment criteria by taking responsibility in
managing and organising activities.
1.2
Task 2 (LO1- AC 1.2 ) Analyse the role and responsibilities of the tax practitioner P,M3
Required:As a taxation manager in the audit firm, brief your clients the role and responsibilities of the tax
practitioner.
To achieve P, you are required to explain how the tax payer deals with HMRC explaining his role and
responsibilities as a tax practitioner.
To achieve M3, you should have used a range of methods of presentation to show the duties and
responsibilities of tax practitioner.
Page 3 of 10
Tax/Assignment /Spring 2016/17/CBFS
1.3
Task 3 (LO1- AC 1.3 )
Explain the tax obligation of tax payers or their agents and the implications
of non-compliance P,M2
Required:To bring to the knowledge of your clients, the tax obligation of tax payers or their agents and the
implications of non-compliance.
To achieve P, you are required to advice the clients on tax planning by explaining the tax obligations of
tax payers and the implications of non- compliance.
To achieve M2, a range of sources of information should have been used to explain clearly the
obligations .In addition to the above , as a practitioner brief on the Self -assessment procedure,
maintaining of records and penalty if not complied by the tax payer.
LO -3- Be able to calculate corporation tax liabilities for companies.
“Scenario ‘B’ Covers LO 3.1, L O 3.2 and LO 3.3
Jip Co Ltd, a UK registered company has completed its finalization of accounts and is waiting for the
auditors’ advice for filing the tax returns. Jip co’s accountant has worked out the tax calculation and
submitted to the audit office. You are one of the senior tax manager in the audit office. As a senior in the
team, you work on the tax calculation and advice Jip Co Ltd on filing of returns, maintenance of books of
records and also advice Jip Co Ltd on adherence of tax payment rules and regulation for the year 2016-17.
Page 4 of 10
Tax/Assignment /Spring 2016/17/CBFS
You are given the accounts of JipCo Ltd for the year ended 31 March 2017.
£
£
Sales
3800,000
Less: Cost of Sales
280,000
Gross Profit
3520000
Add: Other income:
Rental Income
1,500
Dividend received
2,100
Profit on disposal
3,000
Commission received
3,500
3530100
Less: expenses:
Wages
58,000
Maintenance
2,000
Telex bill
1,500
Telephone Expenses
2,520
Van Expenses
6,600
Lighting
4000
Depreciation
8,000
Advertisement
2,000
Subscription
6,000
Entertainment expenses
8,700
Donation
960
Legal and professional charges
500
General Expenses
7,200
Directors’ fees
6,000
Audit fees
NET PROFIT
Page 5 of 10
1000
114980
3415120
Tax/Assignment /Spring 2016/17/CBFS
Notes:
a)
There is an amount of £ 1,010 for installation of machine included in maintenance.
b)
Entertainment expenses includes :Gift to customers (watch costing £73 each for 5 customers)
£ 365
Customers’ entertainment
c)
d)
£140
Donation is done to a political party for getting trade contracts.
Legal and Professional Fees includes:Accountancy fees
Special Audit fees
£150
£100
e)
f)
General Expenses includes an over speeding fine of £150 paid for Manging Director’s car.
Plant and Machinery:
On 1 April 2016 the opening balance of plant and machinery in the pool was
£2,200
The following transactions took place during the year ended 31 March 2017:
August 2016
Purchased Machinery
£950,000
July 2016
Purchased Car (CO2 emmission is 130 g/ km)
£ 125,000
January 2017 Sold machinery
£3,800
g)
The details of some trading loss to be adjusted is as follows:Loss for the year ended 31st March 2014
Loss for the year ended 31st March 2015
Loss for the year ended 31st March 2016
h) Chargeable gains for the year
31st March 2017
Page 6 of 10
£13800
£2800
£3000
£1000
Tax/Assignment /Spring 2016/17/CBFS
3.1
Task 4 (LO3- AC 3.1 ) Calculate Chargeable profits (TTP) P, M1, D1
Required:To determine
the taxable total profits of Jip Co Ltd for the year ended 31 March 2017after necessary
adjustments.
To achieve P, you are required to calculate the Taxable total profits of
Jip Co Ltd (Your answer should
include the calculation of Capital Allowance, trading loss adjustment and the computation of TTP).
To achieve M1, you will have to make effective judgements while including each item of expense and
income which are allowed and disallowed in calculation of chargeable profits.
To achieve D1, you should justify the conclusions drawn on the basis of relevant rules and formulas and
its application giving neat explanation wherever necessary.
3.2
Task 5 (LO3- AC 3.2 )
Calculate the tax liabilities and due payment date P, M3
Required:-
Calculate the tax liabilities of Jip Co Ltd for the year ended 31 March 2017 and specify due date for filing the
return and payment of tax. What are the consequences of late filing after the due date?
To achieve P, you in the capacity of an advisor is required to assist Jip Co Ltd in calculation of tax liability
for the company.
To achieve M3, you should have used appropriate structure and approach with clean workings and notes
to justify the difference in tax rates between the periods (if applicable) and how it has an impact on the
final tax payable by the company.
3.3
Task 6 (LO3- AC 3.3)
Explain how income tax deductions are dealt with. P, M2, D2
Required:-
As a tax adviser, you are required to show the various tax deductions to be made by Jip Co Ltd and how to
deal with it.
To achieve P, you are required to explain the various tax deductions for Jip Co Ltd during the year
2016/17.
To achieve M2, you should have used different sources to collect data on tax deductions relevant for
companies like Jip Co Ltd.
To achieve D2, you should have demonstrated autonomy or independence in research and study and
should have met the deadline to submit the tasks and achieve the unit assessment criteria.
Page 7 of 10
Tax/Assignment /Spring 2016/17/CBFS
Evidence
checklist
Summary of evidence required by student
Task 1
Describe the UK Tax Environment
Task 2
Analyse the role and responsibilities of the Tax Practitioner
Task 3
Explain the tax obligation of tax payers or their agents and the implications of
non-compliance.
Task 4
Evidence
presented
Calculate chargeable profits
Task 5
Calculate the tax liabilities and due payment date.
Task 6
Explain how income tax deductions are to be dealt with.
Resources: List of Websites
www.uk budget .com
Guidance notes:
1. Use standard document formats and structures.
2. Word process the documents.
3. Use 12 point Arial or Times New Roman script.
4. Provide a list of references and use the Harvard referencing system.
5. Complete the title page and sign the statement of authenticity.
6. Upload the entire assignment in MS word format only on Turnitin.
7. Staple only once to keep the pages of your work together.
8. Late submission, late work will only be marked on the next occasion the unit is taught.
9. Submit the work along with the Turnitin report to the respective assessors in their offices.
10. Collect the assignment submission form duly signed by the assessor and the learner.
11. Grades are subject to External Verification.
Word Count for Assignment as prescribed -2500 words with 5%
Tolerance rate
Page 8 of 10
Tax/Assignment /Spring 2016/17/CBFS
Achievement Summary
Qualification
Unit Number and
title
Criteria
Reference
1.1
1.2
Ms. Sujata Suresh
QCF Level: 5
Assessor name
Unit -12
Taxation
Student name
To achieve the criteria the evidence must show that the
student is able to:
Describe the UK Tax Environment
Analyse the role and responsibilities of the Tax Practitioner
3.1
Explain the tax obligation of tax payers or their agents and the
implications of non-compliance
Calculate chargeable profits
3.2
Calculate the tax liabilities and due payment date.
3.3
Explain how income tax deductions are to be dealt with.
1.3
Achieved?
(tick)
Higher Grade achievements (where applicable)
Grade descriptor
Achieved?
(tick)
Grade descriptor
M1: Identify and apply
strategies to find
appropriate solutions
D1: Use critical reflection to
evaluate own work and
justify valid conclusions
M2: Select / design and
apply appropriate
methods / techniques
D2: Take responsibility for
managing and organising
activities
M3: Present and
communicate
appropriate findings
D3: Demonstrate
convergent/lateral/creative
thinking
Page 9 of 10
Achieved?
(tick)
Tax/Assignment /Spring 2016/17/CBFS
Assignment Feedback
Formative Feedback: Assessor to Student
Action Plan
Summative feedback
Feedback: Student to Assessor
Assessor Signature
Date
IV Signature
Date
Student Signature
Date
Page 10 of 10
Tax/Assignment /Spring 2016/17/CBFS