Recording Business Transactions Assessment 1

Learning outcomes assessed:

LO1. Knowledge and understanding of double-entry bookkeeping

LO2. Knowledge and understanding of books of prime entry

LO3. Knowledge and understanding of the accounting equation and financial statements

Write an essay on the following topic:

Accounting is the system of recording and summarising business and financial transactions. Choose any real-life company from the under-listed sectors and perform a detailed discussion on the importance of accounting for your selected business and what is the main process of accounting. Your chosen company must be from the following sectors:

  • Retail sector
  • Manufacturing sector
  • Transport sector
  • Healthcare sector
  • Finance sector
  • Technology sector

The essay should contain the following:

1- Brief introduction of your selected company. (20 marks)

Company information: type (PVT LTD/ PLC), the sector they are in, established year, market size (Global Organisation), financial position, number of employees, competitive advantage, Covid19 impact, etc

2- An explanation of the accounting principle and the importance of accounting for your selected business. (30 marks)

Accounting Principles: Going concern, Accruals, Consistency, Double entry, Business entity, Materiality, Historical cost, Prudence.

Importance of accounting: Planning Budget, Keeping Records, Evaluating the Performance of the Business, Ensures Statutory Compliance, Decision Making, Information to Investors, Reporting Profits, Managing and Monitoring Cash Flow, debtors management and control, Transparency, etc

3- An explanation of the main process of accounting. (30 marks)RBT ASSIGNMENT 1 Structure

4- Use Harvard Referencing where applicable (10 marks)

5- Professional marks – Presentation and layout (10 marks)

Total Marks (100) Word count: 1000 words