Qualifi Level 5 Diploma in Accounting and Finance Assignment Answers

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Assignment Question

 

Task 1 – 1000 words 

Be able to manage an organization’s assets.

  • Analyze the range and value of assets held by an
    1. Key Information: What is a Business Asset? A business asset is an item of value owned by a company. Business assets span many categories. They can be physical, tangible goods, such as vehicles, real estate, computers, office furniture, and other fixtures, or intangible items, such as intellectual property.
    2. Learners must explain the value of the assets their selected organization
    3. A description without application to an organization is not sufficient to award a pass
  • Calculate the depreciation of an organization’s assets accurately
    1. Accounting data can be used from a learner’s workplace or be provided as a case
    2. Learners should be observed undertaking this
    3. The data used to calculate depreciation should be attached and referenced as an appendix to this workbook, any commercially sensitive or confidential information such as organizational name can be redacted. All documentation submitted with this workbook must be clearly referenced and contain the learner’s name and date of birth.
    4. Key Information: Within accounting, depreciation is used to spread the cost of a tangible asset over its “useful life.” Depreciation can happen with almost any type of fixed asset, including machinery, computing equipment, office supplies, and so on. It’s important for business owners to understand how to calculate depreciation.
  • Explain the importance of maintaining the currency of an organization’s asset
    1. Key Information: In its simplest form, an asset register is a detailed list compiled of all business assets. It includes details on assets such as location, condition, and owner. The purpose of an asset register is to enable businesses to know the status, procurement date, location, price, depreciation, and current value of each asset.

Task 2 – 1000 words 

Be able to manage control accounts.

  • Analyze the uses and value of control
  • Key Information: The purpose of the control account is to keep the general ledger nice and clean without any details yet contain the correct balances to be used in the financial Many of the accounts seen in the financial statements, take cash for instance, is shown as the control account in the balance sheet.
  • Explain the importance of maintaining the currency of control accounts.
  • Key Information: What are the Main Control Accounts? There are numerous control accounts which can be used, but the two main ones used by most businesses are the accounts receivable control account and the accounts payable control account.
  • Prepare reconciliation statements including schedules of trade payables and trade receivables.

 

  • Accounting data can be used from a learner’s workplace or be provided as a case study.
  • The data used to prepare reconciliation statements should be attached and referenced as an appendix to this workbook, any commercially sensitive or confidential information such as organizational name can be redacted. All documentation submitted with this workbook must be clearly referenced and contain the learner’s name and date of birth.
  • Learners should be observed undertaking this task.
  • Key Information: To reconcile your Debtors Control account, you check that the balance of this account matches the total outstanding value on your customer accounts, as shown on the Aged Debtors Report. You can do this for all your transactions or up to a date in the past, such as the end of your previous month.

 

  • Key Information: To reconcile your Debtors Control account, you check that the balance of this account matches the total outstanding value on your customer accounts, as shown on the Aged Debtors Report. You can do this for all your transactions or up to a date in the past, such as the end of your previous month.

Task 3 – 750 words 

Be able to produce a range of financial statements.

  • Use a trial balance to prepare financial statements for an organization accurately.
  • Accounting data can be used from a learner’s workplace or be provided as a case study.
  • The data used to prepare financial statements should be attached and referenced as an appendix to this workbook, any commercially sensitive or confidential information such as organizational name can be redacted. All documentation submitted with this workbook must be clearly referenced and contain the learner’s name and date of birth.
  • Learners should be observed undertaking this task.
  • Key Information: The trial balance isn’t a financial statement itself, but all of the information that you need to create the three major financial statements—the balance sheet, the cash flow statement and the income statement—comes directly from the trial balance.
  • Prepare financial statements from incomplete records for an organization accurately.
  • Accounting data can be used from a learner’s workplace or be provided as a case study.
  • The data used to prepare financial statements should be attached and referenced as an appendix to this workbook, any commercially sensitive or confidential information such as organizational name can be redacted. All documentation submitted with this workbook must be clearly referenced and contain the learner’s name and date of birth.
  • Learners should be observed undertaking this task.
  • Key Information: Another system of recording transactions called Single Entry System also exists, under which both the aspects of a transaction may not be recorded. Accounting records that are not maintained according to Double Entry System are known as Accounts from Incomplete Records or Single-Entry System of Accounting.

Assessment Criteria 

  • Analyze the range and value of assets held by an organization.
  • Calculate the depreciation of an organization’s assets accurately
  • Explain the importance of maintaining the currency of an organization’s asset
  • Analyze the uses and value of control accounts.
  • Explain the importance of maintaining the currency of control
  • Prepare reconciliation statements including schedules of trade payables and trade receivables.
  • Use a trial balance to prepare financial statements for an organization accurately.
  • Prepare financial statements from incomplete records for an organization accurately.