Unit Title Finance and Accounting Task 2 of 3 Unit Learning Outcomes Assessment Criteria LO 2 Be able to prepare financial statements for different types of businesses. 2.2, 2.3, 2.4 LO 3 Be able to interpret financial statements. 3.1, 3.2 Assignment Brief and Guidance Learners will need to be supplied with a range of financial statements / accounts. These can be downloaded by the tutor from the Internet. This will allow the learner the opportunity to analyse and evaluate the required formats, concepts and legal requirements. The set of financial statements / accounts supplied to the learners should be one for a sole trader and one for a partnership. Part A: Using the financial information your tutor has provided, you are required to: prepare financial statements for a sole trader prepare financial statements for a partnership apply techniques to make adjustments to the financial statements for either the sole trader or partnership accounts Part B: Using the adjusted financial statements you chose from Part A; you are required to; calculate a range of financial ratios which will demonstrate the business's current financial performance, and then produce a summary of how the financial performance of the business has changed over the previous three years. Delivery and Submission Part A: Two sets of financial statements which accurately reflect the financial data supplied. One set of financial statements for either the sole trader or partnership once they have been adjusted based on the additional data supplied Part B: The submission is in the form of a set of financial ratios (equivalent to 400 words) and a summary statement in Word format. The recommended word limit for the summary statement is 250 words. Referencing Not applicable. Unit Title Finance and Accounting Task 3 of 3 Unit Learning Outcome Assessment Criteria LO 4 Be able to prepare a budget. 4.2 Assignment Brief and Guidance Learners will need to be supplied with the range of company accounts used in Task 2. Now that you have completed the financial ratios and been able to summarise the financial performance of the business Task 2, your final task is to produce a set of budgets for the same company. You will need to: produce a master budget for the business produce a budget for two of the client's operational departments ie HR, IT, Operations, Marketing etc. Delivery and Submission The submission is in the form a spreadsheet containing a master budget and two operating budgets. Referencing Not applicable. Learning Outcomes and Assessment Criteria Learning Outcome - The learner will: Assessment Criterion - The learner can: 1. Know about the context and purpose of finance and accounting. 1.1 Explain the purpose of finance and accounting. 1.2 Explain the regulatory and legal influences on a business's finance and accounting function. 1.3 Explain how the finance and accounting function supports a business's decision making. 2.1 Differentiate between different financial 2. Be able to prepare financial statements for different types of businesses. statements. 2.2 Prepare financial statements for a sole trader. 2.3 Prepare financial statements for a partnership. 2.4 Apply techniques to make adjustments to financial statements. 3. Be able to interpret financial statements. 3.1 Calculate financial ratios from a set of business accounts. 3.2 Compare organisational performance using historical financial data. 4. Be able to prepare a budget. 4.1 Differentiate between different types of budgets. 4.2 Prepare different types of budgets. Unit Title Finance and Accounting Task 2 of 3 Unit Learning Outcomes Assessment Criteria LO 2 Be able to prepare financial statements for different types of businesses. 2.2, 2.3, 2.4 LO 3 Be able to interpret financial statements. 3.1, 3.2 Assignment Brief and Guidance Learners will need to be supplied with a range of financial statements / accounts. These can be downloaded by the tutor from the Internet. This will allow the learner the opportunity to analyse and evaluate the required formats, concepts and legal requirements. The set of financial statements / accounts supplied to the learners should be one for a sole trader and one for a partnership. Part A: Using the financial information your tutor has provided, you are required to: prepare financial statements for a sole trader prepare financial statements for a partnership apply techniques to make adjustments to the financial statements for either the sole trader or partnership accounts Part B: Using the adjusted financial statements you chose from Part A; you are required to; calculate a range of financial ratios which will demonstrate the business's current financial performance, and then produce a summary of how the financial performance of the business has changed over the previous three years. Delivery and Submission Part A: Two sets of financial statements which accurately reflect the financial data supplied. One set of financial statements for either the sole trader or partnership once they have been adjusted based on the additional data supplied Part B: The submission is in the form of a set of financial ratios (equivalent to 400 words) and a summary statement in Word format. The recommended word limit for the summary statement is 250 words. Referencing Not applicable. Unit Title Finance and Accounting Task 3 of 3 Unit Learning Outcome Assessment Criteria LO 4 Be able to prepare a budget. 4.2 Assignment Brief and Guidance Learners will need to be supplied with the range of company accounts used in Task 2. Now that you have completed the financial ratios and been able to summarise the financial performance of the business Task 2, your final task is to produce a set of budgets for the same company. You will need to: produce a master budget for the business produce a budget for two of the client's operational departments ie HR, IT, Operations, Marketing etc. Delivery and Submission The submission is in the form a spreadsheet containing a master budget and two operating budgets. Referencing Not applicable. Learning Outcomes and Assessment Criteria Learning Outcome - The learner will: Assessment Criterion - The learner can: 1. Know about the context and purpose of finance and accounting. 1.1 Explain the purpose of finance and accounting. 1.2 Explain the regulatory and legal influences on a business's finance and accounting function. 1.3 Explain how the finance and accounting function supports a business's decision making. 2.1 Differentiate between different financial 2. Be able to prepare financial statements for different types of businesses. statements. 2.2 Prepare financial statements for a sole trader. 2.3 Prepare financial statements for a partnership. 2.4 Apply techniques to make adjustments to financial statements. 3. Be able to interpret financial statements. 3.1 Calculate financial ratios from a set of business accounts. 3.2 Compare organisational performance using historical financial data. 4. Be able to prepare a budget. 4.1 Differentiate between different types of budgets. 4.2 Prepare different types of budgets