AC4006 T1 Fundamentals of Business Accounting Assessment Guide/Coursework Question

Details of the task

Fortunate Ltd operates in the United Kingdom (UK) and sells Product A - a perishable food item, which is ordered from suppliers. They also specialise in the manufacture and sale of Product B. As a recently established company, they are seeking a team of financial accountants to assist with their Financial and Management accounting procedures. The company's management has heard about key terms in both Financial and management Accounting,

As a new Accountant within the Financial and Management Accounting department at Fortunate Ltd, the CFO has asked you to prepare a report for the next board meeting.

1. Discuss the books of prime entry in details and provide examples of each.
2. Briefly discuss statement of the financial statements and provide examples of each.
3. Differentiate between financial and management accounting. 
4. Briefly discuss five qualitative characteristics of financial information.
5. Discuss the advantages and disadvantages of sole proprietor and limited liability company.
6. Discuss the classification of costs by illustrating them with diagrams.
7. Discuss the difference between absorption costing and marginal costing approaches and provide examples of each.

Assessment criteria