| Category | Assignment | Subject | Accounting |
|---|---|---|---|
| University | University of East London (UEL) | Module Title | AC4006 Fundamentals of Business Accounting |
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.
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Total marks |
Marks obtained |
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Introduction |
5 |
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1. Discuss the books of prime entry in details and provide examples of each.
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10 |
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2. Briefly discuss statement of the financial statements and provide examples of each.
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10 |
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3. Differentiate between financial and management accounting. |
10 |
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4. Briefly discuss five qualitative characteristics of financial information.
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10 |
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5. Discuss the advantages and disadvantages of sole proprietor and limited liability company.
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20 |
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6. (a) Discuss the classification of costs by illustrating them with diagrams. |
10 |
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(b) Discuss the difference between absorption costing and marginal costing approaches and provide examples of each. |
10 |
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Conclusion/Recommendation |
5
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Referencing |
5
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Presentation and Structure |
5
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Total marks |
100 |
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Name &Total marks 1st marker. General comments:
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Name &Total marks agreed 2nd marker
General comments |
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