LSC UoS BA in Business

Assignment Brief
Course/Programme: BA Business

Level: 5

Module Title: Accounting for Business

Module Leader: S. A. Palan

Assignment titles:
Accounting concepts

Assignment number: 1

Weighting: Individual assignment: 30%

Date given out: April 2022

Submission date: 16th May 2022

Eligible for late submission (3 Yes

working days, with penalty)?

Method of submission: X Online only Online and paper copy

Special instructions for

submission (if any):

Date for results and feedback:

Employability skills assessed: C1: Reading, selecting, analysing and synthesising

information from a range of sources
C2: Producing different types of document
C3: Participating in discussions
IT1: Preparing information
N3: Presenting your findings
 S1: Plan personal work schedules
WWO2: Working towards identified targets

Learning outcomes assessed: LO1: Understand the theoretical and conceptual underpinning
and frameworks for financial accounting

LO2: Understand and consider the issues in revenue

recognition, expense recognition, accruals, prepayments,
depreciation, inventory valuation, recognition of liabilities in
the construction of core financial statements for sole traders
and limited companies
 TASK DESCRIPTION

In the UK, a conceptual and regulatory framework is currently in place for

financial reporting as required by the International Accounting Standards Board
(IASB).

TASK

Discuss six accounting concepts used in the preparation of financial

statements. Use examples to illustrate the application of these accounting
concepts.

LENGTH
REQUIRED

1000 words +/- 10%. Any deviation from this will be penalised.
FORMATTING AND
LAYOUT

Please note the following when completing your written assignment:

1. Writing: Written in English in an appropriate business/academic style
2. Focus: Focus only on the tasks set in the assignment.
3. Document format: Essay
4. Ensure a clear title, course, and name or ID number is on a cover sheet and a
reference using Harvard referencing throughout is also provided.
5. Research: Research should use reliable and relevant sources of information e.g.
academic books and journals that have been peer reviewed. The research should be
extensive.

The use of a range of information sources is expected – academic books, peer reviewed
journal articles, professional articles, press releases and newspaper articles, reliable
statistics, company annual reports and other company information. All referencing
should be in Harvard style

MARKING CRITERIA AND STUDENT FEEDBACK –

 ASSIGNMENT 1
This section details the assessment criteria. The extent to which these are demonstrated by you determines
your mark. The marks available for each criterion are shown. Lecturers use a similar format to comment on the
achievement of the task(s), including those areas in which you have performed well and areas that would
benefit from development/improvement.

Common Assessment Criteria Applied

Marks
Marks
1. Research-informed Literature 5
Extent of research and/or own reading, selection of credible sources, application of appropriate referencing conventions.

The objectives of the assignment identified and clarified.

2. Knowledge and Understanding of Subject 10

Extent of knowledge and understanding of concepts and underlying principles associated with the discipline.

With respect to the assignment topic, students must have a sound knowledge
and understanding of accounting concepts in the preparation of financial
statements.

3. Analysis 60
Analysis, evaluation and synthesis; logic, argument and judgement; analytical reflection; organisation of ideas and evidence

The ability to discuss real life situations reflecting on your own experiences through
appropriate theories, models, techniques and frameworks. Credit will be given for the
use of both quantitative and qualitative elements within the response to the question
provided the approach adopted is reasonable and is justified.
4. Practical Application and Deployment 15

Conclusion and recommendations - Ensure your conclusions and recommendations are

justified and supported by facts. They should follow logically the evidence contained in
the main body of the assignment. Reaching a conclusion based on your analysis is
important. Don’t be afraid to have an opinion.
5. Skills for Professional Practice 10
Attributes in professional practice: individual and collaborative working; deployment of appropriate media; presentation and
organisation.

Overall presentation - This should be coherent, logically organised, and clearly

expressed. They should be accurate in terms of spelling, grammar and punctuation.

Appendices should contain material relevant to supporting the assignment.

Referencing

o Use Harvard referencing style should be strictly followed.

 o Ensure your reference list include all citations in the text and others which may
not be in the text (bibliography)
Ensure that your references are coming from quality sources such as articles;
textbooks and other peer-reviewed journals

Assignment Mark (Assessment marks are subject to ratification at the Exam

Board. These comments and marks are to give feedback on module work and are for %
guidance only until they are confirmed. ) Late Submission Penalties (tick if appropriate)
GENERIC ASSESSMENT CRITERIA

Level 5

In accordance with the Framework for Higher Education Qualifications, at the end of Level 5 students will be expected to have developed
sound knowledge and critical understanding of the well-established concepts and principles in their field of study, and of the way in which
those principles have developed. They will have learned to apply those concepts and principles more widely outside the context in which they
were first studied, including, where appropriate, the application of those principles in an employment context. They will have knowledge of the
main methods of enquiry in the subject area, and ability to evaluate critically different approaches to problem solving. They will possess an
understanding of the limits of their knowledge, and how this influences their analyses and interpretations. They will be able to use a range of
established techniques to initiate and undertake critical analysis of information, and to propose solutions to problems arising from that analysis.
They will be able to effectively communicate information, arguments and analysis in a variety of forms to specialist and non-specialist
audiences, and deploy key techniques of the discipline effectively. They will be able to undertake further training, develop existing skills and
acquire new competences that will enable them to assume significant responsibility within organisations. They will have the qualities and
transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making.
Level 5 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)

Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%

Engagement Little or no Poor Engagement Engagement Engagement Engagement Exceptional

with literature evidence of engagement with a limited withan with a wide with an engagement
(including reading and/or with essential range of mostlyappropriate range of extensive with an
reading, reliance on reading.No relevant andrange of literature, range of extensive
referencing,
inappropriate evidence of credible literature, including relevant and range of
academic sources. wider sources. Some including sources credible relevant and
conventions and reading.Relian omissions and sources retrieved literature. credible
Views and ce on minor errors. retrieved independently. Consistently literature. High-
academic findings mostly inappropriate independently. accurate level
honesty) Referencing Selection of application of
unsupported sources, and/or Some over- referencing
and non- indiscriminate conventions reliance on relevant and referencing. skills
authoritative. use of sources. evident though texts. credible consistently
Heavily reliant not always Referencing sources. Very applied.
Referencing on information applied may show good use of
conventions gained through accurately or minorinaccurac referencing,
used class contact. consistently. ies or with no/very
incoherently or Inconsistent inconsistencies few
largely absent. and weak use . inaccuracies or
of referencing. inconsistencies
.

Knowledge Major gaps in Fragmentary Limitedbut Knowledge is Knowledge is Excellent, Exceptionally

and knowledge knowledge, adequate reasonably reasonably detailed detailed
understandin withunsatisfact with only knowledge and detailed and extensive. knowledge and knowledge and
g (Sound ory, superficial critical accurate.A Exhibits very highly critical outstanding
knowledge and uncriticalunder criticalundersta understanding good critical competent understanding critical
critical standing of the nding. Some of the well- understanding critical of thewell- understanding
understanding of
subject matter. significant established of the well- understanding established of the well-
the well-
Much irrelevant inaccuracies concepts and established of the well- concepts and established
Level 5 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)

Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%

established material. and/or principles concepts and established principles of concepts and
concepts and Substantial irrelevant within the principles and concepts and the subject and principles of
principles in their
inaccuracies. material. subject area, the main principles of the main the subject and
field of study;
knowledge of the Significantly Incomplete or with a few gaps methods of the subject and methods of the main
main methods of flawed partially flawed in the selection enquiry, with the main enquiry. methods of
enquiry in the understanding understanding of material. A minor gaps in methods of enquiry. May
discipline.) of the main of the main narrow critical the selection of enquiry. go beyond
methods of methods of understanding material. Breadth and established
enquiry in the enquiry in the of the main depth of theories.
discipline. discipline. methods of knowledge.
enquiry.
Cognitiveand Wholly or
Largely Limitedattempt Some critical Sound critical Excellent Outstanding
intellectual almost wholly descriptive atcritical evaluation and evaluation and critical critical
skills descriptive work, with evaluation and analysis of analysis of evaluation and evaluation and
work. Little or superficial use analysis of concepts and concepts. Is analysis of analysis of
(Critical no critical
of critical concepts and principles, selective in the concepts and concepts and
evaluation and
analysis of
evaluation and evaluation and principles, though range of principles principles.
concepts and analysis of
analysis of tending descriptive in evidence used leading Uses evidence
principles;argume concepts and concepts and towards parts. and tological, exceptionally
nt and principles. principles. description. synthesises evidence- well to connect
judgement; the Weak An emerging rather than based, ideas, and
limits of their Failure to development of Some evidence awareness the
knowledge, and
describes. reasoned support highly
how this
develop arguments and to limits of their Ability to argumentsand logical and
influences their arguments, judgements. supportargume knowledge and devise judgements. persuasive,
analyses and leading to Information nts and ability to use argumentsthat Explicit arguments and
interpretations.) illogical or accepted judgements but evidence to show recognition of judgements.Evi
invalidjudgeme uncritically, these may be support the awareness of other stances dence of
nts. uses underdevelope argument different and a strong independent
Unsubstantiate generalised d, with a little though with stances, and awareness of thought and
d inconsistency / some tendency
Level 5 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)

Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%

generalisations statements mis- to assert/state use the limits of ability to ‘see

or opinion, made with interpretation opinion rather evidenceconvin their beyond the
made without scant or failure to than argue on cingly,to knowledge. question’,
use of any evidenceand fully recognise the basis of support suggesting a
credible unsubstantiate limits of reason and appropriate A capacity for clear grasp of
evidence. d opinions. knowledge. evidence. and valid independent the broader
Ideas judgements. thought and field and wider
sometimes Mostly valid ability to ‘see concepts.
illogical and arguments and beyond the Perceptive
contradictory. logical question’, recognition of
judgements. suggesting the limits of
some grasp of their
the broader knowledge,
field and wider and how this
concepts. influences their
analyses and
interpretations.

Practical Limited or no Rudimentary An adequate A good and A very good An advanced

Exceptional
skills use ofapplication of awareness and appropriate application of a application of a
levels of
established established mostly application of range of range of
application and
(Apply underlying methods, methods, appropriate established established established
deployment
concepts and
principles more
materials, toolsmaterials, tools application of methods, methods, methods, skills using
widely outside the and/or and/or established materials, tools materials, tools materials, tools
established
context in which techniques. techniques but methods, and/or and/or and/or methods,
they were first without materials, tools techniques. techniques. techniques.
materials, tools
studied; use a Little or no consideration
range of
and/or and/or
appreciation of and techniques. Clear Very good The context of techniques.
established
techniques; the context of competence. appreciation of consideration the application Consistent,
propose solutions the application. Flawed Basic the context of of the context is well accurate and
to problems
Level 5 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)

Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%

arising from Limited appreciation of appreciation of the application. of the considered, logical
analysis.) understanding the context of the context of Mainly application, and insightful. application of
of the the application. the application. consistent, with perceptive theory to
application of Theoretical accurate and insights. Consistent, practice,
theory to Weak knowledge and logical Consistent, accurate and making highly
practiceormaki understanding understanding application of accurate and logical developed links
ng appropriate of the applied in theory to logical application of between the
links between application of practice, but practice, application of theory to two.Can
the two. theory to not always making theory to practice, identify routine
practice, with making logical appropriate practice, making well- and non-
Very weak only occasional links between links between making developed links routine
problem- evidence of the two. the two. appropriate between the problems and
solving making links between two.Can propose quite
skillsoutside appropriate Can identify Can identify the two.Can identify sophisticated,
the context in links between problems and problems and identify problems and creative
which they the two. Weak propose basic propose mostly problems and propose solutionsoutsid
were first problem- solutionsoutsid appropriate propose excellent,creati e the context in
studied. solving skills e the context in solutionsoutsid appropriate ve which they
outside the which they e the context in solutionsoutsid solutionsoutsid were first
context in were first which they e the context in e the context in studied.
which they studied. were first which they which they
were first studied. were first were first
studied. studied. studied.

Evidence of
some
creativity.

Transferable Communicatio Communicatio Can Can Can Can Can

skills for life n medium is n medium is communicate communicate communicate communicate communicate
Level 5 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)

Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%

and inappropriate poorly in a suitable effectively in a well, professionally with an

professional or misapplied. designed mediumfor the suitable confidently and confidently exceptionally
practice and/or not audience but medium for the consistently in andconsistently high level of
Work is poorly suitable for the with some audience, but a suitable in a suitable professionalis
(Effectively structured, audience. room for may have medium for the medium for the m, highly
communicate in a disorganised
variety of forms
improvement. minor errors. audience. audience. suitablefor the
and/or Work is poorly audience.
to specialist and confusingly presented in a Mostly ordered Mostly Work is Work is
non-specialist expressed. disjointed presentation coherent, coherent, coherent, very Work is
audiences; the Very weakuse manner. It is and structure in organised fluent, well- fluent and is exceptionally
qualities and
transferable skills
of language loosely, and at which relevant work,in a structured and presented coherent, very
necessary for and/or very times ideas / suitable organised.Can proficiently.Can fluent and is
employment inappropriate incoherently, concepts are structure and is work very well work presented
requiring the style.Failure to structured, with reasonably for the most autonomously autonomously professionally.
exercise of work effectively information and expressed.Wor part clearly and/or as part with initiative. Can work
personal
responsibility and as part of a ideas often k may lack expressed.Can of a team, with Where relevant exceptionally
decision-making.) group.Little or poorly coherence in work effectively very good can work well within a
no evidence of expressed. places. Can independently contribution to professionally team, showing
the skills Weak use of work as part of and/or as part group within a team, leadership
foremployment language a group, of a team, with activities. showing skills.Demonstr
requiring the and/or meeting most clear leadership ates
exercise of inappropriate obligations to contribution to Demonstrates skills as exceptional
personal style. others but group very goodskills appropriate, skills for
responsibility Flawedapproac perhaps with activities. for employment and meeting employment
and decision- h to group limited requiring the obligations.De requiring the
making. work, meeting involvement in Demonstrates exercise of monstrates exercise of
only partial group the skills for personal excellentskills personal
obligations to activities. employment responsibility for employment responsibility
others.Limited requiring the and decision- requiring the and decision-
evidenceof the Demonstrates exercise of making, with exercise of making and an
Level 5 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)

Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%

skills for the basic skills personal just occasional personal appetite for
employment for employment responsibility minor responsibility further
requiring the requiring the and decision- weakness. and decision- development.
exercise exercise of making, with making and an
ofpersonal personal some areas of appetite for
responsibility responsibility strength and further
and decision- and decision- some of minor development.
making. making, with weakness.
some areas of
minor
weakness.