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ACCTING7019 - Accounting Concepts and Methods - Research Project - Measuring Reporting and Communicating Financial Information Assessment Answer
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Internal Code: 1AGEII
Code: ACCTING7019
Accounting Assessment Answer
Assignment Task: ACCTING7019 There are many worthwhile skills that you will need in the workplace that you can gain from doing this research project. In addition to the academic content, you can practice good time management, teamwork, meeting organisation, goal setting, technology use, research, and numerous other skills that are valued in the workplace. When you finish your degree and finally get an interview for your dream job, don’t be surprised to find your potential employer asking you to, “tell me about your experience of working in a team”, or “give me an example of when you had to work in a difficult situation and how you overcome it”. If you are well prepared for your interview you will have thought about these kinds of questions in advance and you may very well draw on your experiences of this course and this assessment task to demonstrate your skills. So, I ask you, please don’t treat this as “just another thing you have to do”, instead embrace it as a learning opportunity as it has the potential to add value to your portfolio of skills. ACCTING7019 From an academic perspective this task is not designed to test your knowledge, it is designed to help you to understand the course content. In this course you are learning about “accounting”, which is identifying, measuring, reporting and communicating financial information about a business entity. We communicate financial information through general purpose financial reports. In class and in your textbook we demonstrate these reports in a very clear and understandable way; you could say the examples are simplified for ease of understanding. All of the transactions and items will usually be everyday things that you are familiar with. Hence, when you look at a real set of company annual reports it can be a bit overwhelming at first because they look different, they are set out slightly differently, they include figures for more than one year, and they have line items that we have not covered in this course. In this project you will have two company annual reports to examine which I have specially selected for you. Expect there to be things in the reports that you don’t understand, quite likely there are things I don’t understand! You can ask me and your tutors about the reports and we will help you work out the meaning of items – or better still, use the discussion board on MyUni and see if as a group you can work it out. Through doing so, you will be getting a better understanding of the accounting concepts and ultimately that is going to help you demonstrate your understanding in the final exam. ACCTING7019 In relation to the course content, you will consolidate your knowledge of the structure of the financial statements and how they are connected, the key components in each, and some basic analysis. You will also get the opportunity to develop some practical business research skills, use software that you may not have used before, prepare a professional looking document, and practice the many workplace skills listed above such such as teamwork and time management. Also, the assignment is due before you may have covered some concepts in class and I have done that on purpose. You need to read ahead and do some research and figure some things out for yourselves. ACCTING7019 Learning Objectives: After completing this research project you will be able to: ACCTING7019- Research information about selected companies using a variety of sources;
- Identify the main components and structure of financial statements;
- Calculate some key financial measures;
- Prepare a professional document using various technologies;
- Develop team-working and professional skills; and
- Reflect upon your learning.
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