Financial and Management Accounting Techniques - Accounting and Finance Assignment Help

Assignment Task

Task 1 (MO1): Financial Accounting

Prepare a at least a 2-page report on:

a) Do a research of the financial reporting required by statutory and management accounting reporting (format varies with different companies and industries) and prepare a report with at least 2 pages that describe the differences between these two reporting systems.

- The difference between financial and management accounting reporting including the target stakeholders, objectives and types of reports/outputs.

- Definition of Accounting System

- Definition of Financial Reporting

- Definition of Management Accounting

- List the differences

- Choose 2 or 3 companies- Give brief introduction – Explain the financial and Management Accounting there

- Continue to elaborate upon the differences by giving examples of your 2 or 3 companies chosen.

- Focus on the;

Target Stakeholders – Internal and external stakeholders

Objectives of the companies

- Types of report and outputs

- Conclusion

- References (As per Harvard Referencing)

b) The purpose and importance of any 8 financial ratios: You are required to explain the purpose and importance of 8 financial ratios based on the financial reporting that you have done the research in question

You also are required to know the computation of the financial ratios in a spreadsheet environment.

The chosen company that you have done the research in question must be different from other students in the class. In short, each student has to do research for a company and NO two or more students use the same company for their research.

Task 2 (MO2): Management Accounting

a) Explain the importance of budgeting in controlling the cost of operation in an organisation. It is suggested that you use cafeteria or restaurant operations for your report with at least 2-pages of writing.

• cost of materials
• cost of labours
• cost of overhead
• Non-operating costs:

1. Administration
2. Accounting
3. Human Resource

Explain the differences between operational budgeting and capital budgeting. Give examples for both cases.

You should cover the definition of budgeting, the types of budget, and the consequences of not doing budgeting in an organisation.

Task 3 (MO3): Personal Financial Planning

a) Write a 2-page evaluation on the roles of 6 types of financial institutions.

- commercial banks

- finance companies

- insurance companies

- investment banks

- central banks

- brokerage firms

b) Discuss 4 micro and 4 macro factors which affect personal financial planning. Your 2 page-essay should include relevant examples.

The micro factors are:

1. family structure
2. health
3. career choice
4. age

The macro factors are:

1. business cycles
2. employment rate
3. indicators of economic health
4. currency value

To get a Distinction you must also:

- Prepare a personal comprehensive 1-year budget using a spreadsheet app to help you track your income and expenses as you start your internship.

The budget must include the following components:

a. operating budget covering sources of income and expenses such as food, transport, rent, utilities, mobile, medical, etc.

b. capital budget covering tuition fees, investments, etc.

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