BA30592E – Recording Business Transactions | My Assignment Tutor

ModuleAca 2020–2021BA30592E – Recording Business TransactionsLevel: 3Credits: 20Academic Partner: Cyprus Institute of Marketing, RAK BranchCampusTable of contentsKey team contact details ………………………………………………………….. Error! Bookmark not defined.1 Module overview 5Introduction…………………………………………………………………………………………………………….. 5Module summary content and aims…………………………………………………………………………… 5Learning outcomes to be assessed …………………………………………………………………………… 6Indicative Contact Hours ………………………………………………………………………………………….. 62 Assessment and feedback 7Summative assessment grid…………………………………………………………………………………….. 7Assessment brief including criteria mapped to learning outcomes………………………………… 7Learning materials…………………………………………………………………………………………………… 73 Things you need to know 12Engagement …………………………………………………………………………………………………………..12Need help, just ask………………………………………………………………………………………………….12Getting support for your studies………………………………………………………………………………..13Student support …………………………………………………………… Error! Bookmark not defined.Module evaluation – have your say! ………………………………………………………………………….134 Appendix — Research ethics and integrity Error! Bookmark not defined.Research ethics guidance for students…………………………… Error! Bookmark not defined.4.1.1 What is research ethics? Whyit matters…………………………………Error! Bookmark not defined. 1.1.1.defined.Surelysome types of research raise more ethicalissues than others?..Error! Bookmark not 1.1.2. How will UWL help me understand and applyresearch ethics?…………….Error! Bookmark notdefined.4.1.5 Further guidance…………………………………………………………………………Error! Bookmark not defined.1.2. Easystepstoethicalapproval ……………………………………………………….Error! Bookmark not defined.1.2.1. How it works………………………………………………………………………………..Error! Bookmark not defined.Key team contactdetails Module LeaderMariet GeldenhuysSubject Area & School/CollegeUKCBCEmailmgeldenhuys@ukcbc.ac.ukPhoneLocationUKCBC Module/Course AdministratorJoseph TwoseEmailjtwose@ukcbc.ac.ukPhone020 8518 4994LocationUKCBC Holborn Campus Subject LibrarianLucyEmaillbirch@ukcbc.ac.ukPhoneLocationUKCBC The Course Leader overseeing this module is Awo Mahamed, and can be contactedat amahamed@ukcbc.ac.uk1 Module overviewIntroductionWe have introduced UWLFlex – our new, online, flexible learning platform.UWLFlex has been designed to complement face-to-face learning and build on our reputation forexcellence in teaching, learning and student support. We will be able to deliver a University experiencethat is more collaborative, active, and relevant for an increasingly digital world thus enabling us toprovide you with an improved student experience. UWLFlex will provide you with an enhanced range ofonline tools, to help facilitate your learning whether this takes place primarily on site or online.Module summary content and aimsThe following is a guide to the content that you will be learning in this module:• Overview of accounting information• The Accounting equation• Profit & Loss Account• Balance Sheet• Legal structure and its effect on business accounts• Annual Reports of companies• Double entry book keeping• The cash book• Credit transactions• Adjustments to financial statements• Financial ratiosThis module aims to:a) Provide you with the basic skills required to keep records of business transactions usingappropriate accounting methods.b) Provide you with fundamental knowledge of financial statements.c) Enable and encourage you to apply the principles of accounting in practice.ExpectationsSpecific expectations students can have of tutors:• Constructive formative feedback on both assignments draft per assessment during week 6 for theassessment 1 and week 16 for the assessment 2.• Lecture slides made available on Blackboard 3 days prior to lecture.• Seminar activities made available on Blackboard 3 days prior to the first seminar group sessionin a week• Assessment marks and summative feedback given within 3 working weeks from the assessmentsubmission deadlineSpecific expectations tutors will have of students:• Attend all classes and arrive at classespunctually• Read case studies provided prior to seminars and prepare answers to questions as perinstructions given• Behave professionally in classes and not to cause any disruption that might affect other students’learning.• Actively participate and engage in classactivities• Inform tutor via email when not able to attend any classes• Communicate with tutors in a professionalmanner• Attempt all assessments by the submission deadline unless there is extenuating circumstances(in which case please contact your Course Leader for extension request or mitigation claim)Learning outcomes to be assessedTo successfully complete this module you (the student) should have demonstrated the followinglearning outcomes:LO1. Knowledge and understanding of double entry bookkeepingLO2. Knowledge and understanding of books of prime entryLO3. Knowledge and understanding of the accounting equation and financial statementsLO4. Demonstrate ability to record and summarise accounting informationLO5. Demonstrate ability to maintain accurate books of accounts for a businessLO6. Demonstrate ability to make business decisions using financial informationIndicative Contact Hours Teaching Contact Hours48 hoursIndependent Study Hours152 hoursTotal Learning Hours200 hours 2 Assessment and feedbackSummative assessment grid Type ofAssessmentWord CountorequivalentThreshold(if ProfessionalBody-PSRBapplies)WeightingPassMarkIndicativeSubmissionweekMethod ofSubmission& Date ofFeedback(refer to BB)Portfolio(1)1500N/A40%40%Week 9,Friday 4th ofDecember2020@11:59 amnoonAs per UWLguidelinePortfolio(2)1500N/A60%40%Week 16,Friday 12thof February2021@11:59 amnoon.As per UWLguideline Important note: Week 12 will resume on Monday the 11th of January 2021 (due to 3 weekChristmas Break).Assessment brief including criteria mapped to learningoutcomes2.2.1 Details for assessment1: AssignmentLearning outcomes:Assessment 1: Written assignmentAssignmentLearning outcomes tested: 1 – 3Assessment 1: part 1.Accounting has been described as ‘.. a system of recording information about a business.It involves recording , analysing and summarising the transactions of an entity to provideinformation for decision making ‘Requireda. Identify who are the decision makers referred to in the above definition and explain theirneed for accounting information. (your answer should concentrate on a large companylisted on the stock exchange). (12 marks)b. Accounting has been partly described above as ‘…a system of recording information abouta business……’ Identify and explain the advantages and disadvantages of any two forprofit business structures which an accountant may encounter.(13 marks)Part 2David Wise is setting up a new business in January 2020 before COVID-19 outbreak was started.He is unclear about Journal entries for some transactions in February 2020 as follows:Feb 1: Office Fixtures originally bought for £350 was returned to the supplier Asma Ltd, as itwas unsuitable. Full allowance will be given for this.Feb 4: A debt of £85 owing from S. Keyes was written off as a bad debtFeb 9: Bought a Machinery from TS Co. to use in the company. The total purchasing value ofthe machine is £2,300. The owner paid only £200 by issuing a cheque and rest of thepurchasing value would remain as credit. Feb 13:The business is owed £270 by S. Hill. He is declared bankrupt and we received £220 infull settlement of the debt. Feb 20:The owner takes goods costing £180 out of the business inventory for personal usewithout paying for them. Feb 26: in Jan 2020, the owner paid an insurance bill thinking that it was in respect of thebusiness. We now discover that £85of the amount paid was in fact insurance of ourprivate house.Feb 28 The owner paid half of the machinery debt to TS Co.by issuing a cheque.(Total 25 marks)Required:You are required to show the Journal entries (only) (with narrative) necessary to record thefollowing items which occur in Feb 2020:Part 3Pearce & Sons started Business in Feb 2020. They have the following transactions at for themonth of Feb 2020.2020 Feb1Started business with; £21,500 in the bank account, a van £25,000 and office fixtures£8002A loan of £2,500 was received from Lloyds Bank.3The amount of £1500 was transferred from Bank Account to Cash in hand account.4Bought Van paying by cheque £4,8005Bought office fixtures £1100 on credit from Quick Office Ltd8Bought a new van on credit from Nissan Co. £5,20015Bought office fixtures paying by cash £7019Paid Nissan Co. a cheque for whole amount of debt25Paid £350 of the cash in hand into the bank account28Bought new office fixtures paying via bank account £620 Required:a. Write up the transactions in the general ledger of S. Keyes (12 marks)b. Balance up the accounts and extract a Trial Balance as at 30 Feb 2019. (13 marks)(Total 25 Marks)Part 4Then balance off the accounts and extracted a trial balance for sole trader Airman Co. as at 30September 2020: DRCR££Capital£306,070Drawings26,500Cash at bank20,000Cash in hand8500Accounts receivable (Debtors)70,000Accounts payable (Creditors)16,000Inventory (Stock): 30 September 201936,000Van16,000Fixtures and Fittings32,000 Sales80,000Purchases150,000Return inwards (Sales Returns)2,000Carriage inwards720Returns outwards (Purchase Returns)600Carriage outwards400Motor expenses1200Rent5,000Telephone charges620Wages and salaries32,000Insurance830Office expenses600Sundry expenses300437,600437,600 Inventory as at 30 September 2020was £120,000.Requireda. Draft an Income Statement for S. Keyes for the year ending 30th September 2019 (12 marks)b. The records show that the Aiman Co has been profitable during 10 years since 2009. Due to COVID-19outbreak, explain the possible impact of COVID-19 on company Income statement items.(13 mark)(Total 25 marks)(Total 100 Marks)2.2.2 Details for assessment2: AssignmentThe final coursework (60% weighting) at the end of the semester. (The assignment brief will beavailable in Blackboard under assessment tab after week 9.Learning outcomes:Assessment 1: Written assignmentAssignmentLearning outcomes tested: 1 – 6Learning materialsThe reading list for this module is available on Blackboard in the module area and online by searchinguwl.rl.talis.com. This shows real-time availability of books in the library and provides direct links toonline resources, recommended by your lecturer.Remember to log into Blackboard daily to receive all the latest news and support available atyour module sites!Subject guides (subject-guides-libguides) are also available to help you find relevant information forassignments, with contact details of the Academic Support Librarian for your School.Essential ReadingThere are several book-keeping / accounting textbooks that capture the learning requirements ofthis module however; the following text may be worthwhile having.Frank Wood AND Sheila Robinson: Book-keeping and accounts (eighth edition), Pearson, ISBN 978-0273773061Dyson, J R, (2010). Accounting for Non-Accounting Students, 8th edition, Prentice Hall. ISBN ISBN13:9780273722977 ISBN10: 02737229723 Things you need toknowEngagementTeaching at UWL during the academic year 2020-21 will be conducted using the UWLFlex model andmay involve a range of on site and online teaching and learning activities. Whether you are engagingwith teaching and learning activities on site or via the UWL Virtual Learning Environment, we expect thesame level of commitment and engagement from you. If you are unable to attend scheduled on site oronline activities or complete activities in the time frames set out, you should let your tutors know. Youshould aim to stick to assessment deadlines; if you are concerned that you will not be able to completeyour assessments on time, you should talk to your tutors. Your engagement, whether online or on site,will be tracked and if we see that you are not engaging, we will get in contact with you. However, weencourage you to let us know if you are struggling so we can work with you to find solutions and getyou back on track as soon as possible. Give yourself the best possible chance to succeed by engagingwith the full range of learning and teaching activities available to you.All students should refer to the Attendance and Engagement Monitoring Policy particularly if yourcourse is accredited by a professional body, or if you are an International student on a Tier-4 visa, or astudent on an Apprenticeship course which have additionalrequirements.Need help, justaskThe University recognises that there are times when you may encounter difficulties during your courseof study and provisions are made to help you. If you are struggling with meeting deadlines please talkto us, whether it’s your course/module leader, personal tutor or any member of staff, speak to them sothey can get you the support you need to succeed. You can extend your deadline if you have a goodreason why you are not able to submit a piece of coursework on time, apply online for an extensionbefore your deadline. An extension will allow you an extra 10 working days. If an extension is notsufficient and circumstances beyond your control are preventing you from completing yourassessment, then you can, apply online for mitigation.Please remember late submission without extension or mitigation will result in penalties depending onhow late it is, see University Academic Regulations.You are reminded that the University applies penalties to students who commit an academic offence, inwhich case the Academic Offences Regulations will be used to deal with any cases of academicmisconduct including examination offences, plagiarism and other means of cheating to obtain anadvantage.You are encouraged to seek advice from the Students’ Union Advice Service; UWLSU support you withall aspects of your academic experience by providing advice and guidance to ensure you are fullyinformed of the academic regulations set out by the University as well as advocate for student views.You are expected to behave in line with UWL expectations, irrespective of whether your interactionswith staff and other students are in person or online. As you will be engaging with others online and arange of online materials, it is important to consider how to stay safe online and ensure yourcommunications are secure and appropriate. If you have any questions about how to manage youronline UWL activities, please contact your module leader.If you have an issue about the module, you should speak to your Module Leader or Course Leaderinformally in the first instance. Your Course Representative can also raise your concerns at CourseCommittees, which take place each semester. If you are unable to resolve it informally, you shouldrefer to the Complaints Procedure which is outlined in the student handbook and consult the Students’Union about it. The University aims to ensure that issues are resolved informally as quickly as possibleto have minimum impact on yourstudies.Getting support for yourstudiesThroughout your course of study, you will have access to a wide variety of sources of supportdepending on your individual circumstances and needs. Your first point of call for getting generalacademic support is your Personal Tutor. As well as approaching your Module Leader with anyquestions specifically related to your module and your Course Leader with questions on your Course,do contact your Personal Tutor or Apprenticeship Support Link Tutor for academic advice in relation toyour studies and your academic development.Module evaluation – have your say!Towards the end of the module you will be invited to provide some anonymous feedback to the ModuleLeader through an online survey. This is your opportunity to give some direct feedback about themodule through a series of questions and free text. Your constructive feedback will help the ModuleLeader and teaching team to understand the module experience from your perspective and helpsinform the development of the module. At the end of the survey period, a response to the survey will beavailable on Blackboard so that you can see exactly how your voice has been heard.

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