Preparing Financial Statements

FINANCIAL ACCOUNTING 1
(Module Code: 151030002-A20/21)
30% written coursework
Assignment
Further Information:
1. Word Limit: 2500 (see individual tasks for word limits) You must indicate the word count for your submission on the front page. Written assignments must fall within a 10% range of the limit. Your assignment must not be shorter than 2,250 words and not longer than 2,750 words.
2. Submission Date: To be provided This assignment must be received by no later than the date and time stated above. Work cannot be uploaded on Turnitin after the stated date and will receive a mark of zero (unless an extension has been approved in advance of the deadline).
3. Extensions Requests for short-term extensions will only be considered in the case of illness or other cause considered valid by the Student Adviser. These must normally be received and agreed by the Student Adviser in writing at least 24 hours prior to the deadline. Please refer to the Academic Regulations or your Student Handbook for full details.
4. Additional Guidance You must complete all tasks and submit your responses in a single document, marked with your student identification (SID) number(s)and indicating the word count. You must provide references where appropriate, following Harvard style, and include a bibliography.
NOTE:
YOU MUST SUBMIT YOUR ASSIGNMENT USING TURNITIN SOFTWARE
TASK 1
Accounting concepts and conventions as used in accountancy are the rules and principles applied when recording economic events and in the preparation of financial statements, that all accountants abide by. Discuss the problems for companies in applying the accruals, prudence and going concern concepts when preparing
financial statements, and explain why at least two other concepts might also be important. (1,500 Words)
TASK 2
What must a complete set of general financial statements include? What question is answered by each financial statement? List and define the major elements in each financial statement. (1000 Words) Please note that this is an individual piece of work and collusion is not tolerated. For more information on Preparing Financial Statements see this: https://www.encyclopedia.com/social-sciences-and-law/economics-business-and-labor/money-banking-and-investment/financial-statements

Preparing Financial Statements

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