Unit Introduction

Management accounting is a profession that supports management decision-making, planning and performance management systems. Management accountants provide expertise in financial reporting and control to assist management in the formulation and implementation of an organisation’s strategy by providing appropriate financial information and undertaking related accounts administration.

Unit Learning Outcomes

LO1 Examine the context and purpose of accounting.
LO2 Prepare basic financial statements for unincorporated and small business organisations in accordance with accounting principles, conventions, and standards.
LO3 Interpret financial statements.
LO4 Prepare budgets for planning, control and decision-making using
spreadsheets.

Task A Scenario

Tesco plc has been a prominent player in the UK retail industry for decades, with operations spanning multiple countries. As one of the largest retailers in the UK and a multinational corporation, Tesco plc operates in a highly regulated environment, with stringent oversight from regulatory bodies such as the Financial Reporting Council (FRC) and the UK Government’s Department for Business, Energy & Industrial Strategy (BEIS).

Additionally, Tesco plc is committed to upholding high ethical standards in its financial reporting practices to maintain the trust and confidence of its stakeholders. In this task, you will conduct a thorough assessment of Tesco plc’s accounting function, focusing on its adherence to regulatory requirements and ethical standards.

Task B Scenario

Part 1- You are a newly hired accountant at Zee’s Accounting Firm. Your first task is to prepare financial statements for three different types of entities: a sole trader, a partnership, and a not-for-profit organisation. Each entity has provided you with a trial balance containing all their account balances for the current accounting period. Your task is to use this trial balance to prepare the necessary financial statements in accordance with accounting principles, conventions, and standards.”

Part 2- Your objective is to calculate and present relevant financial ratios to evaluate their performance. Additionally, you will compare the performance of each organisation over time by analysing financial ratios from previous periods.

Task C- Cash Budget

Scenario: You are a financial analyst at BlueSky Enterprises, a consulting firm specialising in financial management. Your task is to prepare a cash budget for an organisation and provide an in-depth discussion on the benefits and limitations of budgets and budgetary planning, as well as the importance of budgetary control for organisational success.

The post Level 4 Unit 5: Management accounting is a profession that supports management decision-making, planning and performance management systems: Accounting Principles, Assignment, PCL, UK appeared first on Students Assignment Help UK.