Assignment Brief

Module Title and Code Introduction to Finance and Accounting GBMT

4003
Component Number Component 1 and Component 2

Component Weighting Component 1 50%

Component 2 50%

Assignment Title Component 1: Trial Balance, Profit and Loss

Account and Balance Sheet
Component 2: Mini Calculations

Assignment Deadline Component 1- Week 6: 13th April 2024, 5PM

Component 2- Week 10: 11th May 2024, 5PM

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Contents
Assessment Details............................................................................................................................3
Detailed Description of the Assessment Component 1.................................................................5
Detailed Description of the Assessment Component 2.................................................................9
Additional Assessment Requirements & Information...................................................................13
Mitigating Circumstances.................................................................................................................19
Academic Misconduct......................................................................................................................19
Marking and Feedback.....................................................................................................................20

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Assessment Details

Assessment Weigh Typical Indicative Assessment Assessment Type Word Count Approx word
Component -ting tasks For each component double click count where applicable
List all separate (%) Where the component comprises in the box to see options.
components more than one assessment task The options equate to the
assessment types in table A2

Practical skills 50% Trial balance and financial Practical skills assessment 500 words
assessment statements

Set exercise not 50% Mini Calculation quizzes Set exercise not under exam 1,000 words
under exam conditions
conditions

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Component 1: Trial Balance, Profit and Loss Account and Balance Sheet

Assessment Weigh Typical Indicative Assessment Type For each Word Count Submission Deadline
Component - ting Assessment Tasks Where component double click in Approx. word
List all (%) the component comprises the box to see options. The count where
separate more than one assessment options equate to the applicable
components task assessment types in table
A2

Component 1- Trial 50% Trial Balance and Financial Assessment Task 500 words Week 6:
Balance, P&L Statements
13 April, 5PM
account, and
Balance sheet
completion

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Detailed Description of the Assessment Component 1

For Component 1, you will have two tasks to complete – Task 1 (Preparing a Trial
Balance) and Task 2 (Preparing Financial Statements)

Task 1 Preparing Trial Balance.

Imagine you have been able to convince the LCCA management on your innovative
idea of the new product/ service development for LCCA. You have been granted
permission to run the new venture under the social enterprise wing of LCCA. You are
now required to prepare a Trial Balance and forecast of income statement from the
figures that you have been provided below. Based on these data you will now
produce a projected Trial Balance and Income statement for the entity.

Account £’000

Capital 120

Stocks 60

Sales 50

Cash 80

Bank loan 80

Furniture and Fittings 80

Trade receivables 70

Trade payables 70

Wages 50

Bank Overdraft 70

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 Rent 50

You are required:

a) to extract a trial balance for the social enterprise wing of LCCA

b) explain the source and structure of the trial Balance.

Task 2 Preparing Financial Statements

a) You and your team have projected the following transactions for the first
operating year. You will need to:
i. prepare and present the first-year projected statement of profit and
loss (income statement) to the senior management team of LCCA and;
ii. explain the purpose of the statement of profit and loss (income
statement).

Account £
Opening Stock 6,000
Purchases 5,000
Depreciation 5,000
Advertising expenses 1,000
Rent 3,000
Salaries 3,000
Commission earned 2,000
Other expenses 2,000
Closing Stock 1,000
Sales 30,000

b) You are required to:

i. use the following information to complete the statement of financial
position (Balance Sheet) with the appropriate sections including Non-
Current Assets (Fixed Assets), Current Assets, Non-Current Liabilities,
Current Liabilities and Capital (Equity).

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 ii. explain the purpose of the balance sheet and what the figures on the
balance sheet mean to the company.

Account £
Equipment 23,000
Intangible asset 500
Accounts Payables 2,080
Bills payables 1,080
Drawings 190
Capital 12,610
Prepayments 11,000
Inventory 2,020
Long Term Loan 14,000
Cash 400
Accounts receivable 660

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Introduction to Finance and Accounting GBMT 4003- LCCA 2023-24
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Component 2- Quiz Ratio Calculations

Assessment Weigh- Typical Indicative Assessment Assessment Type For each Word Count Submission Deadline
Component ting (%) Tasks Where the component component double click in Approx. word
List all comprises more than one the box to see options. The count where
separate assessment task options equate to the applicable
components assessment.

types in table A2

Component 2 50% Mini Calc quizzes Exercise not under exam 1,000 words Week 10: 11th May,
conditions 5PM
Quizzes ratio
calculations

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Detailed Description of the Assessment Component 2

For Component 2, you will have one task to complete – Task 1 (Financial Ratios)

Task 1 Financial Ratios

Using the projected income statement and Balance Sheet you have prepared in
component 1, Task 2;

a) Calculate the following accounting ratios for your proposed business wing.

1. Gross Profit margin

2. Net Profit margin

3. Current Ratio

4. Acid Test

5. ROCE (Return on capital employed)

6. Gearing ratio

b) In addition to these calculations, you are required to compare, analyse, and

interpret the ratio with the past year's ratio for a similar existing service at
LCCA.

Ratios Other LCCA Venture

Gross profit margin 15%

Net Profit margin 10%

Current Ratio 3

Acid Test 1.5

Return on capital employed 25%

Gearing ratio 30%

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 CRITERION MAPS TO LEARNING OUTCOME
There should be at least one criteria
against each learning outcome for
the unit
Trial balance and financial
statements LO2 Prepare a trial balance using
Knowledge of: relevant accounting concepts
Finance and Accounting processes including prepayments, accruals, and
and procedures within business depreciation.
practice

Trial balance and financial

statements and Mini Calc Quizzes LO1 Prepare basic financial statements for
Understanding through application sole proprietorship and explain how they
of: interrelate.
Analysis and synthesis of financial
statements extracts and trial
balances.

Trial balance and financial

statements and Mini Calc Quizzes LO3 Explain the purpose of accounting and
Technical and applied professional demonstrate abilities to be able to analyse
skills: and record transactions for merchandise
Professional skills in completing purchases.
financial statements.

COMPONENT 1

Task 1 Preparing trial balance.

a) to extract a trial balance for LCCA Social Enterprise.

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Guidance- Use the standard Trial balance format to prepare the trial balance for
LCCA Social Enterprise. Use of excel spreadsheet is highly recommended.

b) explain the source and structure of the trial Balance

Guidance- Explain the main source of trial balance. Explain the structure of the trial
balance including the debit and credit column, what they mean. Use of excel
spreadsheet is highly recommended.

Task 2 Preparing financial statements.

a) You and your team have projected the following transactions for the first
operating year. You will need to prepare and present the first-year projected
income statement to the senior management team of LCCA. Also, explain the
purpose of the income statement.

Guidance- Use the profit and loss account format to complete the income statement
for the new venture. This account should generate either profit or loss for the
business. Ensure all accounting entries are correctly posted in the account. Explain
the purpose of P&L account.

b) You have the following information to complete a Balance Sheet with the appropriate
sections including Non-Current Assets (Fixed Assets), Current Assets, Non-Current
Liabilities, Current Liabilities and Capital (Equity). Explain the purpose of the balance
sheet and what the figures on the balance sheet mean to the company.

Guidance- Use the balance sheet format to complete the Balance Sheet for the new
venture of LCCA. This account should be able to give overall net value of the
company showing all assets and liabilities. Explain the main purpose of the balance
sheet and what importance it has to the different stakeholders.

COMPONENT 2- Quizzes Ratio calculations

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Task 1 Financial Ratios
Using the Profit and Loss account and Balance Sheet you have prepared in Task 2.

a) Calculate the following accounting ratios for the LCCA new venture

Guidance- Use the correct formula to calculate the ratios.

b) In addition to these calculations, you are required to make analysis and

interpretations of the data you have calculated on above ratios.

Provide comparison with the following industry average ratio and comment on
the overall performance of the business.

Ratios Other LCCA LCCA Social Difference

Venture Enterprise ratio

Gross profit margin 15%

Net Profit margin 10%

Current Ratio 3

Acid Test 1.5

Return on capital 25%

employed

Gearing ratio 30%

Guidance- Using the table above, compare between the company and its past
performance average. Comment on each of the ratio and the differences. State
whether the ratio is in favour of the business. Explain the possible reasons for the

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difference in the ratio and what these mean to the overall performance of the
company. Possible solutions and recommendations should also be provided.

Additional Assessment Requirements & Information

1. All assignments should be submitted through Turnitin. If you file will not upload
please ensure it is the correct size and if not you must contact the Admin Team
([email protected]) BEFORE the assignment Deadline.

2. Turnitin will review the assignment for levels of plagiarism and Academic Staff
when marking will review this. Students who have been deemed as committing
at academic offense including plagiarism or collusion will be subject to the
Academic Misconduct policy.

3. Any deadlines submitted after the deadline will be classed as a non-submission

unless you have approved mitigating circumstances (see section).

4. All assignments will be given a mark out of 100. A pass mark will be 40 or
above.

5. Students who fail their first attempt will be offered a resit attempt where the
mark of the assignment will be capped at 40% at the Board of Examiners.

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GRADING DESCRIPTORS: LEVEL 4

EXPERIMENTATION & INNOVATION

FAIL PASS
Threshold 0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-89% 90-100%
Criteria
Knowledge of the Little to no Low knowledge of Competent Satisfactory Good knowledge Very good Excellent Exceptional
the and knowledge knowledge
underlying knowledge of the underlying concepts, knowledge of the knowledge of the understanding of and understanding of underlying and knowledge of
concepts, of
practices and underlying concepts, practical methods underlying underlying underlying concepts, practical secondary concepts underlying and
concepts, concepts, concepts,
principles practical methods and principles of the practical methods practical methods practical methods methods and and practical secondary concepts
associated
with their area of and principles of the area of study. and principles and principles, if and principles principles methods and a and practical
which
study. area of study. is sufficient to deal sometimes showing critical significantly beyond sophisticated methods, and a
of balanced
the area of study towards the insight what has been understanding, sophisticated
descriptive rather taught. significantly beyond understanding,
than the critical or the threshold significantly beyond
analytical. expectation at this the threshold
level (including expectation at this
awareness of level and beyond
ethical
issues and what has been
taught
sustainability where (including awareness
appropriate). of ethical issues and
sustainability where
appropriate).

Evaluate the Little to no ability to Low ability to solve Competent ability Satisfactory ability Good problem- Very good problem- Excellent problem- Exceptional problem-
to to
appropriateness of solve problems problems and/or solve problems solve complex solving skills, solving skills with solving skills with solving skills with
different and/or make make decisions but related to their area problems, and selecting and clear evaluation and clear evaluation and sophisticated
approaches
to solving decisions. with significant of study by applying and testing justifying their use application of application of evaluation, selection
problems applying a a of
related to their limitations. range of methods. range of a wide-range of appropriate methods and application of
area appropriate methods
of study or work methods and methods. methods.
evaluating their use.

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GRADING DESCRIPTORS: LEVEL 4

RESEARCH & ANALYSIS

FAIL PASS
Threshold 0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-89% 90-100%
Criteria
Shows an ability to Little to no evidence Low evidence of Competent ability Satisfactory ability Good ability to Very good ability to Excellent ability to Exceptional ability to
evaluate and of ability to evaluate ability to evaluate or to evaluate or to evaluate or evaluate or interpret evaluate or interpret evaluate or interpret evaluate a range of
interpret or interpret interpret underlying interpret underlying interpret underlying underlying concepts range of concepts wide range concepts using
underlying underlying concepts concepts to support concepts and concepts using using established using established concepts using established
concepts within to support the area the area of study displays the ability established techniques techniques established techniques
the context of the of study to extract relevant techniques accurately and can accurately and techniques accurately well
area of study points. accurately and can critically evaluate possesses a well- accurately and beyond the usual
critically appraise academic sources. developed ability to possesses a well- range, together with
academic sources. critically evaluate a developed ability to critical evaluation, to
wide range of critically evaluate a advance work or
sources. wide range of direct arguments.
sources.
Ability to present, Little to no argument Low level argument Competent Satisfactory Good coherent, Very good coherent Excellent argument Exceptional
evaluate and and explanations are and explanations argument, with argument with substantiated and well which argument with
interpret difficult to are weak and/or some evaluation supporting evidence arguments, as well substantiated systematically advanced critical
qualitative and understand and are poorly constructed, and interpretation and has as the ability to arguments which considers and insight and
quantitative not supported by and do not evidence of qualitative and demonstrated the consider, evaluate systematically critically interpretation of
information, in qualitative and use of qualitative quantitative ability to consider and synthesise a considers and synthesises complex qualitative
order to develop quantitative and quantitative information and evaluate a range of qualitative critically advanced and quantitative
lines of argument. information. information. range of qualitative and quantitative synthesises qualitative and information.
and quantitative information. qualitative and quantitative
information. quantitative information.
information.

Make sound Little to no sources Low ability to select Competent Satisfactory Good critical Very good Excellent synthesis Exceptional
selection, selection, synthesis of synthesis
judgements in and judgements and evaluate evaluation and evaluation and selection and of a broad range of a broad range of of a broad range of
reading
accordance with considered with and research to commentary on commentary on evaluation of research, primary research, primary research and
basic gaps make primary
theories and in key understanding judgements in line reading, research reading, research research and sources, views and sources, views and sources to make
and and primary
concepts of their of key theories and with basic theories primary sources to primary sources, sources, usually information and information and insightful judgements
subject(s) of concepts in their and concepts of make judgements sometimes beyond beyond the set integration to make integration to make in line with basic and

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 study. their in range,
subject of study. subject(s) of study line with basic the set range, to to make judgements in line judgements in line advanced theories
judgements
with over-reliance theories and make judgements in in line with basic with basic theories with basic theories and concepts in their
on concepts
set sources. of their subject(s) line with basic theories and and concepts of and concepts of subject of study.
of their their
study. theories and concepts of their subject(s) of study. subject(s) of study.
concepts of their subject(s) of study.
subject(s) of study.

GRADING DESCRIPTORS: LEVEL 4

ENGAGING WITH PRACTICE

FAIL PASS
Threshold 0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-89% 90-100%
Criteria
Appropriate Little to no technical, Low technical, Competent Satisfactory Good command of Very good Excellent technical, Exceptional
technical, technical, technical, technical,
technical, creative creative or artistic creative or artistic creative or artistic creative or artistic highly-developed creative and/or creative and/or creative and/or
or
artistic skills skills in most, or key, skills related to their skills required for skills required for technical, creative artistic skills and artistic skills artistic skills
related
to their area of areas area of study. area of study. area of study. and/or artistic skills finesse in their
study
or work selection and
application.

REALISATION & COMMUNICATION

FAIL PASS
Threshold Criteria 0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-89% 90-100%
Communicate the Little to no clarity Low clarity in the Competent Satisfactory Good Very good Excellent Exceptional
in communication
results of their the expression of expression of ideas communication of communication of of information, communication of communication of communication of
ideas,
study/work ideas and/or and/or unable to information, ideas, information, ideas, problems and information, ideas, information, ideas, information, ideas,
unable
accurately and to convey meaning convey clear problems and problems and solutions verbally, problems and problems and problems and
meaning
reliably, and with verbally, visually verbally, visually solutions verbally, solutions verbally, visually and/or in solutions verbally, solutions verbally, solutions verbally,

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 structured and and/or in writing. and/or in writing. visually, visually and/or in writing. visually, visually, visually,
electronically electronically electronically electronically
coherent arguments and in writing. writing. and in writing. and in writing. and in writing.

PERSONAL & PROFESSIONAL CONNECTIVITY

FAIL PASS
Threshold Criteria 0-29% 30-39% 40-49% 50-59% 60-69% 70-79% 80-89% 90-100%
Undertake further Little to no Low contribution Competent Satisfactory Good Very good Excellent Exceptional
contributions contribution
training and develop contribution to group to group activity contribution to contribution to group to group activity contribution to to group activity contribution to group
new skills within a activity and/or and/or project group activity activity and/or and/or project group activity and/or project work, activity and/or
project
structured and project work which work which and/or project work work which develops work, with an and/or project with teamwork and project work, with
work,
managed develops new skills. develops new which develops new new skills. understanding of with exceptional some leadership teamwork and
environment skills. skills. team roles and teamwork and the taking responsibility leadership taking
the
processes for the processes for the for the development responsibility for the
development of development of of new skills. development of new
new
new skills. skills. skills.

Qualities and Little to no ability to Low ability to Competent ability to Satisfactory ability to Good ability to Very good ability to Excellent ability to Exceptional ability to
transferable skills manage learning manage learning manage learning systematically systematically systematically manage learning on manage learning on
necessary for and/or work without and/or work and work with manage learning, manage learning, manage learning, own initiative, and own initiative, and
employment supervision. without minimal or no and work without and work without and work without work without work without
requiring the supervision. supervision. supervision. supervision. supervision. supervision. supervision.
exercise of some
personal
responsibility. Little to no accurate Low accurate use Competent Satisfactory Good expression Very good Excellent expression Exceptional
use of terminology, terminology, with expression and style expression and and style with expression and and style with expression and style
with limited many errors in with appropriate style, with a range of appropriate style with minimal minimal errors in with no errors in
vocabulary and spelling, vocabulary and vocabulary and vocabulary with errors in spelling, spelling, grammar spelling, grammar
many errors in vocabulary and errors in spelling, some errors in minimal errors in grammar and and syntax. and syntax.
spelling, grammar syntax. grammar and syntax spelling, grammar spelling, grammar syntax.
and syntax. which do not affect and syntax which do and syntax.
understanding. not affect
understanding.

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 Little to no basic Low level of basic Competent Satisfactory Good numeracy Very good Excellent numeracy Exceptional
numeracy or digital numeracy or numeracy and numeracy and digital and digital numeracy and and digital literacy, numeracy or digital
literacy, hardware digital literacy, digital literacy, literacy, hardware literacy, hardware digital literacy, hardware and literacy, hardware
and software skills. hardware and hardware and and software skills. and software hardware and software skills. and software skills.
software skills. software skills. skills. software skills.

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Mitigating Circumstances
LCCA and UCA understand that in students’ lives, there can be situations that are
unexpected and can impact on your ability to hand in your assignment. LCCA and UCA
define these situations as mitigating circumstances, and these are exceptional, short-term
events which are outside the student’s control and impact their ability to prepare for, submit
or present themselves for an assessment by the given deadline.
If something happens close to your assessment deadline that is hindering your ability to
submit, please collect a Mitigating Circumstances from the Admin Team and submit along
with appropriate supporting evidence BEFORE the assessment deadline. Any forms
submitted after this deadline will require additional evidence.
If approved, you will be given an extension to the assignment deadline without being
penalised.
However, LCCA and UCA consider that students who submit or present themselves for
assessment are, in doing so, declaring themselves fit to be assessed, and therefore
mitigating circumstances will not be accepted.

Academic Misconduct
Academic Misconduct is defined as where a student gains or seeks to gain and advantage
in an assessment by unfair or improper means. Academic Misconduct can include the
following:
 Plagiarism, including self-plagiarism. This is where a student present work which
contained unacknowledged published work (words, thoughts, judgements, ideas,
structures, images etc.) of another, or presents work that has been previously
submitted for another unit or course, or at a different institution.
 Collusion. This is where a student work for assessment done in collaboration with
another person(s) entirely as their own or collaborates with another student(s) on
work which is subsequently submitted as entirely of the other students work.
 Examination Offenses. This is where a student takes unauthorised materials into an
exam room, communicates, or attempts to communicate with another student during
the exam, fails to comply with invigilators instructions, or breaches other exam
regulations.

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 Dishonest Practice. This can include using essay mills, submitting work not
completed by yourself, offering bribes, seeking to obtain confidential information,
making false declarations and falsifying transcripts and certification or other official
documentation.
All assignments are checked for Academic Misconduct and students who have been found
to commit an offense will be subject to the Academic Misconduct Policy and or the Student
Disciplinary Procedures.

Artificial Intelligence (e.g. Chat GPT)

With reference to the use of AI Technologies, the UCA’s Academic Misconduct Policy
defines plagiarism as - where student presents work for assessment which contains the
unacknowledged published or unpublished words, thoughts, judgements, ideas, structures
or images of another person or persons. This includes material downloaded from digital
sources and material obtained from third parties including online essay mills and AI
applications.

To enhance student learning, enable students to explore new ideas and concepts;
undertake effective research; and help with assessment planning, the University supports
the appropriate use of AI technologies, though students should give serious consideration
as to how they may choose to use such technologies within assessments they submit.

If a student uses AI technologies for any part of their assessment - planning, research or
content - they must:

· Reference the AI tool used and the content obtained;

· Apply quotation conventions where the text has not been altered;

· Clearly identify paraphrased or summarised material; and • outline the method and
information gathered via the AI tool;

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· Explain how the AI content has been reused within the assessment. In such cases, the
student will have acted with integrity and academic misconduct will not have been
committed.

Although, it is important to acknowledge that grades are determined of by evidence of

meeting learning objectives at a particular level of competency, not on repetition of AI
generated content.

If the University suspects that AI technologies have been used during the assessment
process and submission then it reserves the right to invite the student to attend a viva (oral
examination) to explore the student’s understanding of their submission. If evidence of
academic misconduct is found then the case will be addressed in accordance with the
University’s Academic Misconduct Policy.

Marking and Feedback

You should expect to receive you marks approximately 4 weeks after the assignment
deadline.
To ensure fairness, and parity of marking. All assignments are first marked, and a sample
are second marked, and Internally Verified by a tutor from UCA to ensure the marks are
correct and the feedback is appropriate.
The marks also considered by an Internal Exam Board at LCCA to ensure due process has
been followed and the Board of Examiners at UCA where marks are ratified.
All marks are PROVISIONAL until ratified by the Board of Examiners.
Your provisional grade and feedback will be made available to you on Turnitin on Canvas.
Unless advised otherwise by your tutor.

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