APPENDIX GA36a

LEVEL 4 ASSESSMENT SPECIFICATION

Student name: Student ID number:

Programme: BA (Hons) Business Management

Module: Accounting fundamentals

Contribution to Overall
Module code: LCBB 4001 50%
Module Assessment
(%):
Lecturer: Isaiah Oino Internal Verifier: Eric Osei

Assignment Title: Essay on Accounting Word count for report 2500 + 10%
fundamentals (or equivalent):

Submission 02/03/22 – 3pm Return date of

deadline: provisional marks &
written feedback:
All written assessments, where practical and possible, must be submitted via
Submission
Turnitin unless otherwise instructed by the Lecturer. (Please DO NOT put ther
method:
assessment specification into Turnitin or it will match many similarities with
other students’ submissions.)
Alternative submission method (if applicable):
Late submission of the assessment will result in a late penalty mark.
Penalties for late submission: Up to one week late, maximum mark of 40%.
Over one week late, 0%. Only the Extenuating Circumstances Panel may
approve a change to submission dates.

Academic Academic honesty is required. In the main body of your submission you must
honesty / give credit to authors on whose research and ideas your work is based. Append
referencing: to your submission a reference list that indicates the books, articles, etc. that
you have used, cited or quoted in order to complete ther assessment.

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Module Learning Outcomes
(from module syllabus)

 LO 1 explain the nature, behaviour, and purpose of cost accounting, and apply cost
accounting concepts, techniques, and methods to business transactions;

 LO 2 review the basic principles of accounting, including the use of appropriate software;

 LO 3 prepare financial statements from initial data, dealing with both routine and non-routine
transactions, and analyse financial statements with confidence.

TASK DESCRIPTION

Refer to the next two pages for the tasks that should be done and submitted as one file for
this assessment component. Also, ensure that you follow the general submission guidelines
below.

Page 2 of 9
1. The Bookkeeper of General Supplies Ltd has presented you with the following trial balance for the
12 months ended 31 December 2021

Debit (£) Credit (£)

Finance Income 4,000

Finance expense 16,000

Share Capital 347,900

Bank 2,000

Opening Inventory 90,000

Machinery at cost 120,000

Buildings at cost 750,000

Provision for Depreciation - Buildings 100,000

Provision for Depreciation – Machinery 25,000

Legal expenses 7,000

Heating and Lighting 10,000

Long Term Loans 200,000

Rent and Rates 24,780

Insurance 17,520

Postage and Stationery 6,000

Share Premium 100,000

Sales Revenue 900,000

Retained Profits 50,000

Travelling Expenses 5,000

Motor Running Expenses 8,700

Salaries and Wages 150,000

Bad Debt 4,000

Purchases 560,000

Revaluation Reserve 100,000

Provision for bad debts 3,000

Taxation 12,900

Trade Receivables (debtors) 400,000

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 Trade Payables (creditors) 350,000

2,181,900 2,181,900

Page 3 of 6
Additionally, you are provided with the following information:

a. Depreciation is yet to be provided as follows:

Buildings: 5% reducing balance.
Machinery: 25% straight line.

b. The bad debt provision is to be adjusted to 1% of outstanding trade receivables.

c. Insurance for the year ended 31 December 2021 was £16,000 so a prepayment has been
made.

d. An invoice for rates for the three months to 31 December 2021 totalling £3,220 has not been
paid and not entered in the accounting records. An accrual is required.

e. Closing Inventory was £125,000.

Requirements:
a) Adjust the Trial Balance to take account of the additional information. (20 marks)
b) Prepare an Income Statement. (20 marks)
c) Prepare a Balance Sheet (Statement of Financial Position). (20 marks)

[Total 60 marks]

2. There are several accounting principles which include, consistency, materiality, monetary unit
and going concern. You are required to critically discuss these principles and their relevant to the
preparation and presentation of financial accounts (maximum word limit :2000 words)
(40 Marks)

GUIDANCE FOR STUDENTS IN THE COMPLETION

OF TASKS
NOTE: The guidance offered below is linked to the five generic assessment criteria overleaf.

1. Engagement with Literature Skills

Your work must be informed and supported by scholarly material that is relevant to and focused on the
task(s) set. You should provide evidence that you have accessed an appropriate range of sources,
which may be academic, governmental and industrial; these sources may include academic journal
articles, textbooks, current news articles, organisational documents, and websites. You should consider
the credibility of your sources; academic journals are normally highly credible sources while
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websites require careful consideration/selection and should be used sparingly. Any sources you
use should be current and up-to-date, mostly published within the last five years or so, though
seminal/important works in the field may be older. You must provide evidence of your research/own
reading throughout your work, using a suitable referencing system, including in-text citations in the main
body of your work and a reference list at the end of your work.

2. Knowledge and Understanding Skills

At level 4, you should be able to demonstrate knowledge of the underlying concepts and principles
associated with your area(s) of study. Knowledge relates to the facts, information and skills you have
acquired through your learning. You demonstrate your understanding by interpreting the meaning of the
facts and information (knowledge). This means that you need to select and include in your work the
concepts, techniques, models, theories, etc. appropriate to the task(s) set. You should be able to explain
the theories, concepts, etc. to show your understanding. Your mark/grade will also depend upon the
extent to which you demonstrate your knowledge and understanding.

3. Cognitive and Intellectual Skills

You should be able to present, evaluate and interpret qualitative and quantitative data, in order to develop
lines of argument and make sound judgements in accordance with basic theories and concepts of your
subject(s) of study. You should be able to evaluate the appropriateness of different approaches to solving
problems related to your area(s) of study and/or work. Your work must contain evidence of logical,
analytical thinking. For example, to examine and break information down into parts, make inferences,
compile, compare and contrast information. This means not just describing what! But also justifying:
Why? How? When? Who? Where? At what cost? You should provide justification for your arguments
and judgements using evidence that you have reflected upon the ideas of others within the subject area
and that you are able to make sound judgements and arguments using data and concepts. Where
relevant, alternative solutions and recommendations may be proposed.

4. Practical Skills
At level 4, you should be able to apply the basic underlying concepts and principles to evaluate and
interpret these within the context of your area of study. You should be able to demonstrate how the
subject-related concepts and ideas relate to real world situations and/or a particular context. How do
they work in practice? You will deploy models, methods, techniques, and/or theories, in that context, to
assess current situations, perhaps to formulate plans or solutions to solve problems, or to create
artefacts. This is likely to involve, for instance, the use of real-world artefacts, examples and cases, the
application of a model within an organisation and/or benchmarking one theory or organisation against
others based on stated criteria.

5. Transferable Skills for Life and Professional Practice

Your work must provide evidence of the qualities and transferable skills necessary for employment
requiring the exercise of some personal responsibility. This includes demonstrating: that you can
communicate the results of your study/work accurately and reliably, and with structured and coherent
arguments; that you can initiate and complete tasks and procedures, whether individually and/or
collaboratively; fluency of expression; clarity and effectiveness in presentation and organisation. Work
should be coherent and well-structured in presentation and organisation.

STUDENT FEEDBACK FORM

This section details the extent to which the assessment criteria are demonstrated by you, which in turn determines
your mark. The marks available for each category of skill are shown. Lecturers will use the space provided to
comment on the achievement of the task(s), including those areas in which you have performed well and areas that
would benefit from development/improvement.
Awarded
available

Marks
Marks

Generic Assessment Criteria

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 1. Engagement with Literature Skills
.

2. Knowledge and Understanding Skills

3. Cognitive and Intellectual Skills

4. Practical Application Skills

5. Transferable Skills for Life and Professional Practice

Late Submission Penalties (tick if

Assessment Mark (Assessment marks are subject to ratification at the appropriate)
Exam Board. These comments and marks are to give feedback on module work Up to 1 week late (40% Max) %
and are for guidance only until they are confirmed. ) Over 1 week late (0%)
GENERIC ASSESSMENT CRITERIA

Level 4
In accordance with the Framework for Higher Education Qualifications, at the end of Level 4 students will be expected to have demonstrated knowledge of
the basic underlying concepts and principles of a subject, and an ability to evaluate and interpret these within the context of that area of study. They should
be able to present, evaluate and interpret qualitative and quantitative data in order to develop lines of argument and make sound judgements in accordance
with basic theories and concepts of their subject(s) of study. They will have learned how to evaluate different approaches to solving problems, and will be
able to communicate the results of their study/work accurately and reliably, and with structured and coherent arguments. They will be able to undertake further
training and develop new skills within a structured and managed environment and will have the qualities and transferable skills necessary for employment
requiring the exercise of some personal responsibility.

Level 4 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL

FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)
Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%
Engagement Little or no Poor engagement Engagement with Engagement Engagement Engagement Exceptional
with literature evidence of with essential a limited range of with an with a wide with an engagement
(including reading and/or reading. No mostly relevant appropriate range of extensive range with an
reading, reliance on evidence of wider and credible range of literature, of relevant and extensive range
referencing, inappropriate reading. Reliance sources but with literature, including credible of relevant and
academic sources. on inappropriate some reliance on including sources literature. credible
conventions and Views and sources, and/or information sources retrieved Consistently literature. High-
academic findings mostly indiscriminate use gained through retrieved independently. accurate level referencing
honesty) unsupported of sources. class contact. independently. Selection of application of skills
and non- Heavily reliant on Some omissions Some over- relevant and referencing. consistently
authoritative. information and minor errors. reliance on texts credible applied.
Referencing gained through Referencing rather than other sources.
conventions class contact. conventions sources. Generally sound
used Inconsistent and evident though Referencing referencing, with
incoherently or weak use of not always may show minor no/very few
largely absent. referencing. applied accurately inaccuracies or inaccuracies or
or consistently. inconsistencies. inconsistencies.
Knowledge Major gaps in Gaps in Limited Knowledge of Competent Excellent Exceptional,
and knowledge and knowledge of the knowledge and the basic knowledge of knowledge and detailed
understanding understanding basic underlying understanding of underlying the basic understanding knowledge and
(Knowledge of the of the basic concepts and the basic concepts and underlying of the basic understanding
basic underlying underlying principles, with underlying principles is concepts and underlying of the basic
concepts and concepts and flawed or concepts and accurate with a principles. concepts and underlying
principles of a principles of the superficial principles within good Exhibits very principles of the concepts and
subject.) subject matter. understanding. the subject area. understanding good subject. principles
Inclusion of Some significant Some elements of the field of understanding.
irrelevant inaccuracies may be missing. study but lacks
material.
Level 4 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)
Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%
Substantial and/or irrelevant depth and/or
inaccuracies. material. breadth.
Cognitive and Wholly or Largely Limited attempt at Good evaluation Sound Excellent Exceptional
intellectual almost wholly descriptive work, evaluation of the of the underlying evaluation of the evaluation of the evaluation of the
skills descriptive with superficial underlying concepts and underlying underlying underlying
(Evaluate work. Little or evaluation of the concepts and principles. Can concepts and concepts and concepts and
underlying no evaluation of underlying principles, tending interpret principles. Can principles. Can principles based
concepts and the underlying concepts and towards qualitative and interpret interpret evidence.
principles of a concepts and principles. Weak description. quantitative qualitative and qualitative and Outstanding
subject and principles. interpretation of Can interpret data, with minor quantitative data quantitative data interpretation of
interpret Failure to data, flawed qualitative and errors. accurately. accurately and qualitative and
qualitative and
develop development of quantitative data An emerging Ability to devise with some quantitative
quantitative data
in order to arguments, arguments and but with some ability to use arguments using insight. data.
develop lines of leading to judgements. errors. Some evidence to evidence to Excellent ability Exceptional
argument and illogical or Information evidence to support the make mostly to devise ability to devise
make sound invalid accepted support emerging argument. appropriate and arguments using arguments using
judgements.) judgements. uncritically, uses arguments and Mostly valid valid evidence and evidence and
Minimal or no generalised judgements but arguments and judgements. make make wholly
use of statements made these may be logical appropriate and appropriate and
evidence to with scant underdeveloped judgements. valid valid
back up views. evidence and or with a little judgements. judgements.
unsubstantiated inconsistency /
opinions. Ideas mis-interpretation.
sometimes
illogical and
contradictory.
Practical skills Limited or no Rudimentary An adequate A good and A very good An advanced Exceptional
(Different use of taught, application of awareness and appropriate application of a application of a levels of
approaches to basic methods, taught, basic mostly application of range of basic range of taught, application and
solving problems materials, tools methods, appropriate basic methods, methods, basic methods, deployment
in particular and/or materials, tools application of materials, tools materials, tools materials, tools skills in
contexts.) techniques. and/or techniques basic methods, and/or and/or and/or particular
Little or no but without materials, tools techniques. techniques. techniques. practical
appreciation of consideration and and/or Clear Very good The context of contexts.
the context of competence. techniques. appreciation of consideration of the application Outstanding
the application. Flawed Basic the context of the context of is well identification of
Very weak appreciation of appreciation of the application. the application. considered, and problems in
evidence of the context of the the context of the Good evidence Very good insightful. particular
different application. application. of different evidence of Excellent contexts and
approaches to Weak evidence of Can identify approaches to different evidence of formulation of
problem-solving different problems in problem-solving approaches to different wholly
Level 4 SATISFACTORY GOOD VERY GOOD EXCELLENT EXCEPTIONAL
FAIL MARGINAL FAIL
(3rd / Pass) (2.2 / Pass) (2.1 / Merit) (1st / Distinction) (1st / Distinction)
Category 0-29% 30-39% 40-49% 50-59% 60-69% 70-84% 85-100%
in particular approaches to particular contexts in particular problem-solving approaches to appropriate,
contexts. problem-solving in and propose contexts and in particular problem-solving thoughtful
particular basic alternative proposes mostly contexts and in particular solutions /
contexts. approaches or appropriate proposes contexts and different
solutions though solutions. appropriate proposes approaches.
there may be solutions. appropriate
errors. solutions.
Transferable Work is poorly Work is poorly Mostly ordered Mostly coherent, Work is Work is Work is
skills for life structured, presented in a presentation and organised and accurate, coherent, very accurate,
and disorganised, disjointed structure in which accurate work, coherent, fluent, fluent and is exceptionally
professional inaccurate manner. It is relevant ideas / in a suitable well-structured presented coherent, very
practice and/or loosely, and at concepts are structure and is and organised. professionally. fluent and
(Communicate confusingly times reasonably for the most part Can work Can work presented well.
the results of their expressed. Very incoherently, expressed. Work clearly effectively effectively Can work
study/work weak use of structured, with may lack expressed. Can independently independently effectively
accurately and language and/or information and coherence and/or work effectively and/or as part of and/or as part of independently
reliably, and with very ideas often poorly accuracy in independently a team, with a team, with an and/or as part of
structured and inappropriate expressed. Weak places. Can work and/or as part of very good excellent a team, with an
coherent
style. Failure to use of language as part of a group, a team, with contribution to contribution to exceptional
arguments; the
qualities needed work effectively and/or meeting most clear group activities. group activities. contribution to
for employment individual or as inappropriate obligations to contribution to Demonstrates Demonstrates group activities.
requiring the part of a group. style. Flawed others but group activities. very good skills excellent skills Demonstrates
exercise of some Little or no approach to perhaps with Demonstrates for employment for employment exceptional
personal evidence of the individual or limited the skills for requiring the requiring the skills for
responsibility skills for group work, involvement in employment exercise of exercise of employment
within a structured employment meeting only group activities. requiring the some personal some personal requiring the
and managed requiring the partial obligations Demonstrates the exercise of responsibility, responsibility exercise of
environment.)
exercise of to others. Limited basic skills for some personal with just with an appetite some personal
some personal evidence of the employment responsibility, occasional for further responsibility
responsibility. skills for requiring the with some areas minor development. with an appetite
employment exercise of some of strength and weakness. for further
requiring the personal some of minor development.
exercise of some responsibility, with weakness.
personal some areas of
responsibility. minor weakness.

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