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5022ACCSemester 1/ December / 2024
Coventry University
College of Business and Law
5022ACC
Principles of Business Accounting
Instructions to candidates
Recommended time to complete: 2 Hours
You must submit your answers in a single Word document via the
Assignment Submission link provided on 5022ACC – Principles of
Business Accounting – 2425 SEPJAN Aula page in the Assessment
folder.
The link will be open between 09:00 (GMT) – 13.00 (GMT) on the day of
the assessment. You must submit on time.
You must clearly show all supporting workings and calculations on your
answer script and these must be cross-referenced accordingly.
There are three questions on this exam paper.
You must answer ALL three questions.
The total mark for the paper is 100. Question 1 carries 20 marks.
Questions 2 and 3 are each worth 40 marks.
Additional allowed materials:
Discount Rate Table
IMPORTANT: Please ensure that you save your work regularly.
Please submit your work using Microsoft Word.
Continued…
Page 1 of 6
, 5022ACC
Question 1
Budgeting is an important tool in both financial and management accounting, playing
a central role in planning, control, and performance evaluation. A well-constructed
budget can provide direction, improve financial control, and support informed decision-
making. However, while budgets offer significant advantages, they also have
limitations.
Structure your discussions around the following specific aspects:
a) The purpose of budgeting in financial and management accounting, and how
it supports business decision-making.
(10 marks)
b) Discuss the advantages and limitations of using budgets as control
mechanism.
(5 marks)
c) The prudence concept is a fundamental principle in financial accounting,
ensuring that liabilities and expenses are not understated, and revenues and
assets are not overstated. Discuss how the prudence concept should be
applied in budgeting and evaluate its impact on management decision-making.
(5 marks)
[Total for Question 1 - 20 Marks]
Continued…
Page 2 of 6
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