Essay
UNIT 10 ASSIGNMENT 2
- Institution
- PEARSON (PEARSON)
DISTINCTION ACHEIVED
[Show more]
Content preview
Unit 10 BTEC Assignment Brief1st Sub Resub
P4
P5
P6
M3
M4
D2
D3
Learning Aim C&D 2020-2021
Learner name
Pearson BTEC Level 3 National Foundation Diploma in Business
Qualification Pearson BTEC Level 3 National Diploma in Business
Pearson BTEC Level 3 National Extended Diploma in Business
Unit number and
Unit 10: Recording Financial Transactions
title
Learning aim(s) (For C: Construct control accounts for debtors and creditors for accurate financial co
NQF only) D: Examine the correction of errors in accounting records for financial control
Assignment title Financial control and how to correct errors
Assessor Viv Leadbetter
Issue date 08.01.2021
Hand in deadline 22.01.2021
Learner declaration
I certify that the evidence submitted for this assignment is my own. I have clearly referenced
any sources used in the work. I understand that false declaration is a form of malpractice.
Learner signature: Date: 09/01/2021
As your experience of the financial operations and transactions within a business
grow, your manager wants to challenge you with further tasks.
Vocation
al In this assignment brief you will investigate the types of errors that occur in
Scenario accounting records and the implications of these errors and inaccurate financial
or records.
Context As you will have already experienced, every business has debtors and creditors.
You will investigate the differences between the two different types of control
accounts and the benefits of these control accounts in ensuring financial control.
, Your manager has asked you to:
Task 1
Prepare and make complex entries in the ‘total debtors’ and ‘total creditors’
accounts from a given set of financial transactions.
Task 2 Identify and correct errors in the control accounts and schedule of debtors and
creditors from a given set of errors.
Task 3 You are to write a report evaluating the benefits of control accounts, and which
examines and explains the errors that can affect a typical accounting system.
Now draw up a journal and suspense account, making entries to correct complex
Task 4 errors from a given set of financial transactions and show how errors have
changed the final accounts.
Produce a report to assess how and why errors affect financial statements and the
Task 5 importance of control measures to identify and correct them. The report should
also evaluate the implications for a business of errors and inaccuracy in
accounting records.
Checklist Written report
of
evidence A Journal and suspense account
required Control accounts for debtors and creditors
Criteria covered by this task:
Unit/
Criteria To achieve the criteria, you must show that you are able to:
reference
Accurately prepare control accounts using a given set of financial transactions
10/C.P4
for financial control.
10/D.P5 Explain the types of error that occur in accounting records.
Record straightforward journal entries, which do not involve a suspense account
10/D.P6
to support the correction of errors for a given set of financial transactions.
10/C.M3 Analyse control and personal accounts to correct errors for financial control.
Record complex journal and suspense account entries to support the correction
10/D.M4
of errors and prepare a revised profit statement.
Evaluate the importance of
10/C.D2 control mechanisms in the
accurate recording of financial
transactions.
Evaluate the effect and impact of errors in accounting records on the final
10/D.D3
accounts for a given business.
Sources of www.accountingcoach.com
2
BTEC Assignment Brief v1.0
BTEC Internal Assessment QDAM January 2015
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kj2013. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
60904 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now