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UNIT 10 ASSIGNMENT 1
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Unit 10 BTEC Assignment Brief1st Sub Resub
P1
P2
P3
M1
M2
D1
Learning Aim A&B 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
A: Undertake the accurate recording of financial
Learning aim(s) (For transactions using the double entry accounting system
NQF only) B: Carry out bank reconciliation as a function of accurate
financial control
Assignment title Financial transactions and how they are recorded
Assessor Viv Leadbetter
Issue date 06.11.2020
Hand in deadline 20.11.2020
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: mohammed zain awwab Date:
The accounting or book-keeping system is the process that provides all the
information for the final accounts of a business. It is essential that accounting
records are clear, concise and accurate.
Every day, millions of financial transactions take place. From the sole trader to
Vocation the multi-national corporation each individual transaction that occurs has to be
al recorded and often in many different ways for many different purposes. These
Scenario tasks will be undertaken within a business by the Finance Department. The main
or and perhaps most significant responsibility of the finance department is the
Context organisation of the financial and accounting affairs of a business including the
preparation and presentation of appropriate accounts, and the provision of
financial information for managers.
You have acquired an apprenticeship at an Accountancy Firm and your manager
has set you a number of tasks to help improve your knowledge of what you will be
doing in the upcoming months.
Your manager has asked you to write a detailed assessment of the importance of
keeping accurate financial records.
You will be provided with some financial data from one of the firm’s clients. You
are required to:
Task 1 Draw up books of original entry and make entries from this given set of
complex transactions, including
o Purchases
o Sales
o Returns
o Cash and bank transactions
, Task 2 You should then draw up double entry accounts from a set of transactions
provided to you for the same client and from these, extract the trial balance
You are reminded that complex financial transactions are those that include:
Sales and purchase returns
Task 3 Discount allowed and received
Depreciation entries
Bad debts
Draw up and make entries to a complex bank reconciliation statement that
includes:
Task 4 Dishonoured and stopped cheques
Out of date cheques
Bank interest
Use a cash book and/or bank statement which is overdrawn
Task 5 To finish, you need to write a detailed assessment of the importance of accuracy
when completing financial records and bank reconciliation statements
Checklist Written report
of Books of original entry
evidence Double entry accounts
required Bank reconciliation statement
Criteria covered by this task:
Unit/
Criteria To achieve the criteria, you must show that you are able to:
reference
10/A.P1 Record straightforward financial transactions from different sources in the books of entry.
10/A.P2 Complete straightforward double entry accounts and extract a trial balance using a given s
10/B.P3 Accurately prepare a straightforward bank reconciliation statement for
financial control.
Complete records for a given set of complex financial transactions
10/A.M1 using books of original entry, double entry accounts and extract a
trial balance.
Accurately prepare a complex bank reconciliation statement for financial
10/B.M2
control.
10/AB.D1 Evaluate the importance of accuracy in the double entry process and
bank reconciliation for accurate financial control.
Sources of www.accountingcoach.com
informatio www.bbc.co.uk/bitesize
n to www.ehow.com
support www.smallbusiness.chrom.com
you with www.businesscasestudies.co.uk
this
Assignmen The Times 100 has economics and business case studies. The site also has a
t selection of theory notes aimed at learners.
Above are some examples of websites. Further useful resources may be
found at http://qualifications.pearson.com/en/support/published-
resources.html#step1
Other assessment Questions to be issued when completing Class Tests
materials attached
to this Assignment
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