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1.1 Describe the differences between an accountant and an economist.
Foundation Accounting and Economics
Unit Title
Foundation Accounting and Economics
Unit Level
Level 3
Assessor
Date issued
Hand in Date
Unit Grading Structure
Pass
Assessment Guidance
To achieve this unit, learners must achieve the learning outcomes and meet the standards specified by all assessment criteria for the unit.
Learning Outcomes- The learner will:
Assessment Criteria- The learner can:
1. Understand the essentials of accounting and economics.
1.1 Describe the differences between an accountant and an economist.
1.2 Explain commonly used accounting terms.
1.3 Explain the difference between macro and micro economics.
1.4 Explain a range of common economic concepts.
1.5 Discuss the factors that influence supply and demand and associated concepts.
2. Understand the nature of markets and how they operate.
2.1 Identify the types of markets that exist.
2.2 Explain the factors that determine the structure of markets.
2.3 Explain how competition affects market structures.
2.4 Describe the factors that lead to economic growth in markets.
3. Understand different factors within the realm of accounting and economics.
3.1 Identify the different measures of money.
3.2 Explain how monetary and fiscal policies are used by governments.
3.3 Describe how interest rates are used by governments.
3.4 Explain the economic impacts of inflation.
4. Demonstrate the ability to apply key accounting concepts.
4.1 Prepare simple accounting statements using double entry system.
4.2 Explain how to prepare financial statements.
4.3 Prepare a financial statement.
4.4 Explain how period end adjustments are incorporated within financial statements.
Scenario For the purpose of this assignment you are looking for an internship at a large international company.
The company have a reputation for only hiring the very best candidates and have provided an assessment task to accompany the application form.
Successful candidates will then proceed to the interview stage. 1.1 Describe the differences between an accountant and an economist.
Task 1 of 3: Assessment Task (ACs 1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3 and 2.4)
Instructions Complete the following assessment task ensuring each question is fully answered.
Submission
Competed assessment task form
Assessment Task
Date
First Name
Last Name
Describe the differences between an accountant and an economist.
Explain the following accounting terms:
Statement of financial position
Explain the difference between macro and micro economics. 1.1 Describe the differences between an accountant and an economist.
Explain the following common economics concepts:
Price Elasticity of Demand
Income Elasticity of Demand
Discuss the factors that influence supply and demand and associated concepts.
Identify the types of markets that exist.
Explain the factors that determine the structures of markets.
Explain how competition affects market structures.
Describe the factors that lead to economic growth in markets.
Task 2 of 3: Interview Presentation (ACs 3.1, 3.2, 3.3 and 3.4)
Instructions After successfully completing the assessment task, you have been asked to prepare a presentation with accompanying notes that will be presented to the interview panel
The presentation and accompanying notes must include:
An identification of the different measures of money.
An explanation of how monetary and fiscal policies are used by governments.
A description of how interest rates are used by governments.
An explanation of the economic impacts of inflation.
Delivery
A 10 minutes presentation with slides and accompanying notes.
Submission
Presentation Slides
Accompanying Notes
Evaluation sheet from your lecturer
Task 3 of 3: Trial Balance Assessment (ACs 4.1, 4.2, 4.3 and 4.4)
Instructions Prior to the interview you have been asked to submit a portfolio of evidence to demonstrate your accounting skills. You are free to who you present the portfolio, however, it must include:
Example simple accounting statements prepared using the double entry system.
An explanation of how to prepare financial statements
An example of a prepared financial statement.
An explanation, including practical examples, of how period end adjustments are incorporated within financial statements. 1.1 Describe the differences between an accountant and an economist.
Indicative word count 3000
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