Assignment Briefs 09-17-2022

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:

  • Income statement
  • Statement of financial position
  • Cash flow
  • Working capital
  • Profit for the year
  • Equity

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:

  • Opportunity Cost
  • Inflation
  • Business Cycle
  • Phillips Curve
  • Circular Flow Diagram
  • 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

100% Plagiarism Free & Custom Written, Tailored to your instructions
paypal checkout

Our Giveaways

Plagiarism Report

for £20 Free

Formatting

for £12 Free

Title page

for £10 Free

Bibliography

for £18 Free

Outline

for £9 Free

Limitless Amendments

for £14 Free

Get all these features for
£83.00 FREE

ORDER NOW