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ACC1110 Part C Main Assessment Briefing

This document provides instructions for a portfolio project assessment in finance. It is divided into four sections to be completed at different times in the semester. It will assess students' understanding of financial concepts, ability to analyze financial statements, and reflective writing skills.

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0% found this document useful (0 votes)
30 views11 pages

ACC1110 Part C Main Assessment Briefing

This document provides instructions for a portfolio project assessment in finance. It is divided into four sections to be completed at different times in the semester. It will assess students' understanding of financial concepts, ability to analyze financial statements, and reflective writing skills.

Uploaded by

chaudm.manh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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MODULE ASSESSMENT: Portfolio Project Part C

COLLEGE: College of Arts Social Sciences & Humanities

SCHOOL: Lincoln International Business School

MODULE: Introduction to Finance (Applied)

MODULE CODE: ACC1110

LEVEL: Four (Year 1)

CO-ORDINATOR: Judith John

DATE: Friday 26 April 2024 @ 12noon

=========================================================
INSTRUCTIONS TO STUDENTS:

QUESTIONS TO ANSWER: Complete all Sections

NOTES TO STUDENTS: This assessment has four concise sections as well as a


collection of learning log and skills journal for you to complete. For numerical questions, it is
necessary that you provide the formulas and step by step workings/calculations as they
carry marks. In submitting your assessment, you are claiming that it is your own original
work; if standards check suggest otherwise, Academic Misconduct Regulations will be
applied. To ensure academic integrity of our assessment, students can randomly be called
to a viva, which is an academic interview where you will be asked questions to check your
understanding of the subjects to help confirm the originality of the work. All students are
required to uphold the highest ethical and professional standards in line with university rules.
Any identified cases of unethical behaviour or plagiarism during the assessment may be
reported to the university and may impact on your ability to claim exemptions.

See attached portfolio guidelines.


Each part of the portfolio requirement must be uploaded electronically via Turnitin by
12:00pm (Noon) on Friday at different points during the semester (term). Hard copies will not
be accepted or marked.
This assessment counts for 100% of the total assessment for the module. For each part of
the portfolio see table below:
Portfolio guidelines
This assessment has four concise sections as well as a collection of learning log and skills
journal for you to complete. The portfolio assessment allows you to reflect on your learning
through the module as well as develop confidence, independence and organisational skills.
The portfolio includes individual learning activities and fulfilment of a written report allowing
you to demonstrate your understanding of the concepts and techniques you have been
taught on the module and how these can be applied.
Work on each section can be completed separately at different time in the term. This allow
for the work to be planned over a number of sessions with feedback and opportunities for
improvement. Work may be completed for the portfolio in a variety of forms.

Guidance
You should:
i) Keep a list of every website and source you use to complete this work. These should
be referenced correctly using Harvard referencing.
ii) The work should be done in the form of a report, with subheadings via Word or excel
depending on the requirement of the task.
iii) Refer to appropriate theory, including journal articles and professional and regulatory
body reports where appropriate.
iv) Include detailed references to a variety of literature sources.
v) Include a wide-ranging bibliography, including details of any published financial
statements you have used in your research.
vi) Submit your completed portfolio via Blackboard, using Turnitin.

The portfolio (weighting 100% of total module marks) includes:

SUBMISSION POINT
Financial Report 08/03/2024 20% LO 1,
Financial Evaluation and Analysis 22/03/2024 20% LO 2,3
Management Report 26/04/2024 20% LO 4
Reflective Report 10/05/2024 40% LO 5
Learning outcomes assessed
The portfolio assessment covers the following learning outcome:

LO1 Explain and apply the mechanics of recording and processing financial information.
LO2 Locate and interpret financial and other related information for companies in their
Annual Report and show an awareness of the relative significance of non-financial
reported information.
LO3 Calculate, Interpret and Analyse the financial statements of a limited company
using ratio analysis and communicate the results of the analyses on the position,
performance and future prospects of a firm to its intended audience.
LO4 Use a range of approaches and tools to address defined problems and issues
within familiar context and evaluate how financial information is used for the
purposes of rational economic decision making.
LO5 Evaluate academic, personal and employability skills through reflective writing.

Requirements for portfolio


SUBMISSION – each portfolio section
 The final format of the portfolio should have a front page/cover (including your name
and student ID).
 Contents page
 A portfolio of independent learning activities completed including: Answer to relevant
section including any additional information/evidence requested by the section places
within an appendix.
Assessment Information
The Portfolio Project is broken up into four main sections so that you can complete a part of
it at different points during the semester (term):
Section A: Submission Date – Friday 8 March 2024 @ 12noon
For this task you will need to use a record of your bank and other source documents and
produce accounting records and a set of financial statements, using the generally accepted
accounting practices taught on this course, including a reflection on the result. This segment
of the assessment aims to support your reflective report writing process. The technical skills
acquired in this task, includes the application of the mechanics of recording and processing
financial information for the preparation of financial statement
Section B: Submission Date – Monday 25 March 2024 @ 12noon
For this task, you will use the accounting and finance skills you learned in the course to
review the past and current financial performance and health of a company. This segment of
the assessment aims to support your reflective report writing process. The technical skills
acquired in this task, includes assessing the organisations’ underlying financial performance
and health by analysing relevant financial statements, ratios, and other financial information.
Based on that analysis, you will review the company’s performance under different scenarios
to meet the need of two major internal users and identify internal risks and opportunities for
future planning activities. Communicate your financial analysis clearly and coherently for use
to persuading the two internal stakeholders of the validity of your observations and
conclusions.
Section C: Submission Date – Friday 26 April 2024 @ 12noon
You will already know from your other modules in this and other areas that all resources are
limited in supply. As a result, there is a need to use resources in such a way as to obtain
maximum benefit from them. To do this it is necessary to choose between various alternative
involves. The management of any business is constantly having to make decision on what to
produce, where to produce and how much to produce, which overhead of the business
should be allocated or apportioned.
This segment of the assessment aims to support your reflective report writing process. The
technical skills acquired in this task, including breakeven calculations, marginal and
absorption costing will be valuable for your reflective report.
Section D: Personal Development Planning Reflective Report plus completion of
Lincoln Award profile – Submission Date - Friday 10 May 2024 at 12 noon
For this task you are required to use the experience from task A-C and action plan from the
skills appraisal activity and learning journal to write a reflective report as part of your
application for an intern position. By applying the process as described, evaluate your
experiences and relate your reflections to your professional and academic practice.
The final report should use 1” margins, and be typed, and be typed in either Times New
Roman or Arial 12-point font. Include tables and graphs as appropriate.
Submit each section of the Portfolio Project task to its submission point no later than 12noon
UK time of the week in which it is due (see above).
The final submission, of the Final part of the Portfolio Project, is due no later than 12
Noon Friday 10 May 2024 at 12noon through a Turnitin submission point linked on the
Introduction to Finance Blackboard site.
The exercises are based on ‘real life’ cases with a link to academic theories and writings.
There is no one best solution and statements are constrained only by time and the need to
produce answers for the documents required. Please keep in mind that you have several
weeks to prepare this piece of coursework and that it does involve some early research on
your part.
It is important to plan ahead for the work and carefully consider what you need to present as
evidence. You need to demonstrate the time taken to practice and how you apply your skills
over a period of time. You should endeavour to attend all your timetabled sessions to help
you acquire the technical skills and knowledge to put together your report.
The following do not rank equally but all will be taken into account:
§ Understanding of relevant theories, concepts and principles
§ Extent and quality of literature discussed
§ Quality of arguments and logic of conclusion
§ Style, presentation and originality

Please note that there is no ‘right answers or preferred approach here. The question could
be addressed in a variety of ways and a wide range of reports will be acceptable, provided
that they give a reasoned and coherent answer to the question. When you have written your
reports, re-read the question and consider whether your report has provided an answer to
that question – as not all submissions do. There is an expectation that this report will be
written and formatted in a professional manner.
Learning outcomes assessed: 1, 2, 3, 4 and 5
Section C: Management Accountancy [No word Count]
White Spot Chemicals Ltd is a three-product company registered in the UK and a producer
of chemicals for various industries. White Spot Chemicals Ltd has three large chemical
refining plants [Factory 1, Factory 2 and Factory 3] where it produces three different lines of
products; make-up remover, fertiliser and paint for various other companies which then sell
those on to customers under their own brand. The company has recently set up a hi-tech
engineering system in Factory 1 which uses some of the latest laser equipment in the
production of its make-up remover, while other section of the business, Factory 2 and
Factory 3 continues to use traditional machinery.
The directors (management) of White Spot Chemicals Ltd would like to know the factory
(absorption/production/manufacturing) cost of the various products and the projected profit
for the different products of the organisation. The organisation has recently conducted a
costing review exercise to ascertain the costing involved in manufacturing all its products.
However, only the fixed production costs for factory 2 which manufactures paint has been
collected which amounts to £1,340,000.
You have been helping with various aspect of the business as an intern and have been
asked which overhead of the business should be allocated or apportioned based on your
knowledge in management accounting. Details of factory 1 and 3 are as follows:
 Factory 1 uses the ‘hi-tech’ laser equipment which has cost £4,000,000. The factory
has 200 square metres of floor area. There are three machine operators supervised
by the factory manager who spends one-third of his time in this factory.

 Factory 3 is a ‘low-tech’ part of the business with machinery which has cost
£1,000,000. The floor area is 300 square metres. There are two workers who spend
all their time in this factory, supervised by the factory manager for two thirds of his
time.
The overheads to be allocated or apportioned are as follows:

Overhead Amount
Factory rates £550,000
Wages of factory manager £699,000
Factory heating and lighting £105,000
Deprecation of machinery £450,000
Building insurance £50,000
Insurance of machinery £25,000
Specialist material for cleaning the laser equipment £105,000

The Make-up remover is made at factory 1, Fertiliser is made at factory 3 and the Paint is
made in factory 2.
The company has current costs which include the following. The figures given are per unit of
output. The unit of output is quoted in litres. Costs associated with the production are as
follows.
Make Up-Remover Fertiliser Paint
Direct Materials
Petrol £0.52 £ 0.98 £ 1.15
Thinners £0.16 £ 0.32 £ 0.86
Bases £0.89 £ 0.78 £ 0.25
Direct Labour
Un-Skilled £2.36 £1.56 £1.10
Skilled £3.56 £2.86 £2.50

Selling price £10.50 £15.10 £15.70.

The marketing department of the company. Has provided you with the following sales
forecasts for the three products which it makes.

Make-up Remover 500,000 litres


Fertiliser 100,000 litres
Paint 150,000 litres

Required:
1. Analyse the profitability of each product and advice the management of White Spot
Ltd on your recommended method for allocating or apportioning each of the
overhead to individual factory (factory 1 and 3) and present the absorption cost (total
production fixed cost) of the two product lines [make-up and fertiliser] choosing
appropriate methods of apportioning the overhead costs.
2. Comment on your findings and any possible ways of the organisation reconciling any
issues which you discovered. Other than the profit information which other
information may be relevant to the organisation’s decision.

Osborne Engineering Ltd offers specialist engineering services to the


car industry. It has two production department - machinery and
finishing - and a service department which maintains the machinery
of both departments. The overhead costs for the year are as follows:
- Rent and rates: 2760
- Building insurance: 660
- Insurance of. Machinery: 825
- Lighting and heating: 1860
- Depreciation of machinery: 5500
- Supervisor salaries: 15000
- Maintenance department salary: 8000
- Factory cleaning: 2400

The following information is also available

machinery Finishin Maintainance


g
Floor area 300 200 100
Number of 6 3 1
employees
Value of machinery 20000 7500 £ nil

The factory is open for 40 hours a week for 47 weeks each year

Required:
- Prepare an analysis of overhead showing the basis of apportionment and
allocation to the three departments of the business
- Re-allocate the service department overheads to production department on the
basis of the value of the machinery.
- Calculate the overhead absorption rate based on direct labour hours for each of
the two production departments
The following guide may be useful:

 Present the accounting information in such a way that will be of more use to the
management of White Spot Ltd, to help in day-to-day decision making, planning
and control of their business undertaking.
 Start with your recommended method for allocating or apportioning each of the
overhead to the individual factory. This will help you find the total fixed production
overhead for the two factories. If you are unsure, you should discuss these with
your seminar tutor which overheads of the business should be allocated or
apportioned, and which bases are most appropriate.
 Then calculate the variable costs of each litre of output for the company, the
contribution per unit and the amount which the organisation has to make at all 3
facilities to break-even with their production levels (in terms of sales of litres of
the three products and in £’s of the products.
 The general rule is that, once the fixed cost (factory overhead) are allocated or
apportioned to each individual factory (charged in production). You can then
calculate the projected profit for the different products of the organisation and the
organisations overall projected profit as a whole from given the sales figures of
the three products (Total Profits).
 Present the information in a way which analyses the profit of each individual
product.
Additional Information
You are not required to pass each component of the portfolio individually to pass the
module, as long as your combined mark for the module is above 40. However if you fail the
module overall, you are required to re-sit all element(s) during the August resit period. This
has been exceptionally agreed due to pedagogical reasons to meet the learning outcomes
for this module.
You are encouraged to reflect on your own skills and attributes, prepare your own CV,
conduct a basic literature review and carry out research into assigned relevant topics
You are encouraged to use a range of sources to support all sections of your answer. For
example:

 Use relevant sources mentioned within lecture notes.


 the website of various professional institutes e.g., ACCA, ICAEW, CIMA, CIPFA
and firms of accountants e.g., PricewaterhouseCoopers, KPMG, Grant Thornton
etc or regulatory bodies e.g. IASB, IFAC.
 the links given on the companion website for the course text and also the website
maintained by our subject librarians who can be contacted on:
[email protected].
 library based research, journal articles and textbooks.
 access a range of sources of information and writing in the discipline area and be
able to distinguish between a range of different scholarly and non-scholarly
sources;
 demonstrate understanding of scholarship in the discipline and be able to
develop coherent arguments within a range of assessments: essays, reports and
reflective writing;
 identify how you will use the opportunities available to you on the course and the
Lincoln Awards;
 develop strategies and techniques for managing your own learning;
 demonstrate your skills development on your first year at university, identify areas
for further development and put in place your own personal development plan.
Opportunities for Formative Feedback
Student progress will be monitored via attendance to timetable session, contribution to group
seminars, performance in assessed coursework, and formative assessments:
- formative assessment a draft of 500 words for each task can be reviewed by the
teaching team during the seminar

You have now reached the end of the portfolio. You should have answered all
sections of the portfolio.

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