LO LO Description AC AC Description
1 Understand essential aspects of business accounting. 1.1 Define the term ‘accounting’.
1.2 Explain a range of common accounting terms.
1.3 Describe the different forms of business unit.
2 Understand basic economics as they apply to the business world. 2.1 Describe the different measures of money.
2.2 Explain why interest rates are important to government and businesses.
2.3 Explain how ‘exchange rates’ can potentially affect businesses.
2.4 Describe the effects of inflation on a business.
3 Be able to apply key concepts in financial accounting. 3.1 Process simple accounting statements using the double entry system.
3.2 Balance a business account.
3.3 Produce a trial balance.
3.4 Calculate period end adjustments.
3.5 Interpret a financial statement.
3.6 Produce a financial statement.
Scenario
You are looking for an internship as a prestigious accounting firm. Although this is only an internship, the firm only want to hire the best candidates and they have asked that you answer a series of questions on the application form. The successful candidates will then proceed to a test held in classroom conditions.
Task 1 of 2: Application Form (AC1.1, 1.2, 1.3. 2.1, 2.2, 2.3 and 2.4)
Instructions
Complete the form at the end of the assignment
Delivery
All the questions in the form should be answered in order to obtain a pass.
Submission
Competed form
Application Form (Task 1)
Date
First Name
Last Name
What is Accounting?
Explain and give examples for the following term
-“Assets”
-“Liabilities”
-“Revenue”
-“Expenses”
– “Net income”
What is the difference between a “Sole Trader”, a “partnership” and a “Private Limited Company”?
Explain the difference between M0 and M4 in the context of money measurement
