71301 Advanced Financial Accounting level 7 Assignment Sample

This is the assignment sample of the 71301 Advanced Financial Accounting level 7 assignment.

This course is about financial accounting and how to apply it to real life. Topics include understanding assets, liabilities, equity accounts, income statement versus balance sheet reporting methods, cash flow statements, and more.

This is a good way to learn about accounting for people who want to learn more about it. This will be free if they are not paying for the service or have money. It has many helpful tools like self-quizzes that help you learn and know what you missed.

Assignment Solution of 71301 Advanced Financial Accounting level 7 assignment sample NZ

Assignment Activity 1. Asset and liability viewpoint

The asset and liability viewpoint is a traditional accounting methodology that can be used to assess an individual’s or company’s financial position by taking both assets and liabilities into account.

Assets are things you own. Assets can be investments, property, or other items that provide financial gain.

Liabilities are what you owe. They can be money owed to another person or entity (liability). “Asset view” is usually used to mean net worth and “liability perspective” means debt/equity ratio.

Assignment Activity 2. creative accounting

Creative accounting is the act of using creative methods to make profit or loss on business activities.

This term combines “creative” and “accounting” because accounting is a descriptive field that often involves rendering numbers, whereas creativity refers to being avant-garde or innovative.

Businesses need to keep records of data. It is important for businesses and organizations to have the right information in order to be successful.

Creative Accounting Tools are tools for people who own small businesses. These tools are for people who do not have money or experience with an outside accountant.

They are designed to help these people keep records and stay on the right track, even if they can’t afford an expert to take care of their company’s finances.

Assignment Activity 3. Accounting for fixed assets

A fixed asset is an asset that has an extended useful life of greater than one year

A fixed asset is a non-monetary, tangible appliance or equipment that lasts a long time. It is an item that can make money for the company and get people excited.

But most companies need to borrow money from other places when they buy these because they do not have enough cash on hand.

Generally, people take out loans or grants to buy the things they need for a business.

They expect that they will make money and then pay off the debt. Accountants include depreciation as an entry when they are accounting so that it can be deducted from their income during taxes.

Assignment Activity 4. Public sector assets

Public sector assets are things that belong to the government. They could be stocks, loans, site rights, patents, and licenses. Public entities in China and Saudi Arabia have these types of assets.

An entity that is not owned by the government. Many people argue against giving the public’s assets to the private sector because it could be worse than what a government could do for its citizens in things such as education and healthcare.

Assignment Activity 5. leases

A lease is when you pay to use an item for a certain amount of time. It costs less than buying the item because it only takes up space for a short amount of time.

Leasing is when you pay to use an item for a certain amount of time. Leases are usually less expensive than buying because they cost less.

When you lease, the person leasing pays only a portion of the asset’s value along with an agreed-upon monthly payment. Common items leased include office equipment, automobiles, and property.

People borrow or lease things. Terms are different for each agreement but they usually last 1 to 5 years. You need to pay back the purchase cost before you can give it back to the person who owns it now.

Assignment Activity 6. Construction contracts

Construction contracts are agreements in which the contractors agree to take on a contract for construction.

Contractors can have agreements that they will do work within a certain amount of time. They should also list the material, labor, and equipment that they need to get the job done.

This way the contractor is responsible for getting it done in a certain amount of time or else no one gets paid.

Assignment Activity 7. Intangible asset

Intangible assets are things that are not physical. These come as a result of doing research and development work on new products or processes, which can be easy to measure the value.

For example, if Johnson Corp spends $1 million dollars developing a new form of insulation for residential homes, they will have an intangible asset worth $1 million when they release their product to the market.

Intangible assets also come from brands and patents or licenses. Strong marketing campaigns can also increase brand awareness and make customers return without any other tangible influence on the company’s offerings or inventory levels.

Intangible assets represent everything that has monetary value but is not measured in terms of material goods like property or equipment.

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