Fortunate Ltd operates in the United Kingdom (UK) and sells Product A – a perishable food item, which is ordered from suppliers. They also specialise in the manufacture and sale of Product B.

Details of the task

Fortunate Ltd operates in the United Kingdom (UK) and sells Product A – a perishable food item, which is ordered from suppliers. They also specialise in the manufacture and sale of Product B. As a recently established company, they are seeking a team of financial accountants to assist with their Financial and Management accounting procedures. The company’s management has heard about key terms in both Financial and management Accounting.

As a new Accountant within the Financial and Management Accounting department at Fortunate Ltd, the CFO has asked you to prepare a report for the next board meeting.

• Discuss the books of prime entry in detail and provide examples of each.
• Briefly discuss the statement of the financial statements and provide examples of each.
• Differentiate between financial and management accounting.
• Briefly discuss five qualitative characteristics of financial information.
• Discuss the advantages and disadvantages of a sole proprietorship and a limited liability company.
• Discuss the classification of costs by illustrating them with diagrams.
• Discuss the difference between absorption costing and marginal costing approaches and provide examples of each.

Assignment instructions

Structure

You have been asked to produce a report.  It should contain the following:

• Title Page, including the given title in full.
• Abstract (No more than 50 words)
• Contents Page
• Introduction
• Main body, which should also be organised under appropriate headings.
• Conclusion & recommendations
• Appendices, which should be numbered.
• Make sure you refer your reader to them as required.
• Word count, excluding appendices and references list.

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Presentation

Your work should be word-processed under the following:

• Font style, Times New Roman, font size 12
• 1.5 line spacing.
• The page orientation should be ‘portrait’
• Margins on both sides of the page should be no less than 2.5 cm
• Pages should be numbered
• Your name should not appear on the script.

Your student number should be included on every page

Skills advice

Refer to your material provided in your skills modules to make sure that you have conformed to academic conventions. Pay particular attention to:

• Your introduction,
• Your conclusion,
• The use of headings and/or signpost words
• Paragraph structure

Word Count: 2000 words

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