BUSINESS. Unit 12 Financial accounting Model assignment Suite. Cambridge TECHNICALS LEVEL 3. K/507/8159 Guided learning hours: 60

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2016 Suite Cambridge TECHNICLS LEVEL 3 BUSINESS Unit 12 Financial accounting Model assignment K/507/8159 Guided learning hours: 60 Version 2 January 2017 Removed meaningful employer involvement statement
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2016 Suite Cambridge TECHNICLS LEVEL 3 BUSINESS Unit 12 Financial accounting Model assignment K/507/8159 Guided learning hours: 60 Version 2 January 2017 Removed meaningful employer involvement statement on page 5 ocr.org.uk/business Contents Guidance for tutors on using this assignment... 3 General... 3 Before using this assignment to carry out assessment... 3 When completing the assignment... 4 Resources to complete the tasks... 4 Time... 4 Format of evidence... 4 Group work... 4 fter completing the assignment... 5 Reworking the assignment... 5 Modifying the model assignment... 5 General information for learners... 6 ssignment for learners... 8 Scenario... 8 The tasks... 9 Task 1: ccounting processes... 9 Task 2: Reporting requirements Task 3: Preparing final accounts and using ratios ppendix (For use from 01/09/2016 until 31/08/2017) ppendix B (For use from 01/09/2016 until 31/08/2017) Evidence Checklist Please note: You can use this assignment to provide evidence for summative assessment, which is when the learner has completed their learning for this unit and is ready to be assessed against the grading criteria. You can use this assignment as it is, or you can modify it or write your own; we give more information in this document under Guidance for tutors. LL THESE MTERILS MY BE PHOTOCOPIED. ny photocopying will be done under the terms of the Copyright Designs and Patents ct 1988 solely for the purposes of assessment. OCR Model ssignment Issued September 2016 Guidance for tutors on using this assignment General OCR Cambridge Technical model assignments are available to download from our website: The purpose of this assignment is to provide a scenario and set of tasks that are typical of how people working within the accounting function would use financial records and prepare financial statements, to enable you to assess your learner against the requirements specified in the grading criteria. The scenario and its tasks are intended to give a work-relevant reason for applying the skills, knowledge and understanding needed to achieve the unit. This assignment will not instruct learners how to meet the highest grade. Whether learners achieve a pass, merit or distinction will depend on what evidence they produce. You can modify the scenario we provide in this assignment to make it more relevant to your local or regional needs. Please refer to the information under Modifying the model assignment later in this section. You don t have to use this assignment. You can use it as a guide to help you to design your own assignment, and we provide an assignment checking service. You ll find more information on these matters in section 8 of the qualification handbook. In the tasks, we ll refer to the format of evidence. Learners are not required to follow that format unless we tell them otherwise. It s essential that the work every learner produces is their own. Please make sure you read through the information we give on authenticity in section 8 of the qualification handbook and make sure that your learners and any staff involved in assessment understand how important authenticity is. We provide this assignment to be used for summative assessment. You must not use it for practice or for formative assessment. Before using this assignment to carry out assessment Learners will need to take part in a planned learning programme that covers the knowledge, understanding and skills of the unit. When your learners are ready to be assessed, they must be provided with a copy of the following sections of this assignment: General information for learners ssignment for learners Evidence Checklist They may carry out preparation prior to undertaking the tasks and there is no time limit for this. OCR Model ssignment Issued September 2016 When completing the assignment You should use this assignment in conjunction with the unit specification and qualification handbook. Resources to complete the tasks There are resource requirements for this assignment. Every learner will need access to the following resources: For task 3 you will require the information from ppendices and B Time You should plan for learners to have 10 hours to complete this assignment. Learners must be allowed sufficient time to complete all the tasks. The amount of time may vary depending on the nature of the tasks and the ability of individual learners. To help with your planning, against each of the tasks we ve given an indication of how long it should take. Learners can produce evidence in several sessions. Format of evidence Learners have to produce evidence that demonstrates how they have met the grading criteria. t the very least they must produce evidence that meets all of the pass criteria. Please make sure your learners realise that missing just one pass criterion means they will not pass the unit, even if they have successfully met the merit and distinction criteria. We do require that evidence must take a specific format for some/all of the tasks in this assignment. We have made that clear in the tasks. Where we prescribe the format, we state this as You must produce an xxx or Your evidence must include a xxx. When we do not prescribe the format, we say You could include a report on. Please look out for this and make sure learners realise that we have prescribed the format for some/all of the tasks. The evidence does not have to follow any specific reporting conventions. You can modify the format of the evidence but you must make sure the format does not prevent the learner from accessing the grading criteria. For more guidance on generation and collection of evidence, please refer to the section 8 Internal ssessment, in the qualification handbook. Group work This assignment hasn t been written to include group work. If you plan to ask learners to work in a team to complete work for assessment, you need to determine at which point in an assessment task learners can work together. You must be sure that each learner can produce evidence of their own contribution to each grading criterion. You can give constructive feedback to learners about working as a group and direct them on team working skills because evidence of team working skills is not required by the unit. See our information on authentication, including group work and feedback to learners, in section 8 of the qualification handbook. If witness statements are used to support learners evidence, you ll need to complete an individual statement for each learner. OCR Model ssignment Issued September 2016 fter completing the assignment Once the learner has submitted their work to you to be assessed, you must judge or mark the work against the grading criteria for the unit and identify one grade for the unit. For further information about assessment, please refer to section 8 of the qualification handbook. Your assessment decisions must be quality assured across the cohort of learners in your centre who are being entered for the same unit. This must be done through an internal standardisation process. We give information on internal assessment and standardisation in the qualification handbook. Reworking the assignment If you and the learner feel they ve not performed at their best during the assessment, the learner can, at your discretion, improve their work and resubmit it to you for assessment. If a learner is working on improving their work before it is resubmitted, you and the learner must continue to make sure the work is the learner s own. ny feedback you give to the learner must not direct them on how to improve their work. You can identify what area of the work could be improved but you cannot give the learner any details about how they could improve it. You must follow the guidelines given in section 8 of the qualification handbook under uthenticity of learner work. Modifying the model assignment The tasks in this assignment allow learners access to the full range of grades detailed in the grading criteria of this unit. If you modify this assignment you must not change the grading criteria provided in the tasks for the learner or in the evidence checklist. These grading criteria are taken from the unit. You can modify the scenario to suit your local or regional needs and the tasks may be contextualised to match any changes you have made to the scenario. If you modify the content of ppendix, you must ensure that it is accurate and sufficiently detailed for learners to complete the task. You can modify the type of evidence and the format it takes, unless we expressly state that evidence must take a specific format. You must also make sure that you avoid discrimination, bias and stereotyping and support equality and diversity. For more information, please see the section Designing your own assignments for internally assessed units in section 8 of the qualification handbook. If modifications are made to the model assignment, whether to the scenario alone, or to both the scenario and individual tasks, it s your responsibility to make sure that all grading criteria can still be met and that learners can access the full range of grades. OCR Model ssignment Issued September 2016 General information for learners What do I need to do to pass this assignment? You need to produce evidence to meet the requirements of all the pass criteria for the unit this assignment relates to. If you miss just one pass criterion, you will not achieve this unit and will receive an unclassified result. What do I need to do if I want to get a merit or distinction for this assignment? For a merit, you need to produce evidence to meet the requirements of all the pass criteria for the unit this assignment relates to and you need to produce evidence to meet all the merit criteria. For a distinction, in addition to the above, you also need to meet all the distinction criteria for this unit. What help will I get? Your tutor will support you when completing this assignment and will make sure that you know what resources or facilities you need and are allowed to use. We ve given your tutor information about how much support they can give you. What if I don t understand something? It s your responsibility to read the assignment carefully and make sure you understand what you need to do and what you should hand in. If you are not sure, check with your tutor. I ve been told I must not plagiarise. What does this mean? Plagiarism is when you take someone else s work and pass this off as your own, or if you fail to acknowledge sources properly. This includes information taken from the internet. It s not just about presenting a whole copied assignment as your own; you will also be plagiarising if you use the ideas or words of others without acknowledgement, and this is why it s important to reference your work correctly (see & below for more information on referencing). Plagiarism has serious consequences; you could lose the grade for this unit or you may not be allowed to achieve the whole qualification. lways remember that LL of the work you produce must be your own work. You will be asked to sign a declaration to say that it is. What is referencing and where can I find out more information about it? Referencing is the process of acknowledging the work of others. If you use someone else s words and ideas in your assignment, you must acknowledge it, and this is done through referencing. You should think about why you want to use and reference other people s work. If you need to show your own knowledge or understanding about an aspect of subject content in your assignment, then just quoting and referencing someone else s work will not show that you know or understand it. Make sure it s clear in your work how you are using the material you have referenced to inform your thoughts, ideas or conclusions. You can find more information about how to reference in the The OCR Guide to Referencing available on our website: OCR Model ssignment Issued September 2016 Can I work in a group? Yes. However, if you work in a group at any stage, you must still produce work that shows your individual contribution. Your tutor can advise you how to do this. Does my work for each task need to be in a particular format? You can present your work in a variety of ways it can be handwritten, word-processed, on video or in digital media. What you choose should be appropriate to the task(s) and your tutor can advise you. There may be times when you need proof that you have completed the work yourself: for example, if you do something during work placement that you want to use as evidence, the tutor might ask the employer to provide a witness statement. Make sure you check the wording in each task carefully. For each task, we ll tell you if your evidence has to be in a specific format: If we use the word must, for example You must produce a report or Your evidence/work must include a diagram, then you must produce the work in the stated format. If we use the word could, for example You could include sketches of your ideas or You could do this by annotating your diagram, this means that you are not required to follow the format we have given, but you must make sure that the work you do produce allows you to demonstrate the requirements of the grading criteria. If you are unsure about what evidence you need, please ask your tutor. Can I ask my tutor for feedback on my work? Yes, but they can t give you detailed feedback. We have given your tutor instructions on what kind of feedback they can give you. For example, they are not allowed to tell you exactly what to do to make your work better, but they can remind you about what they ve taught you and you can use this additional learning to try and improve your work independently. They can say what they ve noticed might be wrong with your work, for example if your work is descriptive where an evaluation is required, but your tutor can t tell you specifically what you need to do to change it from a description to an evaluation you will need to work out what you need to do and then do it for yourself. When I have finished, what do I need to do? If you have included the personal details (such as name, address or date of birth) of someone other than yourself in your work, this must be blanked out (anonymised) your tutor will tell you how to do this. You don t need to do this for information contained in references. You can complete the evidence checklist to show your tutor where they can find the evidence for each grading criterion in your work. You should make sure your work is labelled, titled and in the correct order for assessing. Hand in the work that you ve completed for each task to your tutor. They might ask to see your draft work, so please keep your draft work in a safe place. How will my work be assessed? Your work will be marked by someone in your centre who has been authorised to do so. They will use the information in the grading criteria to decide which grade your work meets. The grading criteria are detailed in each unit and are also given in the tasks within this assignment. Please ask your tutor if you are unsure what the grading criteria are for this assignment. OCR Model ssignment Issued September 2016 Scenario ssignment for learners Unit 12: Business accounting Toyland s Toy Box Thomas Smith, a sole trader, owns Toyland s Toy Box a small traditional toy shop in the north of England. The business sells high-end traditional toys and games within a specialist, competitive market. Toyland s Toy Box s financial year runs from 1 September to 31 ugust. Thomas maintains a manual accounting system, including a cash book and weekly petty cash book. Thomas has heard about the OCR Level 3 Cambridge Technicals in Business course that you are doing and has provided information to help you demonstrate your understanding of financial accounting. Thomas has set out three tasks for you to complete. OCR Model ssignment Issued September 2016 The tasks Task 1: ccounting processes (This task should take between 2 and 3 hours.) Learning Outcome 1: Understand the impact of legislation, concepts and principles on accounting processes, is assessed in this task. Your task is to produce a presentation, with accompanying notes, which explains the impacts that legislation can have on the accounting processes used in a business. Your presentation must include a description of how accounting concepts and principles are applied in financial statements. Pass Merit Distinction * 1 P1: explain how legislation affects an organisation s accounting processes P2 describe how accounting concepts and principles are applied in financial statements Evidence Your presentation with accompanying notes should explain the impact that legislation can have on accounting processes used in a business and describe how accounting concepts and principles are applied in financial statements. You could include examples of financial statements and highlight the entries that support your description. 1 *Synoptic assessment When learners are taking an assessment task, or series of tasks, for this unit they will have opportunities to draw on relevant, appropriate knowledge, understanding and skills that they will have developed through other units. We ve identified those opportunities in the grading criteria. Learners should be encouraged to consider for themselves which skills/knowledge/understanding are most relevant to apply where we have placed an asterisk. OCR Model ssignment Issued September 2016 Task 2: Reporting requirements (This task should take between 3 and 4 hours.) Learning Outcome 2: Understanding the reporting requirements for private limited companies and public limited companies, is assessed in this task. Your task is to prepare a report so that Thomas understands what you know about the reporting requirements of private limited companies and public limited companies. This is to include information on: 1. The main elements of a Public Limited Company s annual report and a private limited company s accounts 2. The roles and responsibilities of Directors and uditors with regard to company accounts 3. Users of publically available reports and their requirements 4. The difference between internal and publically available final accounts 5. Differences in reporting for different business ownership types, in relation to content and layout. Pass Merit Distinction P3: describe the main elements of a Public Limited Company s annual report and a private limited company s accounts P4: explain how the content of Public Limited Companies reports are used by different stakeholder groups M1: analyse the benefits and limitations to different stakeholder groups of the content of publically available reports P5: Explain the roles and responsibilities of Directors and uditors with regard to company accounts P6: describe the key differences between the: internal final accounts, and publically available final accounts for a limited company M2: compare the content and layout of the final accounts of a sole trader or partnership with those of a private limited or Public Limited Company Evidence You could produce a written report on the accounting and reporting implications for different business types Or You could produce a presentation accompanied by written notes and annotated copies of reports or extracts. OCR Model ssignment Issued September 2016 Task 3: Preparing final accounts and using ratios (This task should take between 2 and 3 hours.) Learning Outcome 3: Be able to prepare final accounts for a sole traders and Learning Outcome 4: Use ratios to assess the performance of businesses, are assessed in this task. Your task is to: Prepare the final accounts, at the year end, for Toyland s Toy Box using the financial information supplied by Thomas (ppendix ). Thomas would like you to explain why these accounts are prepared and the purpose of an income statement and a statement of financial position. The final accounts should be accompanied by ratio calculations and a written re
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