AMA A1 Assignment needs paraphrasing VERY URGENT

College of Banking and Financial Studies

Assignment Brief – BTEC
Higher National Diploma in (Level 5)

Student Name /ID Number

Unit Number and Title

14 Advanced Management Accounting

Academic Year

Fall 2020

Unit Assessor

Ms. Shobhna Gupta & Ms. Kumutha Krishnan

I. V. Name

Ms. Sujata Suresh , Member , LIVT

Assignment Title

Analyse the purpose for developing and presenting financial information

Issue Date

27th September 2020

Submission Date

For formative feedback – 28th October 2020
For summative feedback – 19th November 2020

Date

27th September 2020

Submission Format:

ASSIGNMENT:

1. The submission is in the form of an individual numerical/written report. This should be written in a concise, formal business style using single spacing and font size 12.

2. You are required to make use of headings, paragraphs and subsections as appropriate, and all work must be supported with research and referenced using the Harvard referencing system. Provide working notes wherever required.
3. The document must be submitted to turnitin in word document.
4. Please provide a bibliography using Harvard referencing system if you referred any sources for theoretical parts or questions.
5. The numbers/numerical statements and calculations must be neatly/clearly shown so that the assessor assess the work of the learner appropriately.
6. The file must be saved in the format: student ID-AMA-Formative-A1, for formative submission and student ID-AMA-Summative-A1, for summative assignment.
7. The recommended word limit (excluding bibliography) is 1500 – 2000 words, although you will not be penalised for exceeding the total word limit.
8. In case of extenuating situations, the relevant college policies apply

Unit Learning Outcomes:

L.O:1: Analyze the purpose for developing and presenting financial information

Assignment Brief and Guidance:

Task Summary

Case Scenario

Introduction

Role outline

You are a Officer for Go Fresh LLC. Your main role is to support Mr. Ahmed, the Manager. Your tasks include preparation of the annual budget, producing the monthly management accounts, and providing information to management as required. You also assist with the preparation of the financial statements and any queries regarding financial reporting.

Company Background

Gofresh LLC, is a fast-growing organic food producer who is based in Muscat, Sultanate of Oman. The company was founded in 2015 by the existing two directors. The business is currently owner-managed by the directors who hold the equal shares of the company. The company originally specialized in aquafarming of tilapia fish but now through aquaponic system the company produces a wide range of organic vegetables and offers its own-brand range of product. The Go Fresh LLC organic food products are sold in one of the well-known supermarket chains in Oman. The company has gained a reputation in the market as a company that delivers an excellent quality of organic food products.

Company Strategy

The company aims to continue to develop its product range, whilst placing the value on sustainability and providing the best quality food products (agricultural and fishing). With this aim the company had heavily invested in aquaponic infrastructure. Go Fresh LLC however had identified the need for future investment in expanding the aquaponic farm and opening its own online retail store.

The People

Go Fresh LLC currently employs 12 staff of which 8 operate in farming and packaging units. The remainder are administrative staff operating in Marketing and Sales, and Administration areas of the business. The company tends to keep the number of employees at its minimum as the production is highly capital intensive.

The Directors

The company’s directors have a wide range of previous experience mainly in the food and retail industries. They are relatively young, highly enthusiastic and, as the owners and directors of the business, they are keen to ensure profitable business development. They keep a close watch on company operations and are the main decision makers within the business.

The financial information system produces monthly management accounts and annual statutory accounts. This information system also generates daily and weekly sales revenue and gross margin information. The Department is relatively small and much of the staff time is spent on day to day transaction processing. The Department’s role within the company has changed very little since the company was formed in 2015.
The financial information extracted for the year ended 31/03/2019 and 31/03/2020 is as follows

 

2020

2019

OMR 000

OMR 000

Revenue

697,990

631,440

Cost of Sales

418,794

378,864

Operating Expenses

196,975

178,663

cost

12020

13005

Tax for the year ended 31/12

2,106

1,827

Tangible assets

394,831

332,215

Inventories

7,542

6,111

Prepayments

884

537

Cash and cash equivalents

5660

5,082

Share capital

150000

150000

Retain earnings as at 01/01

138,240

79,159

Long term Bank Loan

48,976

51,678

Trade payable

1,500

2,200

Current tax liability

2,106

1,827

During the board of directors meeting held for discussing the expansion plan, the board of directors requested Mr. Ahmed, Manager to critique the importance of accounting information in the viewpoint of different stakeholders of Go Fresh LLC and the need for structural presentation of accounting information.

Requirement:

As the Officer reporting directly to the Manager, you are required to prepare a report addressing to Mr. Ahmed, Manager, by critically evaluating financial information supported by effective and appropriate judgements

Annexure 01

Press Coverage

Extract from news article published in Oman Observer on 17/01/2018

Grow it the natural way

Natural is the in-thing these days when it comes to cultivation, thanks to the global awareness about the ill-effects of overuse of chemicals, fertilisers and pesticides in farming. It is this awareness that has given an impetus to organic farming, which implies growing food without the use of pesticides, fertilisers and growth hormones. In this type of agriculture, crops are cultivated in “safe soil” without any modifications or tinkering with the nature. Since health is something that concerns all, governments around the world are going all-out to promote organic farming. The Sultanate, of course, is no exception.

The Ministry of Agriculture and Fisheries, in cooperation with the authorities concerned, has endeavoured to adopt organic farming through research and development that contribute to the promotion of this type of agriculture. The ministry has made good strides in the use of “bio-resistance” to combat agricultural pests such as pomegranate and white fly fruit, as well as the use of pumpkin crops that are resistant to the Fusarium crown rot by vaccinating them.

Efforts have been made to adopt salt-tolerant wheat varieties as well as organic fertilisers in the production of tomatoes and bananas. It has also been encouraging the use of mycorrhiza, a type of fungi used as quality and growth enhancers, to stimulate palm tree growth.

A few weeks ago, the Masrooq farm in Ibri, Al Dhahirah Governorate, was totally switched to organic cultivation. Focusing on organic dates, it is expected to be the largest organic farm in the world, producing 10,000 tonnes of organic dates every year. It has some 100,000 date palms growing in an area of 6.4 million square metres.

Globally, 160 countries are engaged in organic farming, according to a survey conducted in 2010 by Swiss Organic Research Institute (FIBL) and International Federation of Organic Agriculture Movements (IFOAM). A total of 37 million hectares of land is under organic cultivation around the world. Besides, 1.6 million farmers or investors have adopted this form of agriculture.

Although organic products are high-priced compared with the others, many prefer them because they are chemical-free and healthy. Organic farming is better for the environment because it reduces air, water, and soil pollution. It also conserves water, reduces soil erosion, increases fertility and uses less energy. Farming without pesticides, which are toxic, is also good for birds and animals as well as people living near these farms.

1
Source: Customised by CBFS@PSD@HND based on Pearson BTEC format: Annexure 5A

Learning Outcomes and Assessment Criteria

Learning Outcome

Pass

Merit

Distinction

LO1 Analyse the purpose for developing and presenting financial information

P1 Analyse the purpose and presentation of financial information from the perspective of different stakeholders.

M1 Evaluate how and why financial information should be developed and appropriately presented to support financial planning and decision-making.

D1 Critically evaluate financial information supported by effective and appropriate judgements’.

PLEASE READ THIS PAGE CAREFULLY TO ENSURE YOU COVER WHAT IS REQUIRED TO SATISFY THE GRADE

Learner Assessment Submission and Declaration

When submitting evidence for assessment, each learner must sign a declaration confirming that the work is their own.

Please list the evidence submitted for each task. Indicate the page numbers where the evidence can be found or describe the nature of the evidence (e.g. video, illustration).

Task ref.

Evidence submitted

Page numbers or

description

Additional comments to the Assessor:

Learner declaration

I certify that the work submitted for this assignment is my own. I have clearly referenced any sources used in the work. I understand that false declaration is a form of malpractice.

Learner signature: Date:

ASSESSMENT RECORD SHEET – FORMATIVE FEEDBACK

Programme

BTEC HND BUSINESS LEVEL 5

Learner name

Assignment title

Analyse the purpose for developing and presenting financial information

Assessor name

Ms. Shobhna / Ms. Kumutha

Unit no. & title

14/ Advanced Management Accounting

Targeted learning aims/assessment criteria

LO1

First Submission

Deadline

Date submitted

Targeted criteria

Criteria achieved

Assessment comments

P1

M1

D1

General comments

Assessor declaration

I certify that the evidence submitted for this assignment is the learner’s own. The learner has clearly referenced any sources used in the work. I understand that false declaration is a form of malpractice.

Assessor signature

Date

Date of feedback to learner

Resubmission authorisation

by Lead Internal Verifier*

Date

* All resubmissions must be authorised by the Lead Internal Verifier. Only one resubmission is possible per assignment, providing:
· The learner has met initial deadlines set in the assignment or has met an agreed deadline extension.
· The tutor considers that the learner will be able to provide improved evidence without further guidance.
· Evidence submitted for assessment has been authenticated and accompanied by a signed and dated declaration of authenticity by the learner.
**Any resubmission evidence must be submitted within 15 working days of receipt of results of assessment.

ASSESSMENT RECORD SHEET – RESUBMISSION – SUMMATIVE FEEDBACK

Deadline

Date submitted

Targeted criteria

Criteria achieved

Assessment comments

P1

M1

D1

General comments

Learner Declaration

I certify that the evidence submitted for this assignment is my own. I have clearly referenced any sources used in the work. I understand that false declaration is a form of malpractice.

Learner signature

Date

Assessor declaration

I certify that the evidence submitted for this assignment is the learner’s own. The learner has clearly referenced any sources used in the work. I understand that false declaration is a form of malpractice.

Assessor signature

Date

Date of feedback to learner