Word Limit:                        2,500 words

This excludes bibliography and other items listed in rule 6.83 of the Academic Regulations.

Submission Deadline :   This assignment must be received by no later than 14:00 on Sunday, 17 June 2016

WRITING YOUR ASSIGNMENT:

• This assignment must be completed individually.
• You must use the Harvard referencing system.
• Your work must indicate the number of words you have used. Written assignments must not exceed the specified maximum number of words. When a written assignment is marked, the excessive use of words beyond the word limit is reflected in the academic judgement of the piece of work which results in a lower mark being awarded for the piece of work (regulation 6.74).
• Assignment submissions are to be made anonymously. Do not write your name anywhere on your work.
• Write your student ID number at the top of every page.
• Where the assignment comprises more than one task, all tasks must be submitted in a single document.
• You must number all pages.

SUBMITTING YOUR ASSIGNMENT:

• In order to achieve full marks, you must submit your work before the deadline. Work that is submitted late – if your work is submitted on the same day as the deadline by midnight, your mark will receive a 10% penalty. If you submit your work up to five working days after the published submission deadline – it will be accepted and marked. However, the element of the module’s assessment to which the work contributes will be capped with a maximum mark of 40%.
• Work cannot be submitted if the period of 5 working days after the deadline has passed (unless there is an approved extension). Failure to submit within the relevant period will mean that you have failed the assessment.
• Requests for short-term extensions will only be considered in the case of illness or other cause considered valid by the Director of Studies Team. Please contact DoS@london.aru.ac.uk. A request must normally be received and agreed by the Director of Studies Team in writing at least 24 hours prior to the deadline. See rules 6.64-6.73: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf
• Exceptional Circumstances: The deadline for submission of mitigation in relation to this assignment is no later than five working days after the submission date of this work. Please contact the Director of Studies Team – DoS@london.aru.ac.uk. See rules 6.112 – 6.141: http://web.anglia.ac.uk/anet/academic/public/academic_regs.pdf

Task 1.1 Who are the users of accounting information? Smart Insurance plc is a large life insurance business. Taking the user groups identified, suggest, for each group, the sorts of decisions likely to be made about Smart Insurance plc and the factors to be taken into account when making these decisions. (40 Marks)

Note: Identify at least 10 users of accounting information.

Task 1.2 Differentiate between Financial Accounting and Management Accounting. Why do you think financial reports are subject to regulation, whereas management accounting reports are not? (30 Marks)

Task 1.3 Explain the following accounting concepts and conventions briefly:
A. Business Entity concept
B. Historic Cost concept
C. Prudence
D. Going concern concept
E. Dual aspect concept
F. Money measurement concept (30 Marks)

Note: 5 marks each, so equal weighting for each of the above concepts.