othml3foundation-accounting-and-economicsassignmentbrief_677e44aee20e8_

1. OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES | ASSIGNMENT BRIEFS Assignment Briefs January 2019| Version 1.0 OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES Qualification Number: 603/3896/9 ASSIGNMENT BRIEFS | JANUARY 2019 | VERSION 1.0 WWW.OTHM.ORG.UK PAGE 1 OF 18

2. OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES | ASSIGNMENT BRIEFS Assessment Guidance for Criterion Referenced Marking The assessment grading criteria characterises the level of complexity and demand expected of students at each level of qualification. Please note that these are generic descriptors which apply mainly, though not exclusively, to written academic work. Any further unit-specific assessment criteria, such as number of words, should be clearly stated in each individual assignment brief. Result. Level 3 Level 4 Level 5 Pass Detailed answers to all parts of the questions or tasks. Clearly structured and focused, demonstrating overall coherence and in-depth understanding of the unit content and assessment requirements. Evidence of the use of independently sourced material, well applied in all contexts. Very few errors in grammar as appropriate. Very few errors in referencing or grammar or syntax as appropriate. Level 6 Excellent links between relevant ideas, theories and practice. Evidence of independent learning and the ability to engage critically and analytically with a wide range of contextually relevant resource material. Demonstration of original insights supported by well structured overall argument. Very few errors in referencing or grammar or syntax as appropriate. Level 7 The work demonstrates engagement in an academic debate which presents clear evidence of a considered understanding of the topics studied. There is evidence of clear synthesis of theoretical issues and practice. A critical analysis of theoretical models and/or practical applications has resulted in originality. Very few errors in referencing or grammar or syntax as appropriate. Detailed response to all relevant parts of the questions or tasks, with evidence of clear understanding of the issues. Well-structured with evidence of independent reading supporting the argument. Clear evidence of a range of independently sourced material, well applied in all contexts. Very full, independent response to the assignment, applying relevant material well beyond any module input, demonstrating independent study. Excellent understanding and application of relevant theory, concepts and models. Very clear logical structure. Very few errors in referencing or grammar or syntax as appropriate. ASSIGNMENT BRIEFS | JANUARY 2019 | VERSION 1.0 WWW.OTHM.ORG.UK PAGE 3 OF 18

3. OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES | ASSIGNMENT BRIEFS Fail Little attempt to engage with assignment brief. Learning outcomes not fully met. Inadequate demonstration of knowledge or understanding of key concepts, theories or practice. Little attempt to engage with assignment brief. Learning outcomes not fully met. Inadequate demonstration of knowledge or understanding of key concepts, theories or practice. Little attempt to engage with assignment brief. Learning outcomes not fully met. Inadequate demonstration of knowledge or understanding of key concepts, theories or practice. Little attempt to engage with assignment brief. Learning outcomes not fully met. Inadequate demonstration of knowledge or understanding of key concepts, theories or practice. Whilst some of the characteristics of a pass have been demonstrated, the work does not address each of the outcomes for the specified assessment task. The work may be an overly descriptive account demonstrating minimal interpretation, and there is very limited evidence of analysis, synthesis or evaluation. No counterarguments or alternative frames of reference are generated or considered. ASSIGNMENT BRIEFS | JANUARY 2019 | VERSION 1.0 WWW.OTHM.ORG.UK PAGE 4 OF 18

4. OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES | ASSIGNMENT BRIEFS Foundation Accounting and Economics Unit Title Foundation Accounting and Economics Unit Reference Number M/617/3719 Unit Level Level 3 Assessor Date issued Hand in Date Unit Grading Structure Pass Assessment Guidance To achieve this unit, learners must achieve the learning outcomes and meet the standards specified by all assessment criteria for the unit. Learning Outcomes- The learner will: The learner can: 1. Understand the essentials of accounting and economics. economist. 1.2 Explain commonly used accounting terms. 1.3 Explain the difference between macro and micro economics. 1.4 Explain a range of common economic concepts. 1.5 Discuss the factors that influence supply and demand and associated concepts. 2. Understand the nature of markets and how they operate. 2.2 Explain the factors that determine the structure of markets. 2.3 Explain how competition affects market structures. 2.4 Describe the factors that lead to economic growth in markets. 3. Understand different factors within the realm of accounting and economics. governments. 3.3 Describe how interest rates are used by governments. 3.4 Explain the economic impacts of inflation. 4. Demonstrate the ability to apply key accounting concepts. system. 4.2 Explain how to prepare financial statements. 4.3 Prepare a financial statement. 4.4 Explain how period end adjustments are incorporated within financial statements. Scenario For the purpose of this assignment you are looking for an internship at a large international company. The company have a reputation for only hiring the very best candidates and have provided an assessment task to accompany the application form. Successful candidates will then proceed to the interview stage. Task 1 of 3: Assessment Task (AC 1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3 and 2.4) Instructions Complete the following assessment task ensuring each question is fully answered. Assessment Criteria- 1.1 Describe the differences between an accountant and an 2.1 Identify the types of markets that exist. 3.1 Identify the different measures of money. 3.2 Explain how monetary and fiscal policies are used by 4.1 Prepare simple accounting statements using double entry ASSIGNMENT BRIEFS | JANUARY 2019 | VERSION 1.0 WWW.OTHM.ORG.UK PAGE 15 OF 18

5. OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES | ASSIGNMENT BRIEFS Submission • Assessment Task Date First Name Last Name Describe the differences between an accountant and an economist. Explain the following accounting terms: • Income statement • Statement of financial position • Cash flow • Working capital • Profit for the year • Equity Explain the difference between macro and micro economics. Explain the following common economics concepts: • Opportunity Cost • Inflation • Business Cycle • Phillips Curve • Circular Flow Diagram • Price Elasticity of Demand Competed assessment task form ASSIGNMENT BRIEFS | JANUARY 2019 | VERSION 1.0 WWW.OTHM.ORG.UK PAGE 16 OF 18

6. OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES | ASSIGNMENT BRIEFS Income Elasticity of Demand • Discuss the factors that influence supply and demand and associated concepts. Identify the types of markets that exist. Explain the factors that determine the structures of markets. Explain how competition affects market structures. Describe the factors that lead to economic growth in markets. Task 2 of 3: Interview Presentation (AC 3.1, 3.2, 3.3 and 3.4) Instructions After successfully completing the assessment task, you have been asked to prepare a presentation with accompanying notes that will be presented to the interview panel. The presentation and accompanying notes must include: • An identification of the different measures of money. • An explanation of how monetary and fiscal policies are used by governments. • A description of how interest rates are used by governments. • An explanation of the economic impacts of inflation. Delivery § A 10 minutes presentation with slides and accompanying notes. Submission • Presentation Slides • Accompanying Notes • Evaluation sheet from your lecturer ASSIGNMENT BRIEFS | JANUARY 2019 | VERSION 1.0 WWW.OTHM.ORG.UK PAGE 17 OF 18

7. OTHM LEVEL 3 FOUNDATION DIPLOMA FOR HIGHER EDUCATION STUDIES | ASSIGNMENT BRIEFS Task 3 of 3: Trial Balance Assessment (AC 4.1, 4.2, 4.3 and 4.4) Instructions Prior to the interview you have been asked to submit a portfolio of evidence to demonstrate your accounting skills. You are free to who you present the portfolio, however, it must include: • Example simple accounting statements prepared using the double entry system. • An explanation of how to prepare financial statements • An example of a prepared financial statement. • An explanation, including practical examples, of how period end adjustments are incorporated within financial statements. (Indicative word count: 3000) ASSIGNMENT BRIEFS | JANUARY 2019 | VERSION 1.0 WWW.OTHM.ORG.UK PAGE 18 OF 18