Word Count: 1500
1. You are required to provide answers to the assessment questions below.
2. Take note of the mark scheme.
3. Please note, the distribution of the word count below is merely illustrative of how you may choose to distribute the total number of word available for this assessment, but you may also do this as you see fit.

1. Identify and discuss the main differences between incorporated and unincorporated entities. State the impact of these differences on entities’ financial statements. (500 words)

2. Discuss the purpose and importance of good corporate governance, particularly for large, listed entities. (500 words)

3. Explain the concept of liquidity and why it is crucial to a company’s survival. (500 words)

• You are advised to use the numbers above to split your report into three sections.
• You will not be penalised for using first person pronouns. This is a reflective report and will need to show your personal thoughts and feelings. However, please be aware this is an academic exercise and therefore should show not just personal thoughts and feelings, but evidence of thoughts and feelings being informed or supported by academic knowledge gained from your lectures and seminars as well as wider reading (through the use of direct quotations, with correct citations, and a bibliography. If you are unsure of how to cite material, please speak to your academic or AES tutors).
• Useful Vocabulary: Meaningful, significant, important, relevant, experienced, applied, discussed, analysed, learnt, developed, improved, enriched, upgraded.

Learning Outcomes Assessed
1) LO1: Outline the basic principles of financial decision-making.
2) LO2: Explain the importance of accounting information to business and society.
3) LO6: Present information in a form consistent with Accounting rules, regulations, and guidelines.

Reading List
Sangster, A., 2019. Frank Wood’s business accounting 1. 13th ed. Pearson