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M21056 Toolbox For Accounting Professionals Assignment Answer UK

M21056 Toolbox For Accounting Professionals Assignment Answer UK

M21056 Toolbox For Accounting Professionals course is designed to equip accounting professionals with the essential skills and knowledge required to succeed in today’s fast-paced business environment. Accounting professionals play a crucial role in the financial success of any organization, and this course aims to provide a comprehensive understanding of the key concepts and tools used in the industry. From financial statements and budgeting to taxation and auditing, this course covers a wide range of topics that will enhance your expertise and help you achieve your career goals.

By the end of this course, you will have a deep understanding of accounting principles and practices, be able to navigate financial statements with ease, and be equipped with the skills necessary to communicate financial information effectively. Join us on this exciting journey to take your career to the next level!

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In this section, we will provide some assignment outlines. These are:

Assignment Outline 1: Apply the use of relevant IT skills required in accounting occupations.

There are several relevant IT skills that are essential for accounting occupations. These skills include:

  1. Spreadsheet software: Spreadsheet software such as Microsoft Excel, Google Sheets, and Apple Numbers are commonly used in accounting. These software programs allow accountants to manage financial data, create budgets, and generate financial reports.
  2. Accounting software: There are several accounting software packages available, such as QuickBooks, Xero, and Sage. These software programs are designed to manage financial transactions, generate invoices, and provide financial reporting.
  3. Database management: Database management skills are essential for accountants who need to store and manage large amounts of financial data. Knowledge of Structured Query Language (SQL) and other database management systems is helpful for organizing and retrieving financial data.
  4. Data analysis: Accountants need to analyze financial data to identify trends, patterns, and anomalies. IT skills such as data mining, data visualization, and statistical analysis are essential for this task.
  5. Cybersecurity: Accountants need to protect financial data from cyber threats such as hacking and identity theft. IT skills such as network security, encryption, and firewalls are essential for ensuring data security.
  6. Cloud computing: Cloud computing services such as Microsoft Azure, Amazon Web Services, and Google Cloud Platform provide accountants with the ability to store and access financial data from anywhere with an internet connection.
  7. Communication and collaboration tools: IT tools such as video conferencing, instant messaging, and project management software are essential for collaborating with team members, clients, and stakeholders.

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Assignment Outline 2: Explain, apply and evaluate a business theory using key academic skills in a written report.


In this report, I will be discussing the Resource-Based View (RBV) theory of a firm and its application in business. The RBV theory argues that a firm’s resources and capabilities are key drivers of its competitive advantage. The report will first provide an overview of the RBV theory, followed by an evaluation of its applicability and limitations in real-world business situations.

Overview of the RBV Theory:

The RBV theory of a firm suggests that a firm’s resources and capabilities are the primary sources of its competitive advantage. This theory is based on the idea that not all resources are equally valuable and that a firm’s unique resources and capabilities cannot be easily replicated by its competitors. As such, a firm’s competitive advantage is driven by the degree to which it can leverage its unique resources and capabilities.

The theory suggests that resources can be classified into four categories: tangible, intangible, organizational, and human. Tangible resources include assets such as land, buildings, and machinery, while intangible resources include things like brand reputation, patents, and intellectual property. Organizational resources refer to a firm’s structure, culture, and coordination mechanisms, while human resources refer to the skills, knowledge, and experience of the firm’s employees.

The RBV theory argues that a firm’s capabilities arise from the combination of its resources and are a key driver of its competitive advantage. Capabilities can be defined as a firm’s ability to integrate, coordinate, and leverage its resources to achieve its goals. A firm’s capabilities can be enhanced through investments in training, development, and innovation.

Application of the RBV Theory:

The RBV theory can be applied in various ways in real-world business situations. For example, it can be used to guide strategic decision-making by identifying a firm’s key resources and capabilities and leveraging them to gain a competitive advantage. By focusing on its unique resources, a firm can differentiate itself from its competitors and create a sustainable competitive advantage.

The theory can also be applied in human resource management by identifying and developing the skills and knowledge of employees that are critical to a firm’s success. By investing in employee training and development, a firm can enhance its capabilities and gain a competitive advantage.

Evaluation of the RBV Theory:

While the RBV theory has its strengths, it also has some limitations. One of the main criticisms of the theory is that it focuses too much on the internal factors of a firm and ignores the external environment. In today’s fast-paced business environment, external factors such as technological change and market disruption can have a significant impact on a firm’s competitive advantage.

Another criticism is that the theory does not provide a clear framework for identifying a firm’s key resources and capabilities. This can make it difficult for firms to apply the theory in practice and make strategic decisions based on its principles.


In conclusion, the Resource-Based View theory of a firm provides a valuable framework for understanding how a firm’s resources and capabilities drive its competitive advantage. By focusing on its unique resources and enhancing its capabilities, a firm can gain a sustainable competitive advantage. However, the theory has some limitations, such as its lack of focus on external factors and its ambiguity in identifying a firm’s key resources and capabilities. Overall, the RBV theory can be a useful tool for firms in making strategic decisions and managing their resources effectively.

Assignment Outline 3: Demonstrate team working skills in a group project and communicate outcomes to an external audience by means of a presentation.

Developing strong team working skills and effective communication strategies are crucial when working on a group project, particularly when it comes to presenting the outcomes to an external audience. Here are some tips on how to achieve this:

  1. Establish clear roles and responsibilities: Assign roles to each team member based on their strengths and interests. This will help to ensure that each member has a clear understanding of their responsibilities and can contribute effectively to the project.
  2. Set clear goals and deadlines: Set specific and measurable goals for the project and establish deadlines for each task. This will help to keep the project on track and ensure that all team members are aware of what needs to be done and by when.
  3. Maintain open communication: Encourage open and honest communication among team members. This will help to identify potential issues early on and allow for timely resolution of any problems that may arise.
  4. Utilize collaboration tools: Use collaboration tools such as Google Drive or Trello to keep everyone informed and up-to-date on the progress of the project.
  5. Practice your presentation: Practice your presentation with your team members to ensure that you are all on the same page and that your message is clear and effective.
  6. Know your audience: Research your external audience and tailor your presentation to their interests and needs. This will help to keep them engaged and interested in the outcomes of your project.
  7. Use visual aids: Use visual aids such as slides or infographics to help illustrate your points and keep your audience engaged.
  8. Be confident and enthusiastic: Present with confidence and enthusiasm to show your audience that you are passionate about your project and its outcomes.

Remember, effective team working skills and communication strategies are key to a successful group project and a successful presentation. By following these tips, you can ensure that your team is well-prepared and that your presentation is engaging and effective.

Assignment Outline 4: Recognise key employability qualities, such as written and oral communication, team-working and problem-solving skills.

Employability qualities refer to the skills, attributes, and attitudes that make a person a desirable employee. Here are some key employability qualities that employers often look for:

  1. Written and oral communication: Effective communication skills are essential in the workplace, and employees who can communicate clearly, concisely, and professionally are highly valued. This includes being able to write reports, emails, and other documents that are clear, concise, and free of errors, as well as being able to communicate effectively in person, on the phone, and in virtual settings.
  2. Teamwork: The ability to work well in a team is an important employability quality. This includes being able to collaborate effectively with colleagues, listen to others’ ideas, contribute to group discussions, and help resolve conflicts in a constructive manner.
  3. Problem-solving skills: Employers value employees who can identify problems, develop creative solutions, and implement them effectively. This includes being able to analyze data, think critically, and make informed decisions.
  4. Adaptability: The ability to adapt to changing circumstances is a highly valued employability quality. This includes being able to learn new skills quickly, adjust to new roles and responsibilities, and work effectively in unfamiliar situations.
  5. Time management: Employers value employees who can manage their time effectively, prioritize tasks, and meet deadlines. This includes being able to balance competing demands and work efficiently to achieve goals.
  6. Leadership: The ability to lead others is an important employability quality, even for employees who are not in management roles. This includes being able to motivate and inspire others, delegate tasks effectively, and take initiative to achieve goals.
  7. Interpersonal skills: Strong interpersonal skills are important in the workplace, as they enable employees to build positive relationships with colleagues, clients, and customers. This includes being able to listen actively, show empathy, and communicate effectively in a variety of settings.

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