All requirements in the attachment
similarity should be less than 10%
Ai is not allowed
For any clarification plz ask.
Module Code
Module Title
Module Credits
GAC4008
Financial Accounting
20
Academic Year and
Semester
Examination Board
Level & Block
2024-25, 1st Semester
January 2025
4&1
Method of Assessment
Term
Weighting
WRIT1 Coursework
Mid-term
30%
Module Leader
Module Leader email
Ms. Pavithra Shetty
shetty@gulfcollege.edu.om
Additional Information (if any)
Submission deadline: 14th November 2024 @9pm.
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Contents
1. Assessment Details
2. Submission Details
3. Assessment Criteria
4. Further Information
Who can answer questions about my assessment?
Referencing
Submission problems
Unfair academic practice
How is my work graded?
5. IV form
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Assessment Details
Assessment title
Abr.
Weighting
Coursework
WRIT1
30%
Pass marks for undergraduate work is 40%, unless stated otherwise.
Task/assessment brief:
This assignment requires you to prepare a 1200–word report for the tasks below.
1. Introduction (10 marks; 100 words)
“Accounting is the backbone of financial decision-making, providing insights and guidance for strategic
planning and growth”. In reference to this statement, explain why accounting is important to an
organisation. Support your answers with the reasons and examples.
2. Discussion (80 marks; 1000 words)
2.1 Accounting equation refers to an equation in which total assets always equal capital plus liabilities.
Sometimes, business transactions affect either both sides of the equation or one side of the equation,
but the ultimate effect must be equal on both sides. On this topic, you are required to give any five
examples of financial transactions that took place in a company, construct a table of accounting
equations for the recorded transactions, and analyse the effects of the transactions on the assets,
liabilities, and capital.
2.2 Give examples of financial transactions that took place in an electronics manufacturing concern.
i.
Business starts with cash or depositing money into the bank. (1 transaction)
ii.
Asset purchased for credit (1 transaction)
iii.
Goods sold on cash and credit (2 transactions)
iv.
Expenses paid (1 transaction)
v.
Income received from other sources (1 transaction)
vi.
Money collected from debtors (1 transaction)
vii.
Payment made to creditors (1 transaction)
2.3. For the transactions recorded in the task (2.2), prepare the Pro-forma templates for the following:
a. Journal entries for the above transactions.
b. Post them to the appropriate ledger accounts.
c. Prepare the Trial balance from the ledger balances.
3. Conclusion (10 marks; 100 words)
3.1. Based on the above understanding, conclude your task of discussing the importance of recording
transactions accurately in accounting. How does it impact an organisation’s overall financial health and
decision-making?
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References
Use at least 5 sources preferably refereed accounting journals and books or e-books.
Additional instructions:
To prepare the accounting equation, students need to provide five transactions as per the requirement.
To prepare the template of the Journal, students need to provide eight transactions in total for the
business as per the requirement.
Journal entries: eight debit entries, eight credit entries, eight narrations and the structure of Journal
accounts need to be followed.
Ledger accounts: appropriate ledger accounts and the structure of ledger accounts need to be followed.
Trial balance: relevant debit and credit balances and the structure of the trial balance need to be
followed.
Provide a minimum of five (5) references and use the proper Harvard referencing style adopted by Gulf
College.
Use Times New Roman or Arial as font style with 12 as font size.
Complete your report in the acceptable format of the Microsoft Word file and submit it to Turnitin.
*************
Word count (or equivalent):
1200
This is a reflection of the effort required for the assessment. Word counts will normally include any text,
tables, calculations, figures, subtitles and citations. Reference lists and contents of appendices are
excluded from the word count. Contents of appendices are not usually considered when determining
your final assessment grade.
Academic or technical terms explained:
Accounting equation – The Company’s total assets are equal to the sum of liabilities and owner’s equity.
Journal – Used to record all financial transactions of a business in the accounting books.
Ledger – The book in which accounts are maintained is called a ledger. It is also known as the book of final
entry.
Trial balance – Statement that lists the ledger account balances at a point in time.
Submission Details
Submission
Deadline:
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Mid – 14th of November
2024
Estimated
Feedback
Return Date
Page 4 of 15
After the result
announcement (2nd Feb.
2025 to 13th Feb. 2025)
Submission
Time:
9:00 PM
Turnitin:
Any assessments submitted after the deadline will not be marked and will be
recorded as a non-attempt unless you have had an extension request agreed or have
approved mitigating circumstances. See the Gulf College website for more
information on submission details and mitigating circumstances.
File Format:
The assessment must be submitted as a word document and submit through the
Turnitin submission point.
Your assessment should be titled with your:
Student ID number, Module code and Assessment ID,
e.g. 1610200 GAC3000 WRIT1
Feedback
Feedback for the assessment will be provided electronically via Turnitin / MS Teams
/ Face to Face. Feedback will be provided with comments on your strengths and the
areas which you can improve. Module tutors give students two types of assessment
feedback: formative, which is given when the student is working on the completion
of an assignment or coursework, and summative, which is given upon completion of
the module. A comprehensive assessment feedback on your performance will be
given after the announcement of the results. (10 Working Days)
Assessment Criteria
Learning outcomes assessed
On successful completion of the module, a student should be able to:
Demonstrate, apply and explain basic accounting methods, accounting conventions and concepts.
Demonstrate and explain the uses of key accounting systems and the recording of accounting events.
Explain the various types of institutions and prepare basic accounting statements for each.
In addition, the assessment will test the following learning outcome:
Demonstrate and explain the uses of key accounting systems and the recording of accounting events.
Marking/Assessment Criteria
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Question
Description
No.
Marks
Allocated
Introduction:
Importance of accounting. (5 marks)
I
Further discussion on supporting the statement with reasons and examples. (5
10
marks)
Discussion:
2.1. Five examples of financial transactions recorded for the accounting equation (5
marks)
Presenting the table of the accounting equation with the total column (10 marks)
Analysing the effects of business transactions (5 marks)
20
2.2. Examples of financial transactions for Journal
i. Business started by cash or depositing money into the bank. (2.5 marks)
ii. Asset purchased for credit (2.5 marks)
iii. Goods sold on cash and credit (5 marks)
II
iv. Expenses paid (2.5 marks)
v. Income received from other sources (2.5 marks)
vi. Money collected from debtors (2.5 marks)
20
vii. Payment made to creditors (2.5 marks)
2.3. Pro-forma templates
a. Journal entries (eight debit entries-8 marks, eight credit entries-8 marks and eight
narrations – 4 marks = 20 marks)
b. Ledger accounts (eight ledger accounts * 1½ marks each = 12 marks plus cash
account = 2 marks, total = 14 marks)
40
c. Trial balance (five debit balances-½ mark each, two credit balances-½ mark each
= 3½ marks and format 2½ marks = 6 marks)
Conclusion:
III
3.1. Based on the above understanding, conclude your task of discussing the
importance of recording transactions accurately in accounting. How does it
impact an organisation’s overall financial health and decision-making?
Total
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10
100
Page 6 of 15
AY: 2024-25 / 1st Semester
Marking Criteria/Rubrics
Criterion
No Answer
(0)
No answer
given or a
totally
irrelevant
answer.
Very Poor
(20)
An attempt to
answer
the
importance
of
accounting and
further discussion
on supporting the
statement with
reasons
and
examples
but lacks clarity;
highly irrelevant
ideas and
concepts; reflects
very weak subject
knowledge.
Poor
(30)
Poor discussion of
the importance of
accounting
and
further discussion
on supporting the
statement
with
reasons
and
examples
requirements;
irrelevant ideas
and concepts;
reflects very
limited subject
knowledge.
Satisfactory
(40)
Basic discussion of
the importance of
accounting
and
further discussion
on supporting the
statement
with
reasons
and
examples
requirements;
limited ideas and
concepts; reflects
limited subject
knowledge.
Good
(50)
Good discussion
of
the
importance of
accounting and
further
discussion
on
supporting the
statement with
reasons
and
examples
; relevant ideas
and concepts;
reflects good
subject
knowledge.
Very Good (60)
Discussion
2.1. Examples of types
of financial
transactions for
accounting equation
(5 marks)
No answer
given or a
totally
irrelevant
answer.
An attempt to
summarize the
examples of
types of financial
transactions for
accounting
equation but
lacks clarity;
highly irrelevant
ideas and
concepts; reflects
very weak subject
knowledge.
Poor synthesis of
the examples of
types of financial
transactions for
accounting
equation;
irrelevant ideas
and concepts;
reflects very
limited subject
knowledge.
Satisfactory
synthesis of the
examples of types
of financial
transactions for
accounting
equation; limited
ideas and
concepts; reflects
limited subject
knowledge.
Good synthesis
of the examples
of types of
financial
transactions for
accounting
equation;
relevant ideas
and concepts;
reflects good
subject
knowledge.
Very good
synthesis of the
examples of types
of financial
transactions for
accounting
equation;
relevant ideas
and concepts;
reflects very good
subject
knowledge.
Excellent synthesis
of the examples of
types of financial
transactions for
accounting
equation; highly
relevant ideas and
concepts; excellent
presentation of
answers which
reflects excellent
subject knowledge.
Discussion
2.1. Preparing the
table of the
accounting equation
with effects
(15 marks)
No answer
given or a
totally
irrelevant
answer.
An attempt to
prepare the table
of the accounting
equation but
lacks clarity; very
poor structure
Poor synthesis of
the preparation of
the table of the
accounting
equation; weak
structure
Satisfactory
synthesis of the
preparation of the
table of the
accounting
equation;
Good synthesis
of the
preparation of
the table of the
accounting
equation; good
Very good
synthesis of the
preparation of the
table of the
accounting
equation; very
Excellent
synthesis of the
preparation of
the table of the
accounting
equation;
Introduction:
Importance of
accounting (5 marks)
and further discussion
on supporting the
statement with
reasons and examples
(5 marks
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Very
good
discussion of the
importance
of
accounting and
further discussion
on supporting the
statement with
reasons
and
examples; reflects
the very good
subject
knowledge.
Excellent
(70)
Excellent
discussion
the
importance
of
accounting
and
further discussion
on supporting the
statement
with
reasons
and
examples; highly
relevant ideas and
concepts; excellent
presentation
of
answers
which
reflects excellent of
subject knowledge.
Outstanding
(80)
Outstanding
discussion of the
importance
of
accounting
and
further discussion
on supporting the
statement
with
reasons
and
examples
; highly relevant
ideas and
concepts;
outstanding
presentation of
answers which
reflects
thoroughness of
subject knowledge.
Outstanding
synthesis of the
examples of types
of financial
transactions for
accounting
equation; highly
relevant ideas and
concepts;
outstanding
presentation of
answers which
reflects
outstanding
subject knowledge.
Outstanding
synthesis of the
preparation of the
table of the
accounting
equation;
Exceptional
(100)
Exceptional
discussion of the
importance
of
accounting
and
further discussion
on supporting the
statement
with
reasons
and
examples
; highly relevant
ideas and concepts;
exceptional
presentation of
answers which
reflects
thoroughness of
subject knowledge.
Exceptional
synthesis of the
examples of types
of financial
transactions for
accounting
equation; highly
relevant ideas and
concepts;
exceptional
presentation of
answers which
reflects
thoroughness of
subject knowledge.
Exceptional
synthesis of the
preparation of the
table of the
accounting
equation;
followed; unclear
calculations and
the effects of the
transactions.
followed; weak
calculations and
the effects of the
transactions.
satisfactory
structure followed
and unclear
calculations and
the effects of the
transactions.
Poor synthesis of
the examples of
financial
transactions for
Journal; weak
summary of the
points presented;
weak summary of
the transactions
presented.
Poor synthesis of
the preparation of
the Journal
entries; weak
structure followed
and weak
summary of
narration.
Satisfactory
synthesis of the
examples of
financial
transactions for
Journal;
satisfactory
summary of the
transactions
presented.
Satisfactory
synthesis of the
preparation of the
Journal entries;
satisfactory
structure followed
and unclear
summary of
narration.
Poor
understanding of
the preparation of
the Ledger
accounts; weak
structure
followed; weak
calculations of the
Ledger accounts.
Basic
understanding of
the preparation of
the Ledger
accounts;
satisfactory
structure followed
and unclear
calculations of the
Ledger accounts.
Discussion
2.2. Examples of
financial transactions
for Journal
(20 marks)
No answer
given or a
totally
irrelevant
answer.
An attempt to
give examples of
financial
transactions for
Journal but lacks
clarity; very weak
summary of the
transactions
presented.
Discussion
2.3. a. Journal entries
(20 marks)
No answer
given or a
totally
irrelevant
answer.
An attempt to
prepare the
Journal entries
but lacks clarity;
very poor
structure
followed; very
weak summary of
narration.
Discussion
2.3. b. Ledger
accounts
(14 marks)
No answer
given or a
totally
irrelevant
answer.
An attempt to
prepare the
ledger accounts
but lacks clarity;
very poor
structure
followed; unclear
calculations of
the Ledger
accounts.
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structures
followed and
clear
calculations and
the effects of
the
transactions.
Good synthesis
of the examples
of financial
transactions for
Journal; good
summary of the
transactions
presented.
good structure
followed and
strong calculations
and the effects of
the transactions.
Very good
synthesis of the
examples of
financial
transactions for
Journal; very good
summary of the
transactions
presented.
excellent
structure
followed and very
strong
calculations and
the effects of the
transactions.
Excellent
synthesis of the
examples of
financial
transactions for
Journal; excellent
summary of the
transactions
presented.
Good synthesis
of the
preparation of
the Journal
entries; good
structure
followed and
clear summary
of narration.
Very good
synthesis of the
preparation of the
Journal entries;
very good
structure followed
and strong
summary of
narration.
Excellent
synthesis of the
preparation of
the Journal
entries; excellent
structure
followed and very
strong summary
of narration.
Good
understanding
of the
preparation of
the Ledger
accounts; good
structure
followed and
clear
calculations of
the Ledger
accounts.
Very good
understanding of
the preparation of
the Ledger
accounts; very
good structure
followed and
strong calculations
of the Ledger
accounts.
Excellent
understanding of
the preparation
of the Ledger
accounts;
excellent
structure
followed and very
strong
calculations of
the Ledger
accounts.
outstanding
structure followed
and highly relevant
calculations and
the effects of the
transactions.
Outstanding
synthesis of the
examples of
financial
transactions for
Journal;
outstanding
summary of the
transactions
presented.
Outstanding
synthesis of the
preparation of the
Journal entries;
outstanding
structure followed
and highly relevant
summary of
narration.
Outstanding
understanding of
the preparation of
the Ledger
accounts;
outstanding
structure followed
and highly relevant
calculations of the
Ledger accounts.
exceptional
structure followed
and highly
appropriate
calculations and the
effects of the
transactions.
Exceptional
synthesis of the
examples of
financial
transactions for
Journal; exceptional
summary of the
transactions
presented.
Exceptional
synthesis of the
preparation of the
Journal entries;
exceptional
structure followed
and highly
appropriate
summary of
narration.
Exceptional
understanding of
the preparation of
the Ledger
accounts;
exceptional
structure followed
and highly
appropriate
calculations of the
Ledger accounts.
Discussion
2.3. c. Trial balance
(6 marks)
No answer
given or a
totally
irrelevant
answer.
An attempt to
prepare the Trial
balance but lacks
clarity; very poor
structure
followed; unclear
calculations of
the Trial balance.
Poor
understanding of
the preparation of
the Trial balance;
weak structure
followed; weak
calculations of the
Trial balance.
Basic
understanding of
the preparation of
the Trial balance;
satisfactory
structure followed
and unclear
calculations of the
Trial balance.
Conclusion
concluding the task
on discussing the
importance of
recording
transactions
accurately in
accounting. How does
it impact the overall
financial health and
decision making of an
organisation
(10 marks)
No answer
given or a
totally
irrelevant
answer.
An attempt to
answer on the
importance of
recording
transactions
accurately in
accounting. How
does it impact
the overall
financial health
and decision
making of an
organisation but
lacks clarity;
highly irrelevant
ideas and
concepts; reflects
very weak subject
knowledge.
Poor discussion on
the importance of
recording
transactions
accurately in
accounting. How
does it impact the
overall financial
health and
decision making of
an organisation;
irrelevant ideas
and concepts;
reflects very
limited subject
knowledge.
Basic discussion
on the importance
of recording
transactions
accurately in
accounting. How
does it impact the
overall financial
health and
decision making of
an organisation;
limited ideas and
concepts; reflects
limited subject
knowledge.
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Good
understanding
of the
preparation of
the Trial
balance; good
structure
followed and
clear
calculations of
the Trial
balance.
Good discussion
on the
importance of
recording
transactions
accurately in
accounting.
How does it
impact the
overall financial
health and
decision making
of an
organisation;
relevant ideas
and concepts;
reflects subject
knowledge.
Very good
understanding of
the preparation of
the Trial balance;
very good
structure followed
and strong
calculations of the
Trial balance.
Excellent
understanding of
the preparation
of the Trial
balance; excellent
structure
followed and very
strong
calculations of
the Trial balance.
Outstanding
understanding of
the preparation of
the Trial balance;
outstanding
structure followed
and highly relevant
calculations of the
Trial balance.
Exceptional
understanding of
the preparation of
the Trial balance;
exceptional
structure followed
and highly
appropriate
calculations of the
Trial balance.
Very good on the
importance of
recording
transactions
accurately in
accounting. How
does it impact the
overall financial
health and
decision making of
an organisation;
relevant ideas and
concepts; reflects
thoroughness of
subject knowledge.
Excellent
discussion on the
importance of
recording
transactions
accurately in
accounting. How
does it impact the
overall financial
health and
decision making
of an
organisation;
highly relevant
ideas and
concepts;
excellent
presentation of
answers which
reflects
thoroughness of
subject
knowledge.
Outstanding
discussion on the
importance of
recording
transactions
accurately in
accounting. How
does it impact the
overall financial
health and
decision making of
an organisation;
highly relevant
ideas and
concepts;
outstanding
presentation of
answers which
reflects
thoroughness of
subject knowledge.
Exceptional
discussion on the
importance of
recording
transactions
accurately in
accounting. How
does it impact the
overall financial
health and decision
making of an
organisation;
exceptional
presentation of
answers which
reflects
thoroughness of
subject knowledge.
Further Information
Who can answer questions about my assessment?
Questions about the assessment should be directed to the staff member who has set the task/assessment
brief. This will usually be the Module tutor. They will be happy to answer any queries you have.
Referencing and independent learning (Not applicable for Examination)
Please ensure you reference a range of credible sources, with due attention to the academic literature in the
area. The time spent on research and reading from good quality sources will be reflected in the quality of
your submitted work.
Remember that what you get out of university depends on what you put in. Your teaching sessions typically
represent between 10% and 30% of the time you are expected to study for your degree. A 20-credit module
represents 200 hours of study time. The rest of your time should be taken up by self-directed study.
Unless stated otherwise you must use the HARVARD referencing system. Further guidance on referencing
can be found in the on Moodle. Correct referencing is an easy way to improve your marks and essential in
achieving higher grades on most assessments.
Technical submission problems (Not applicable for Examination)
It is strongly advised that you submit your work at least 24 hours before the deadline to allow time to resolve
any last minute problems you might have. If you are having issues with IT or Turnitin you should contact the
IT Helpdesk on (+968) 92841521/ 92841217. You may require evidence of the Helpdesk call if you are trying
to demonstrate that a fault with Turnitin was the cause of a late submission.
Mitigating circumstances
Short extensions on assessment deadlines can be requested in specific circumstances. If you are
encountering particular hardship which has been affecting your studies, then you may be able to apply for
mitigating circumstances. This can give the teachers on your programme more scope to adapt the
assessment requirements to support your needs. Mitigating circumstances policies and procedures are
regularly updated. You should refer to your Academic Advisor for information on extensions and mitigating
circumstances.
Unfair academic practice
Cardiff Met takes issues of unfair practice extremely seriously. The University has procedures and penalties
for dealing with unfair academic practice. These are explained in full in the University’s Unfair Practice
regulations and procedures under Volume 1, Section 8 of the Academic Handbook. The Module Leader
reserves the right to interview students regarding any aspect of their work submitted for assessment.
Types of Unfair Practice, include:
Plagiarism, which can be defined as using without acknowledgement another person’s words or ideas and
submitting them for assessment as though it were one’s own work, for instance by copying, translating from
one language to another or unacknowledged paraphrasing. Further examples include:
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Use of any quotation(s) from the published or unpublished work of other persons, whether published in
textbooks, articles, the Web, or in any other format, where quotations have not been clearly identified as
such by being placed in quotation marks and acknowledged.
Use of another person’s words or ideas that have been slightly changed or paraphrased to make it look
different from the original.
Summarising another person’s ideas, judgments, diagrams, figures, or computer programmes without
reference to that person in the text and the source in a bibliography/reference list.
Use of assessment writing services, essay banks and/or any other similar agencies (NB. Students are
commonly being blackmailed after using essay mills).
Use of unacknowledged material downloaded from the Internet.
Re-use of one’s own material except as authorised by your degree programme.
Collusion, which can be defined as when work that that has been undertaken with others is submitted and
passed off as solely the work of one person. Modules will clearly identify where joint preparation and joint
submission are permitted, in all other cases they are not.
Fabrication of data, making false claims to have carried out experiments, observations, interviews or other
forms of data collection and analysis, or acting dishonestly in any other way.
How is my work graded?
Gulf College uses Cardiff Metropolitan University’s Generic Band Descriptors (GBD), in conjunction with
programme-specific and/or assessment-specific descriptors that are developed in accordance with the
principles underpinning the generic descriptors, as a reference in marking student work outputs. This is to
ensure that marking is consistent across all Cardiff Met students’ work, including the work outputs of students
in Gulf College.
Assessment marking undergoes a meticulous process to make sure that it is fair and truly reflects the
performance of students in their modules. Marking of work at each level of Cardiff Met degree programmes
are benchmarked against a set of general requirements set out in Cardiff Met’s Guidance on Assessment
Marking. https://www.cardiffmet.ac.uk/registry/academichandbook/Documents/AH1_04_03.pdf
To find out more about assessments and key academic skills that can have a significant impact on your
marks, download and read your Module Handbook from Moodle and your Programme Handbook from the
college website.
Artificial Intelligence Models – Guidance for this assessment:
Artificial Intelligence (AI) models can be a powerful tool to support your learning. The University has
provided some resources to support you in its appropriate usage:
Library Services AI Hub
Student Guide to AI and Assessment
Code of Conduct for Students on the use of AI
Cite Them Right resource on citing materials relating to AI (if permitted)
As per the academic regulations (Academic Handbook Ah1_08), in all cases you must submit work
that is your own, acknowledging any part of it that has been informed by another source – including
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that which is AI generated. Upon submission of work, you will be asked to confirm the following
statement:
I confirm that this assignment is my own work, except where I have acknowledged the use of
works from other sources, including the use of any artificial intelligence (AI) tools, in
accordance with what is allowable as described in the assessment brief.
Please note the following:
AI should not be used as a substitute for your own knowledge, and you should never include
any material that you do not understand and could not explain if asked.
Not being able to explain your work when asked is likely to be a key factor when considering
cases of academic misconduct related to AI.
The following information provides specific guidance for this assessment about what level of AI use is
appropriate for this assessment. Remember that in all cases you must submit work that is your own,
acknowledging any part of it that has been provided by another source.
Staff note – Please place a tick mark (☑) in the appropriate box below. “No Use” is selected by default.
NO USE OF GENERATIVE AI EXPECTED
Your assignment should be produced using information sourced by you
from your learning materials and academic sources and cited
appropriately.
AI tools for checking spelling, grammar and referencing may be used.
AI ACKNOWLEDGED
You can use AI tools to learn about your topic, as part of your study, or
in preparing initial guidance on assignments (e.g. headline structure,
suggestions for inclusion of topics).
Any materials that you have sourced from AI should be rewritten or
reconfigured and integrated into your own work and referenced
appropriately. It is recommended that this is confirmed by a relevant
academic source.
Any support gained from AI should be acknowledged in a statement at
the end of the assignment, making clear what the support was, and how
you used it and developed it for your own work. Example statements are
available in the Student Code of Conduct.
AI EMBEDDED
Use of AI is an integral and expected part of the assessment.
The explicit inclusion of AI within the assessment means that
instructions on the expected use will be part of the assessment brief.
Your assessment brief will describe how you should acknowledge the
way in which you used AI tools.
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Acknowledgement of the Use of AI
Student Name:
Student ID Number:
Module Code:
Assignment Title
Date:
Acknowledgement (Delete & Update as Appropriate)
No content generated by AI technologies has been presented as my own
work.
I acknowledge the use of [name of AI + URL] to generate materials for
background research and self-study in the drafting of this assessment.
I acknowledge the use of [name of AI + URL] to generate materials that
were included within my final assessment in modified form.
The following prompts were input into [name of AI + URL]:
List prompts here
The output was changed by me in the following ways:
Explain the actions taken here
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