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Principles of Accounting (-BUSS 1003) -CW1-IA-Spring -19 -QP Individual Assignment- Spring 2019 Module: Principles of Accounting (BUSS 1003) Level: 4 Max. Marks: 100 (Weightage 30%) Duration: 4 weeks Instructions to Student: Students should read the assignment details carefully and answer all questions. Learning outcomes to be achieved by completion of the assessment: 1. Record income and receipts from credit customer, purchases, expenditures and payments to supplier. 2. Differentiate between accrual and cash basis accounting. CASE STUDY Mr. Mohammed formed Bausher Enterprises on October 1, 2018. During the month, the following financial transactions occurred: 2018 October 1 Mohammed invested OR 200,000 in the new business. 6 Bausher Enterprise provided services to Xerox on account for OR 40,000 8 Acquired supplies from the producers for OR 120,000. ( Supplies are charged to expenses immediately ). 10 Services provided for cash OR 25,000 12 Paid Communication expense for OR 10,000 16 Purchased material on account for OR 20,000. 21 Paid to Al Khimji OR 2,000 cash for utility expenses. 23 Paid OR 8,000 cash for the material purchased on November 16 24 Received OR 30, 000 in cash from Xerox for services provided on November 6. 31 Withdrew OR 3,000 for personal use Requirements: Now that you have reviewed the case study above, respond to the following requirements on your own. Q1. Record each of the above transactions in a general journal. Explanations may be omitted. Use the following account titles to journalize the above transactions: (50 marks) a. Cash b. Accounts Payable c. Accounts Receivable BUSS 1003 (QP) Page 1 of 4 d. Insurance Expense e. Utility Expense f. Capital g. Service Fee income h. Material i. j. Withdrawals Office Equipment Q2. Prepare the end-of-month report to account for the incomes and expenses of Baushar Enterprises under Cash basis accounting. (20 marks) Q3. Prepare the end-of-month report to account for the incomes and expenses of Baushar Enterprises under Accrual basis accounting. (20 marks) Q4. What are the main differences between cash and accrual accounting? The student may identify and discuss giving example for both cash basis and accrual basis of accounting. (6 marks) Instructions for completing the assignment: 1. The assignment must have a cover page indicating the module title, name of student, name of faculty and date of submission. 2. The assignment should have a table of contents, answers to the requirements and appropriate references, if necessary. Use Harvard style of referencing. 3. The assignment should be done in Word, font size 12, font style Times New Roman, text color black, colors can be used ONLY in appendices; main body of the report should be black and white. 4. Last date of submission: 8th week of the semester. The assignment should be submitted on time through Moodle. Late submission shall be penalized as per the norms of MEC mentioned in the Module Information Guide. Maximum marks to be awarded for this assignment is 100. The evaluation criteria follows: Criteria Marks 1. Journal entries 50 2. Calculation of net income under cash basis 20 3. Calculation of net income under accrual basis 20 4. Differentiation between cash and accrual basis accounting 6 Formatting, referencing, cover page and table of contents Total marks BUSS 1003 (QP) 4 100 Page 2 of 4 5. A viva – voce may be conducted as per the discretion of the faculty and it carries no marks. 6. Marks awarded in the assessment is provisional till it is approved by the Exam Board 7. Feedback will be given through Moodle and in the timeline as stated in MIG. Clarification on Plagiarism Policy: As per MEC policy, any form of violation of academic integrity will invite severe penalty. Plagiarised documents, in part or in whole, submitted by the students will be subject to this policy. A. First offence of plagiarism a. A student will be allowed to re-submit the assignment once, within a maximum period of one week. However, a penalty of Deduction of 25% of the marks obtained for the resubmitted work will be imposed. b. Mark deduction: When the work is resubmitted, the marking will be undertaken according to the marking criteria. In compliance with this policy, the 25% deduction is then made on the marks obtained. For example, in an assessment that carries a maximum of 50 marks, suppose a student were to obtain 30 marks for the resubmitted work, the final marks for that assessment will be 22.5 (after deducting 25% of the marks actually obtained for the resubmitted work). c. Period of resubmission: The student will have to resubmit the work one week from the date he or she is advised to resubmit. For example, if the formal advice to resubmit was communicated to the student on a Sunday (latest by 5 pm), the student will have to resubmit the work latest by next Sunday 5 pm. d. If the re-submitted work is also detected to be plagiarized, then the work will be awarded a zero. e. Resubmission of the work beyond the maximum period of one week will not be accepted and the work will be awarded a zero. B. Any further offence of plagiarism a. If any student is again caught in an act of plagiarism during his/her course of study (either in the same module, same semester or in any other semester), the student will directly be awarded zero for the work in which plagiarism is detected. In such cases, the student will not be allowed to re-submit the work. C. Guidelines a. Type 1: In case plagiarism is detected in any component or part submission (submitted at different times) of one assessment (assignment), the deduction in marks will be applicable for the whole assessment (assignment), even if only the component or part submission alone needs to be resubmitted. b. Type 2: In case plagiarism is detected in a group assessment, all students of the group will be considered as having committed an act of plagiarism irrespective of whether plagiarism is on account of the act of all or a few or only one member. The policy will then be applied to all students. BUSS 1003 (QP) Page 3 of 4 c. Type 3: Combination of Type 1 and Type 2: In case plagiarism is detected in any component or part submission (submitted at different times) of a group assessment (assignment), the deduction in marks will be applicable for the whole assessment (assignment), even if only the component or part submission alone needs to be resubmitted. All students of the group would be considered as having committed an act of plagiarism irrespective of whether plagiarism is on account of the act of all or a few or only one member. The policy will then be applied to all the students of the group. d. Type 4: Variation of Type 1 and Type 2: In cases where the assessment consists of components or part submissions that could be a group assessment component (e.g. group assignment) and an individual assessment component (e.g. individual reflection), the following will be applicable: 1. If plagiarism is detected in the group assessment component, all students of the group will be considered as having committed an act of plagiarism, irrespective of whether plagiarism is on account of the act of all or a few or only one member. The policy will then be applied to all students of the group. In such cases the group assessment component will be resubmitted as per the policy. 2. If plagiarism is detected in the individual assessment component, the individual assessment component will be resubmitted as per the policy. The policy will then be applied to that student alone. 3. In both cases (a) and/or (b), the deduction in marks will be applicable for the whole assessment (assignment). D. Amount of similar material a. The total amount of similar material in any form of student work from all sources put together should not exceed 30% (including direct quotations). b. The total amount of quoted material (direct quotations) in any form of student work from all sources put together should not exceed 10%. c. The total amount of similar material in any form of student work from a single source should not exceed 7 percent. However, cases having a similarity of less than 7 percent in such cases may still be investigated by the faculty depending on the seriousness of the case. d. If faculty member find enough merit in the case of a student work with a similarity (with a single source) of more than 7 percent as not a case of plagiarism, the faculty member should provide detailed comments/remarks to justify the case. BUSS 1003 (QP) Page 4 of 4 CW1 – Individual Assignment - Principles of Accounting – BUSS 1003 –Spring 2019 80-100 70-79 60-69 50-59 0-49 MARKS Distinction Very Good Good Satisfactory Unsatisfactory. AWARDED Criteria/Grade Q 1: Preparation of Journal Entries 1. Recording each of the above transactions in general journal. 2. Preparation of end of month report to account for the incomes and expenses in cash basis accounting. Outstanding demonstration and layout of entries. All entries comprising of the date, account titles and amount are correct in the journal. Excellent demonstration and layout of the various constituents of income, expenses, total expenses and net income. Very good demonstratio n and layout of entries. Four of the journal entries are adjudged to be correct. This is inclusive of the dates, account titles and amount. Acceptable demonstrat ion and layout of entries. Three of the journal entries are adjudged to be correct excluding two. This is inclusive of the date, account titles and amount. Adequate demonstration and layout of entries. At least two of the journal entries are adjudged to be correct excluding three. This is inclusive of the date, account titles and amount. Superficial and shallow demonstration and layout of entries. This occurs when there are fundamental and consistent errors observed. Very good understanding and layout of the various constituents of income, expenses, total expenses and net income. Minimal deductions will be taken into Acceptable understandi ng and layout of the various constituent s of income, expenses, total expenses and net income. Deductions will be Adequate understanding and layout of the various constituents of income, total expenses and net income. Maximal deductions will be taken into consideration for misrepresentati Superficial and shallow attempt at demonstration of layout of the various constituents of income, total expenses and net income. Complete and consistent deduction will be taken into Most of the entries are incorrect comprising of the date, account titles and amount. 3. Preparation of end of month report to account for the incomes and expenses in accrual accounting Excellent demonstration and layout of the various constituents of income, expenses, total expenses and net income. consideration for marginal errors. taken into considerati on for partial and misreprese ntation of figures in the report. on of figures in the report consideration for misrepresentat ion of figures in the report. Very good understanding and layout of the various constituents of income, expenses, total expenses and net income. Minimal deductions will be taken into consideration for marginal errors. Acceptable understandi ng and layout of the various constituent s of income, expenses, total expenses and net income. Deductions will be taken into considerati on for partial and misreprese ntation of figures in the report. Adequate understanding and layout of the various constituents of income, total expenses and net income. Maximal deductions will be taken into consideration for misrepresentati on of figures in the report Superficial and shallow attempt at demonstration of layout of the various constituents of income, total expenses and net income. Complete and consistent deduction will be taken into consideration for misrepresentat ion of figures in the report. DIFFERENCES BETWEEN CASH AND ACCRUAL ACCOUNTING 4. Differences between cash and accrual accounting. Outstanding demonstration and explanation of the differences between cash and accrual accounting citing recent and Very good demonstratio n and explanation of the differences between cash and accrual Acceptable demonstrat ion and explanation of the differences between cash and Adequate demonstration and explanation of the differences between cash and accrual accounting Superficial and Shallow demonstration and explanation of the differences between cash and accrual appropriate references using Coventry Harvard Style of referencing. Outstanding examples depicting real life practical scenarios. accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Very good examples depicting real life practical scenarios. accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. citing recent and appropriate references using Coventry Harvard Style of referencing. accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Acceptable examples depicting real life practical scenarios will be considered. Formatting, Referencing, cover page and table of contents. Q4. Outstanding referencing using Coventry Harvard Style, cover page, Formatting , and table of referencing, contents and cover page Outstanding and table of Formatting contents. Very good referencing using Coventry Harvard Style , cover page, and table of contents and Very good Formatting Acceptable referencing using Coventry Harvard Style, cover page and table of contents and very good formatting. Adequate referencing using Coventry Harvard Style, Cover page and table of contents and adequate formatting. Superficial and Shallow referencing using Coventry Harvard Style , Cover page and table of contents and Shallow formatting.
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Running head: PRINCIPLES OF ACCOUNTING

Principles of Accounting
Institutional Affiliation:
Student’s Name:
Date:

1

PRINCIPLES OF ACCOUNTING

2
Principles of Accounting

Question 1
Journal Entries
Date

Particulars

1-Oct Cash

Debit

Credit

20,000

Capital account

6-Oct Accounts receivable

20,000

40,000

Service fee income

8-Oct Supplies

40,000

120,000

Cash

10-Oct Cash

120,000

25,000

Service fee income

12-Oct Communication expense

25,000

10,000

Cash

16-Oct Material

10,000

20,000

Accounts payable

21-Oct Utility expense

20,000

2,000
2,000

23-Oct Accounts payable
Cash

8,000
8,000

PRINCIPLES OF ACCOUNTING

3

24-Oct Cash

30,000

Accounts receivables

30,000

31-Oct Withdrawals

3,000

Cash

3,000

Question 2
Cash Accounting Basis

Se...


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