College of Banking and Financial Studies Business Accounting Questions

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College of Banking and Financial Studies

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Ref new 30/4/20


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Submission Deadline Marks and Feedback Before 6pm on: 15 working days after deadline (All Levels) 02/05/2020 Click or tap to enter a date. Module title & code BC10-1- Introduction to Business Accounting Assignment number and title A1 Assessment type Individual Report Weighting of assessment 50% (Report (30%) + Viva (20%) Module learning outcomes 1. Knowledge and Understanding Identify and explain theoretical concepts of Financial and Cost Accounting along with various decision-making tools. 2. Skills and Abilities Prepare the financial statements and analyse these statements using ratio analysis, along with application and use of various costing techniques to facilitate the decision-making process. What am I required to do in this assignment? Emad Trades is one of the small businesses in Oman. The owner was recording all the information in the books. According to his records he thinks that the business is making good profit over a period of time. But he is not satisfied with the bookkeeping only. He is of the opinion that the business can get more clear information about his profit and the proformas of the business if it is reported in a proper way. Emad feels that the business is calculating the profit using a wrong technique and if this is corrected the business can get much more clear information on his profit and performance than the present one. He has consulted you as an expert to study and write a comparative report analyzing the profitability, liquidity and efficiency of the business with suggestions for further improvement. Trial Balance As on December 31, 2019 Dr. Accounts Van at Cost Cr. Amount Amount OMR OMR 373,500 Sales of the year Account Receivable Cash on hand Bank Nizwa 640,000 295,000 50,000 50,000 Equipment at Cost 277,500 Accumulated Depreciation – Equipment 50,000 Commission Revenue 90,000 Accumulated Depreciation – Van st Stock at Jan 1 2019 2,000 105,000 Debentures Payable 151,000 Interest Income 100,000 Purchase Returns Carriage on purchases 10,000 12,000 Unearned Commission Car rent 33,000 25,000 Dividend Revenue 25,000 wages 20,000 Water expenses 15,000 Electricity expenses 15,000 Drawings 28,000 Creditors Purchases of goods Sales Return 215,000 238,000 50,000 Capital as at Jan 1st 2019 Carriage on sales 200,000 7,000 Long term Bank Loan TOTAL 45,000 1,561,000 1,561,000 2 At the end of the year he had Stock was valued at Rials 50,000. And he noted that electricity expenses were outstanding amounting to Rials 200 . Also, he remembered that the Prepaid Rent amounted to Rials 150. The owner got information about the industry average, but he could not understand it and the information as follow: Ratio Industry Averages Gross Profit % 50% Net profit % 35% current Ratio 2:1 Quick Ratio 1:1 Working Capital OMR 60,000 Accounts Receivable collection period 20 Days Creditors payment period 35 Days Return on capital Employed 45% Stock Turnover in days 33 Days cash conversion cycle 18 Days Required: You are expected to write a reflective report to the owner of the company incorporating the following: 1. Explain in detail what is the importance of financial statements and important to users. Support your statement with references from research articles. 2. Prepare statement of comprehensive income and statement of financial position for the business. 3 3. Analyse the information from the statements and explain importance of ratio analysis and how these will help the company in decision making. 4. Give your recommendations on the business performance as compared to industry with rationale. Your report must show in-depth understanding of wide reading of academic research articles, academic books and general information supported by calculations wherever essential. Deliverables Submission At the time of submission, you need to make sure that the assignment is your own and all the sources have been acknowledged. Submission of the report will be done via Turnitin Link on MOVE the viva will be followed. Is there a word limit (Number of Words ± 10%)? 1500 words (+/- 10%) What do I need to do to pass? (Threshold Expectations) • Shows sufficient grasp of the subject to be acceptable. • Examples and evidence is likely to be weak and limited. • Reading shows likely to be weak and limited. • Referencing is likely to be absent or very poorly carried out. • The calculation should be relevant to the area with the correct answer. How do I produce high quality work that merits a higher grade? • Shows evidence of wider reading and originality. • Strongly analytical. All important points are covered and correct calculation. • Arguments should be supported by examples and evidence, objectively presented and evaluated, • Well-structured and well written, without noticeable grammatical or other errors. • Correctly referenced. Harvard referencing style. How does assignment relate to what we are doing in scheduled sessions? 4 ● Demonstrate an understanding of different accounting concepts and conventions used in preparation and analysis of financial statements. ● Analys , prepares and interprets financial statements., to enable business decision making, planning and control. 5 How will my assignment be marked? Your assignment report be marked according to the threshold expectations and the criteria on the following page. You can use them to evaluate your own work and estimate your grade before you submit. No Criterion Weighing (%) Sub Standard / No Attempt (0 Marks) There is no evidence for information search/ Tasks are incomplete. Information 1 Search Poor (20 Marks) Sources not used to support substantive assertions or argument. Information search is not adequate. Very limited resources are used to discuss the tasks. 20 % Satisfactory (40 Marks) Information search is evident. There is an attempt to address some tasks. All the tasks lack proper focus in discussion. Although the information supports the task, some of them are not properly analysed and lack paraphrasing at some areas. Limited and uncritical use of a restricted range of sources No evidence of understanding the issues. 2 Understanding & Analysis 20% Limited evidence of understanding the issues. General understanding of the various issues. Some reference to related theoretical background is evident. Good (50 Marks) Relevant information search is evident, but not adequate. There is a good attempt to address the tasks. Very Good (60 Marks) Excellent (70 Marks) Outstanding (100 Marks) Very good usage of variety information from various sources. Contents are properly paraphrased. The usage of information can be better if it relates to the context. Excellent application of the relevant information from variety of sources. Excellent usage and quoting of the literature at relevant discussions. All the tasks are discussed astutely with proper focus. Exceptional use of a wide range of appropriate and current sources, focusing on research based reviews indicating personal research and critical awareness of their status and relevance. All the tasks are discussed but one or two tasks lack focus or clarity. All tasks are discussed properly. Good understanding of the various issues. Majority of the tasks show evidence of good understanding of related appropriate theoretical background. Evidence of very good understanding of relevant theory and research in all tasks. Use of a wide range of appropriate sources, indicating critical awareness of their status and relevance. Evidence of excellent understanding of relevant theory and research. Reference to appropriate theoretical background provides support to the discussion. Some illustrations that support the theoretical background are evidenced in the discussions. Evidence of exemplary understanding of relevant theory and research. Reference to appropriate theoretical background provides support to the discussion. Illustrations are provided that amplify the theoretical background. Lack of analysis of information. No discussion is evident. The discussed tasks are completely out of focus. Task are not properly addressed. Limited evidence of critical evaluation of material. 3 Application and Analysis 35% Poor analysis of information. Although there is evidence for some discussion, they are discrete and lacking focus. It does not reflect critical application of the concepts to the case. The report is unorganized to the point of being virtually unreadable. Lacks cohesion and orderly flow. The assignment has unacceptable failings in structuring and / or clarity of written expression The report is difficult to read due to overwhelming errors or misspellings 4 Presentation and structure (15%) Use of a range of appropriate sources. but without critical evaluation, or missing some significant items There is good evidence for critical analysis and reasoning in some areas. Use of a wide range of appropriate sources with some critical awareness of their status and relevance Evidence of a general critical stance. Evidence of limited critical evaluation in some areas, with some lost opportunities or misunderstandings. Evidence of critical evaluation in some areas, although some material not evaluated. Very good application of the information to the case. There is evidence for in-depth analysis of data. However, all tasks are not consistent in analysis and can be presented in a better manner. Excellent analysis of the information and precise application to the case. Critical reasoning is evident while discussion of all the tasks. Critical reasoning is consistently evident across the discussions. The tasks have exemplary discussion and detailed narration. Evidence of thorough critical appreciation and evaluation of relevant theory and research and a systematic and creative attempt to relate it to the topic Evidence of good critical appreciation and evaluation of relevant theory and research and a systematic attempt to relate it to the topic Though discussion of the ideas is clear, a coherent flow of thought is not evident. The report is unorganized, but can be read. Poor flow of the report structure. The assignment has failings in structuring and / or clarity of written expression, which impair its capacity to communicate Frequent compositional errors or misspellings, but the report can be read Evidence for a coherent presentation is evident, but lacks uniformity throughout the essay. The report is somewhat organized. The flow is not coherent and needs improvement. While the assignment has some failings in structuring and / or clarity of written expression, these do not impair its capacity to communicate. The report is well organized. There is orderliness in the structure. Coherence is also evident but there is still scope for improvement. A generally wellstructured and expressed assignment, that communicate clearly. Well executed. Few grammar or writing errors. Reads easily. Is fairly well organized The report is well organized with a cohesive discussion. The structure of the report is excellent. An assignment whose clear structure and expression significantly enhances its argument The structure is exemplary. Execution is excellent. Discussions are free of grammar or writing errors. A clear layout augments the presentation. Excellent overall organisation of the report. Reads easily. Is well organized More than occasional errors or misspellings. 7 The references do not clearly comply with the basic requirements of HARVARD STYLE format. 5 Conclusion & References (10%) The references do not clearly comply with the basic requirements of HARVARD STYLE format. The references are inadequate to support the literature used in the report. Sources used show limited relevance and currency. The report shows some compliance to HARVARD STYLE referencing, but shows many errors. Very few references quoted which are inconsistent with the amount of literature used in the report. The report demonstrates a basic level of HARVARD STYLE referencing, but still contains major deficiencies. No sophistication is evident i.e. Websites do not follow Harvard Referencing style. The report demonstrates a solid understanding of the basic elements of HARVARD STYLE formatting. In-text citations if presented at relevant areas will lend more appropriateness to the report. Some sources of information are relevant while others are dated. Majority of the sources are relevant and current. Sources used to support the discussions are relevant and current. The report demonstrates excellent HARVARD STYLE formatting skills. Intext citations are presented at relevant areas. Consistent use of relevant and current sources that enhance the discussions. Accurate use of Harvard Referencing style. Student recognizes the concept of intellectual property, can defend him / herself if challenged, and can properly incorporate the ideas / published works of others into their own work building upon them. Skillful use of credible, relevant and current sources of information that augments quality of discussion. How will my assignment be marked? Your assignment viva be marked according to the threshold expectations and the criteria on the following page. You can use them to evaluate your own work and estimate your grade before you attend viva. N o Criterion Weighin g (%) Responses to 1 Questions 40 Sub Standard / No Attempt (0 Marks) Makes no effort to either understand the question or Poor (20 Marks) Makes little effort to Satisfactory (40 Marks) Good (50 Marks) Very Good (60 Marks) Understand Demonstrate s good ability to understand Very good responses to questions Demonstrates ability to understand the the questions Excellent (70 Marks) Demonstrate s an Outstanding (100 Marks) Exemplary responses to questions, Responses 8 respond to the question. either and responds, understand but lacks the question clarity and or respond to focus. the questions with good explanation, focus and reasoning. essence of questions, responds with confidence with clear explanation, focus and reasoning. the question excellent ability to understand the essence are precise, exhibiting high level of confidence and reasoning. of questions, responds with confidence with clear explanation, focus and reasoning. Excellent responses to Questions 2 Conceptual Understandin g 40 Totally lacks Very limited Limited understandin understandin understanding g of the g of the of issues issues and issues and presented there is there is disconnect disconnect with the with the topic to be topic to be summarise presented. presented. information Demonstrate s understandin g of issues and concepts but lacks clarity in some areas. Demonstrates understanding of the issues and concepts but with minor Demonstrates excellent understanding of the issues with relevant reference to literature review Exhibits high level of understandin g with ability to deviations/error synthesis s. and precisely 3 Use of Technical Vocabulary and overall communicatio n skills 20 No evidence of usage of technical vocabulary. Limited evidence of usage of technical vocabulary. Occasional usage of technical vocabulary in the answers. Has displayed adequate usage of technical vocabulary. Has displayed frequent usage of technical vocabulary. However there is Excellent and expansive use of technical vocabulary while presenting answers. Precise usage of vocabulary, with accuracy of expression. 9 Shows signs of nervousness as both content Demonstrates a minimum (adequate) level of knowledge confidence and evident from presentation limited is incorrect. subject knowledgelacks preparation.N o eye contact Limited usage of technical vocabulary. scope for improvement. Demonstrate s good level of confidence evident from adequate level of subject knowledge and preparation. Confidence demonstrated through language, expression and body language. High level of confidence is evident from good subject knowledge and preparation. Confidence demonstrated through language, expression and body language. Excellent confidence evident from command over subject Exemplary confidence and very high level of command over the subject and exhibits relevant and appropriate gestures. knowledge, preparation. Confidence demonstrate d through language, expression and body language. Maintains continuous eye contact 10
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Explanation & Answer

Please see attached file. Plagiarism is 2 % only..

1

Introduction to Business Accounting
Name
University
May 02, 2020

2

I.

Importance of financial statements and important to users.
The accountant uses such information that, according to financial statements, to implement

the financial statements, without financially reporting the reporting structure without getting any
assurance or providing without any assurance to represent management, should be in line with
the reporting structure (Atrill, 1997). A compilation is a fairly different review or audit of
financial statements. A compilation does not consider tests performed in a review, analytical
procedures, or other processes. Besides, a compilation does not consider obtaining an
understanding of the internal control of the unit; Assessing fraud risk; Examination of accounting
records by obtaining adequate audit evidence through inspection, inspection, confirmation, or
examination of source documents (for example, canceled checks or bank images); Or, in general,
other procedures conducted in the audit Accordingly, the accountant will not express any opinion
about financial state...


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