Economics

Submission Deadline

Marks and Feedback

Before 6pm on:

/2020

15 working days after deadline (L3, L4, L5 and L6) xx working days after deadline (Foundation Programme)

Click or tap to enter a date.

Module title & code

AC 04 -1: Introduction to Accounting Information Systems

Assignment number and title

1A

Assessment type

Individual Report

60%

Module learning outcomes

· Knowledge and Understanding

Demonstrate theoretical understanding needed for the operation of a computerized Information system for generating financial statements and creating spreadsheets in areas of accounting.

· Skills and Abilities

Demonstrate practical skills to create, organize and interpret data and information into meaningful accounting information reports.

What am I required to do in this assignment?

Required: With reference to the case below,

1. Demonstrate your knowledge of the Tally Software by preparing a schedule which shows the classifications that you would use to create Accounting groups, ledger Accounts, Accounting and Inventory Vouchers as well as the Stock base of Mohammed Al Zadjali Trading Company.

2. Evidence your knowledge of the Tally Software by preparing a schedule that shows your choice of appropriate voucher to be used to record the above transactions as well as the Double Entry System of Accounting that would be followed by Mohammed Al Zadjali.

CASE:

Mohammed Al Zadjali recently graduated from Majan University College. In line with Vision 2040 of the Sultanate of Oman, he decided to start a new small business in his hometown of Sohar, thus creating employment for himself and a few others. He decided to enter the foodstuff trading business as his research told him that with an increasing population and the expanding Sohar Industrial estate, a foodstuff business would definitely succeed in Sohar. So he applied and was granted a license to start a food stuff business under the name of Mohammed Al Zadjali Trading Company.

Right now, he is dealing mainly in Grains such as Rice, Flour, Broken wheat (Harees) and Lentils such as Garbanzo beans which he measures in grams or kilograms.

As an accounting graduate, he studied the module of Introduction to Accounting Information Systems, in which he was taught Tally ERP 9, a global Enterprise Resource Planning and Accounting software preferred by Small and medium sized enterprises.

Armed with this knowledge and skills, he decides to manage the Accounting and inventory management aspects of own business, while appointing experienced staff for other functions. He installed Tally ERP 9, his preferred software as it is one of the most user friendly software’s in the market and creates his company “Al Zadjali Trading Company” in the system. On surveying the system he sees the default Account groups are inadequate and he decides to create additional groups in order to streamline his accounting systems. He immediately creates specific accounting groups such as Selling expenses, Distribution expenses, Manufacturing expenses, Administration expenses and Finance expenses.

Since it had been a couple of years since he used Tally, he decided to refresh his memory and creates a few test ledger Accounts. The test Accounts he created were ledger Accounts such as Fuel bills, Municipal charges, Depreciation of shop equipment, Interest on loan, Consultants fees, Cost of goods sold , Staff recruitment expenses, Shop signboard, Stationery and Equipment Account. Confident after his test run, he set about to record his actual day to day transactions.

As he set out to record his transactions, he realised that even though Tally gave him a few default voucher formats, they did not serve his precise purpose and he decided to create suitable voucher formats to suit his specific requirements. He realised that he needed tailor made vouchers for recording Cash and Bank Payments as well as Receipts, cash and credit purchases and sales along with both local and foreign purchase orders.

He starts his business in January 1, 2020 with cash OMR 40000, furniture OMR 10000, motor vehicle OMR 6000. He also gave fixtures of OMR 4000 to the business. He opened a bank account on the same day with the Oman Arab Bank, Sohar branch and deposited his cash OMR 40000 in the business Account. On January 2, he withdrew cash from Bank OMR 10000 to make some business payments. He needed to bring in his inventory and sent out two purchase orders. The first order, placed on January 3 was sent to Hamriya Trading Company, Muscat for 1000 kgs of Rice @ OMR 2 each and 1000 kgs of Flour @ OMR 1 each and another order was dispatched to Moon Trading Company, United Arab Emirates, for 5000 kgs of Harees @ OMR 1 each and for 3000 kgs of Garbanzo beans@ OMR 2 each. On January 3, he paid Rent for the next 6 months advance @ OMR 300 per month. On January 4, He paid for advertising OMR 500, insurance OMR 250 and stationery OMR 100 cash. On January 5 Mohammed paid his son’s school fees. He issued a cheque from the business account with Oman Arab Bank for OMR 200 to the school. He employed some daily wage workers. On January 6, he paid them their wages OMR 250 cash but my mistake recorded it incorrectly to Insurance Account. On realizing his error, he immediately reversed his entry on the next day. On January 8, He purchased some more furniture for OMR 2000. This included OMR 1000 for a sofa set for his new house. The cheque was issued from the business account with Oman Arab Bank. On January 9, he purchased warehouse fixtures for OMR 5000 with OMR 2000 cash and the balance with a loan from Oman Development Bank. On January 10, he received the goods from Hamriya Trading Company and also an invoice for the purchases.

On January 11, he paid for carriage OMR 100 for bringing in the stock items from Muscat. On January 12, he received the goods from Moon Trading Company , United Arab Emirates and also an invoice for the purchases

However on receipt he detected that 2 bags of 100 kgs rice were damaged and returned it to the Hamriya Trading Company and dispatched a debit note accordingly

On the next day he recorded his first major sale to Marwan Trading Company, Saham and also invoiced them

On January 15, he recorded his second major sale to Samaira Trading Company, Shinas and dispatched a sales invoice with the goods.

On January 16, he received a call from Marwan Trading Company that they had received 10 kilos of damaged stock and were returning the same. On receipt Mohammed prepared and dispatched a credit note for the transaction

On January 17he contacted Moon Trading Company and checked with them if they would give him a discount. Moon Trading agreed to give him a trade discount of OMR 1000 for continued business. He immediately prepared a payment voucher for the same.

On January 18, he sold the old motor vehicle for OMR 6000 cash.

On the next day he bought a new truck for OMR 10000. He paid off the OMR 6000 cash that he received from selling the old vehicle and the rest he paid from a short term loan from Bank Sohar.

On January 20, he requested Marwan Trading Company for an early settlement in exchange of a discount of OMR 160. They agreed and he received a cheque for the balance amount. He sent Marwan Trading Company a receipt for the amount received

Guidelines

THE GUIDELINES ARE ALSO SEPERATELY UPLOADED ON MOVE AND CAN BE USED AS A TEMPLATE FOR SUBMISSION

TASK 1: CREATE ACCOUNTING GROUPS - (pl check screen shot BELOW)

TASK 2: CREATE LEDGER ACCOUNTS

(including the ledger Accounts that you would need to create for Task 5 )

TASK 3 - CREATE STOCK ITEMS, STOCK GROUPS AND UNITS CREATION

TASK 4 - CREATE VOUCHERS

TASK 5 – RECORD ALL TRANSACTIONS

CLASSIFICATION CHART THAT CAN BE USED FOR CLASSIFICATION OF GROUPS AND LEDGER ACCOUNTS

Deliverables

Submission

Submission of the individual report will be done via Turnitin Link on MOVE. At the time of submission, you need to make sure that the assignment is your own and all the sources have been acknowledged.

Is there a size limit?

No limit for the MS Word file

What do I need to do to pass? (Threshold Expectations from Module Descriptor)

In order to pass the assessment you will need to:

· Demonstrate knowledge of importance and components of a good Accounting Information System.

· Create vouchers, ledger accounts and record transactions using the same.

How do I produce high quality work that merits a good grade?

To achieve higher grades students have to demonstrate evidence of knowledge of operating the Tally Accounting software.

During the practical sessions, guidance and help relating to the conceptual framework will be given. The practical sessions will be used to develop the prerequisite knowledge and skills needed to do the assignment successfully. Note that you will also be expected to work outside of the practical sessions.

How will my assignment be marked?

Your assignment 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.

X

CRITERION FOR WRITTEN REPORT

Weighing (%)

Sub Standard / No Attempt (0 Marks)

Poor (20 Marks)

Satisfactory (40 Marks)

Good (50 Marks)

Very Good (60 Marks)

Excellent (70 Marks)

Outstanding (100 Marks)

1

Information and Research

Completion of Tasks, Detailed information search

20

· There is no evidence for information search/ Tasks are incomplete.

· Sources not used to support substantive assertions or argument.

· Information search is not adequate. Very limited resources are used to discuss the tasks.

· Limited and uncritical use of a restricted range of sources

· 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.

· Relevant information search is evident, but not adequate.

· There is a good attempt to address the tasks.

· All the tasks are discussed but one or two tasks lack focus or clarity.

· 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.

· All tasks are discussed properly.

· 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.

· Use of a wide range of appropriate sources, indicating critical awareness of their status and relevance.

· 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.

2

Understanding of Issues. Reference to appropriate theoretical background, illustrations

20

· No evidence of understanding the issues.

· Limited evidence of understanding the issues.

· General understanding of the various issues. Some reference to related theoretical background is evident.

· 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.

·

· 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.

3

Application and Analysis

Detailed discussion on the tasks involved and critical awareness

35

· 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.

· 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.

· Use of a range of appropriate sources. but without critical evaluation, or missing some significant items

· Evidence of a general critical stance. Evidence of limited critical evaluation in some areas, with some lost opportunities or misunderstandings.

· There is good evidence for critical analysis and reasoning in some areas.

· Evidence of critical evaluation in some areas, although some material not evaluated.

· Use of a wide range of appropriate sources with some critical awareness of their status and relevance

· 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.

· Evidence of good

critical appreciation

and evaluation of

relevant theory and research and a systematic attempt to relate it to the topic

· Excellent analysis of the information and precise application to the case. Critical reasoning is evident while discussion of all the tasks.

· Evidence of thorough critical appreciation and

evaluation of relevant theory and research and a systematic and

creative attempt to relate it to the topic

· Critical reasoning is consistently evident across the discussions. The tasks have exemplary discussion and detailed narration.

4

Presentation and structure:

Clear introduction, logical structure, reference to appropriate theoretical background, illustrations, good use of the limited number of words allowed, clear layout, overall organisation of the report.

15

· 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

· 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.

· More than occasional errors or misspellings.

· The report is well organized. There is orderliness in the structure. Coherence is also evident but there is still scope for improvement.

· A generally well-structured 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

· Reads easily. Is well organized

· 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.

5

References

10

· The references do not clearly comply with the basic requirements of HARVARD STYLE format.

· 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.

· Some sources of information are relevant while others are dated.

· 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.

· Majority of the sources are relevant and current.

· 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.

· Sources used to support the discussions are relevant and current.

· The report demonstrates excellent HARVARD STYLE formatting skills. In-text 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.