miyraz - Principles of Accounting

Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP

BUSS B 1004 QP Page 1 of 7

In Semester (Individual) Assignment – Spring 2020

Module: Principles of Accounting (BUSS B 1004)

Level: 1 Max. Marks: 100 (Weightage 50%)

Instructions to Student:

 This is an individual assignment.

 Students should read the case study carefully and answer all questions.

 Deadline of submission: 08/06/2020 23:59

 The marks received on the assignment will be scaled down to the actual weightage of the assignment which is 50%

marks.

 Formative feedback on the complete assignment draft will be provided if the draft is submitted at least 10 days before

the final submission date (on or before 29th May Friday).

 Feedback after final evaluation will be provided by 22/06/2020

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. Qais started the business during the month of Feb 2020. The business named, Majestic Computers sells all kinds of

electronic items including laptop computers, printer, scanner, desktop computers etc. During the month of Feb 2020, the following financial transactions occurred:

Feb 2020 Transaction details

1 Mr. Qais invested OMR 25,000 to start the business

3 Paid rent OMR 1,000

5 Purchased office furniture for business use on credit from Fahmy Furniture worth OMR 5,000

6 Purchased electronic goods for cash worth OMR 10,000

7 Purchased office computer and software for business worth OMR 2,000 for cash

10 Purchased electronic goods on credit from Arabia Traders worth OMR 10,000

12 Sold goods for cash – OMR 3,000

15 Sold goods for credit to MM Mobile Shop worth OMR 20,000

17 Paid Fahmy Furniture OMR 5,000 for office furniture purchased on 5th Feb

18 Paid Arabia Traders OMR 5,000 for electronic goods purchased on 10th Feb

Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP

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20 Paid salaries OMR 600

22 Paid Arabia Traders OMR 4,000 for electronic goods purchased on 10th Feb

24 Withdrew drawings OMR 500

26 Received cash from MM Mobile Shop OMR 3,000 for sales mentioned on 15th Feb

28 Paid Arabia Traders OMR 1,000 for electronic goods purchased on 10th Feb

29 Paid Insurance expenses OMR 500

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 general journal including the explantion/narration. Use the following account titles to journalize the transactions Majestic Computers: (50 marks)

a. Cash b. Capital c. Rent d. Furniture

e. Accounts Payables f. Purchases g. Computer & Software h. Sales

i. Accounts Receivables j. Salaries k. Drawings l. Insurance expenses

Q2. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Cash basis accounting. (15 marks)

Q3. Prepare the end-of-month report to account for the incomes and expenses of Majestic Computers under Accrual basis accounting. (15 marks)

Q4. Discuss FIVE differences between cash and accrual accounting based on review of relevant literature. The student

may identify and discuss by giving examples for both cash basis and accrual basis of accounting from the case study provided above. (15 marks – word range: 350 - 400)

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 title page, table of contents, answers to the requirements and appropriate

references and citations.

3. All resources should be cited using CU Harvard style.

4. 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.

5. Softcopy in word format is to be submitted through Turnitin link on Moodle.

6. Late submission shall be penalized as per the norms of MEC mentioned in the Module Information Guide.

7. The evaluation criteria follows:

Criteria Marks

1. Journal entries 50

2. Calculation of net income under cash basis 15

3. Calculation of net income under accrual basis 15

4. Differentiation between cash and accrual basis accounting 15

Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP

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Formatting, Referencing, cover page and table of contents 5

Total marks 100

8. A viva – voce may be conducted as per the discretion of the faculty and it carries no marks.

9. Marks awarded in the assessment is provisional till it is approved by the Exam Board

10. You can refer books in E Library or use internet resource. But you should not cut and paste material from

internet nor provide photocopied material from books. The assignment answers should be in your own words

after understanding the matter from the above resources.

11. Evaluation Criteria/ Rubrics:

Criteria/Grade 80-100 Distinction

70-79 Very Good

60-69 Good

50-59 Satisfactory

0-49 Unsatisfactory

Q1.

Preparation of

Journal Entries (50 marks)

Outstanding demonstration and layout of entries. All entries comprising of the date, account titles and amount are correct in the journals.

Very good demonstration and layout of entries. Most of the journal entries are adjudged to be correct. This is inclusive of the dates, account titles and amount.

Good demonstration and layout of entries. Few of the journal entries are adjudged to be incorrect. This is inclusive of the date, account titles and amount.

Satisfactory 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.

Most of the entries are incorrect comprising of the date, account titles and amount.

Q2. Preparation

of end of month

report to

account for the

incomes and

expenses in

cash basis accounting.

(15 marks)

Excellent demonstration and layout of the various constituents of income, expenses, total expenses and net income.

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.

Good understanding and layout of the various constituents of income, expenses, total expenses and net income. Deductions will be taken into consideration for partial and misrepresentation of figures in the report.

Satisfactory understanding and layout of the various constituents of income, total expenses and net income. Maximal deductions will be taken into consideration for misrepresentation 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 misrepresentation of figures in the report.

Q3. Preparation

of end of month

Excellent demonstration

Very good understanding

Good understanding

Satisfactory understanding

Superficial and shallow attempt

Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP

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report to

account for the

incomes and

expenses in

accrual accounting

(15 marks)

and layout of the various constituents of income, expenses, total expenses and net income.

and layout of the various constituents of income, expenses, total expenses and net income. Minimal deductions will be taken into consideration for marginal errors.

and layout of the various constituents of income, expenses, total expenses and net income. Deductions will be taken into consideration for partial and misrepresentation of figures in the report.

and layout of the various constituents of income, total expenses and net income. Maximal deductions will be taken into consideration for misrepresentation of figures in the report

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 misrepresentation of figures in the report.

Q4. Discussion

on differences

between cash

and accrual

accounting. (15 marks)

Outstanding demonstration and explanation of FIVE differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Outstanding examples depicting real life practical scenarios and connecting to the case given.

Very good demonstration and explanation of FIVE differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Very good examples depicting real life practical scenarios and connect to the case given.

Good demonstration and explanation of the differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Acceptable examples depicting real life practical scenarios but connect to the case given is limited.

Satisfactory demonstration and explanation of the differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Limited connect to the case given.

Superficial and Shallow demonstration and explanation of the differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing.

Formatting, referencing, cover page and table of contents. (5 marks)

Outstanding referencing using Coventry Harvard Style, cover page, and table of contents and Outstanding Formatting

Very good referencing using Coventry Harvard Style , cover page, and table of contents and Very good Formatting

Good referencing using Coventry Harvard Style, cover page and table of contents and very good formatting.

Satisfactory 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.

Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP

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Important Policies to be followed

1. Student Academic Integrity Policy*:

MEC upholds the spirit of academic integrity in all forms of academic work and any form of violation of academic integrity

shall invite severe penalty. Any benefit obtained by indulging in the act of violation of academic integrity shall be cancelled.

All cases of violation of academic integrity on the part of the student shall fall under any of the below mentioned

categories:

1. Plagiarism

2. Malpractice

3. Ghost Writing

4. Collusion

5. Other cases

If the student fails a module and has a proven case of academic integrity violation in this module, the student is required

to re-register the module. This is applicable to first and second offenders of plagiarism.

1. Plagiarism

A. First offence of plagiarism

I. If a student is caught first time in an act of plagiarism during his/her course of study in any assignment other

than project work, the 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.

II. Period of re-submission: The student will have to re-submit the work one week from the date he or she is

advised to re-submit.

III. If the re-submitted work is also found to be plagiarized, then that assessment will be awarded a zero mark.

Re-submission of the work beyond the maximum period of one week will not be accepted and the assessment

will be awarded a zero mark.

B. Second offence of plagiarism

If any student is caught second time in an act of plagiarism during his/her course of study (in a subsequent 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 resubmit the work. A warning of suspension shall be issued, and student has to sign an undertaking

and undergo counselling session in such cases.

2. Malpractice/Ghostwriting/Collusion

A. First offence of Malpractice/Ghostwriting/Collusion

If a student is caught in an act of Malpractice/Ghostwriting/Collusion for an assessment component

irrespective of coursework or end semester, the student shall fail the module and shall be required to re-

register the module

B. Second Offence of Malpractice/Ghostwriting/Collusion

Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP

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If a student is caught a second time in an act of Malpractice/Ghostwriting/Collusion for an assessment

component irrespective of coursework or end semester, the student shall fail the module. A warning of

suspension shall be issued, and student has to sign an undertaking and undergo counselling session in such cases.

3. Third Offence of Academic Integrity Violation

If a student is caught a third time in an act of Academic Integrity Violation for an assessment component irrespective of

coursework or end semester (in a subsequent semester), the student shall fail the module and also shall be suspended

for one semester from the College, as recommended by institutional level academic committee, Chaired by the Associate

Dean, Academic Affairs.

4. Fourth Offence of Academic Integrity Violation:

If a student is caught a fourth time in an act of Academic Integrity Violation for an assessment component irrespective of

coursework or end semester (in a subsequent semester), the student shall fail the module and also shall be expelled from

the College, as recommended by institutional level academic committee, Chaired by the Associate Dean, Academic Affairs.

5. Other cases

If a student commits an act of academic integrity violation as per the definition of “other cases” mentioned in the previous

section or of a different nature, student’s case shall be forwarded to an institutional level academic committee, Chaired

by the Associate Dean, Academic Affairs. The committee shall investigate the case by means of a viva and/or a disciplinary

hearing and shall take appropriate decision. The penalty that can be granted to a proven case of academic integrity

violation which falls in this category of “other cases” can be a warning/component zero/ module

fail/suspension/expulsion depending on the nature and gravity of the offence.

6. Types/Variations of Cases:

I. If plagiarism is detected in any component of one assessment, the deduction in marks will be applicable for the whole

assessment, even if only the component or part submission alone needs to be resubmitted.

II. If plagiarism is detected in a group assessment, all students of the group will be considered as having committed an

act of plagiarism and the policy will then be applied to all students

III. If plagiarism is detected in any component of a group assessment, the deduction in marks will be applicable for the

whole assessment 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 and the policy will then be

applied to all the students of the group.

IV. If 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:

a. If plagiarism is detected in the group assessment component, all students of the group will be considered as

having committed an act of plagiarism, The policy will then be applied to all students of the group. Group

assessment component will be resubmitted as per the policy.

b. If plagiarism is detected in the individual assessment component, the individual assessment component will

be resubmitted and the policy will then be applied to that student alone.

c. For both (a) and/or (b), the deduction in marks will be applicable for the whole assessment.

* for further details Refer to MEC Student Academic Integrity Policy in Student Handbook.

Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP

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2. Late Submission Regulations:

It is the students’ responsibility to check all relevant timelines related to assessments.

As per the Assessment Policy at MEC, late submissions are allowed for one week (5 working days) for all UG modules

with a penalty. In such cases, a deduction of 5% of the marks obtained for the submitted work shall be imposed for

each working day following the last date of submission till the date of actual submission. Assessment documents

submitted beyond a period of one week (5 working days) after the last date of submission will not be accepted and

will be awarded a zero for that assessment. In cases where the submission has been delayed due to extenuating

circumstances, the student may be permitted to submit the work without imposing the late submission policy stated

above. The extended period of submission will be one week from the original last date of submission. In such cases,

the student is expected to submit the supporting certificates on or before the original last date of submission of the

assessment and the decision of extension rests with faculty responsible for the assessment .The late submission policy

shall be applied if the student fails to submit the work within one week of the original last date of submission.

Students may contact their teachers for clarification on specific details of the submission time if required.

3. Research Ethics and Biosafety Policy

To protect and respect the rights, dignity, health, safety, and privacy of research subjects involved including the welfare

of animals and the integrity of environment, all student projects are expected to be undertaken as per the MEC Research Ethics and Biosafety Policy. Accordingly the following shall apply.

 Research and other enterprise activities shall be conducted by maintaining the high ethical standards consistent with

national and international standards and conventions.

 Any research at MEC that is categorized as high-risk research shall be subject to review and approval by the Research

Ethics and Biosafety Committee.

 Research activities involving collection of human or animal tissues and manipulation of microbial, animal or plant cells

shall be subject to review and approval by the Research Ethics and Biosafety Committee.

 Participants involved in research must be informed about the purpose of research and intended uses of research

findings. Written consent must be obtained from people involved prior to the commencement of research.

 Data obtained from participants must be treated with high confidence and should be used only for the intended

purpose of research.