Accounting assigment

( Arab Open University Faculty of Business Studies )

TMA: Tutor Marked Assignment

Academic year: 2014/15 Semester:  First  Second  Summer
1. Program: BA in Business Studies
2. Track: Accounting
3. Course Code: BE210 (BE210/4)
4. Course Title: Introduction to Financial Accounting
5. General Course Coordinator, GCC: Dr. Asma Assaf
6. TMA Grade Distribution:
Criteria	Content	Deductions: Format & Presentation; Referencing; Word count and E-library	Total marks
	30 Years of Returning Goals into Milestones (Zain)
Marks	100	<0-4> each ; in total maximum deductions <0-16>	100

About TMA:

The TMA covers the financial accounting concepts and practices in the businesses; as you work, you will gain confidence in your ability to use the financial statements of real company. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 4. This TMA requires you to apply the course concepts.

The TMA is intended to:

· Increase the students’ knowledge about the reality of the accounting as a profession .

· Assess students’ understanding of key learning points within chapters 1 to 4.

· Develop the ability to understand and interact with the nature of the financial statements in reality .

· Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.

· Develop basic ICT skills such as using the internet.

The TMA requires you to:

1- Review various study chapters (from Chapter 1 to 4) of the textbook ‘Horngren’s Financial and Managerial Accounting” and apply some of the concepts within it.

2- Conduct a simple information search using the internet.

3- Present your findings in not more than 1,300 words.

4- You should use a Microsoft Office Word and Times New Roman Font of 14 points.

5- You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.

General instructions for students:

· Plagiarism: It’s imperative that you write your answers using your own words. Plagiarism will be penalized depending on its severity and according to AOU plagiarism policy.

· Word count: your answers are expected to be within the specified word count. A 10% deviation from word count limit is acceptable. Not adhering to specified word count could result in the deduction of up to 4 marks of your total TMA mark.

· Referencing: You are expected to use the Harvard referencing style for in-text referencing and list of reference at the end. Failing to do so could result in the deduction of up to 4 marks of your total TMA mark.

· E-library: You are expected to use E-library sources to support your answers. A minimum of 3 sources is required for TMA as a whole. Failing to do so could result in the deduction of up to 4 marks of your total TMA mark.

· Format and Presentation: In your answer, you should explain each point or inquire separately. Use the following headings (below) to make up the different sections of your answer:

PT3 form (Cover)	Available on LMS
Contents	Title and contents page
TMA	30 Years of Returning Goals into Milestones (Zain)
Reference list	Recorded according to the Harvard style - Available on LMS

Failing to do so could result in the deduction of up to 4 marks of your total TMA mark.

The TMA Questions

30 Years of Returning Goals into Milestones

(Zain)

·

is a leading mobile telecommunications provider in the Middle East and North Africa. They began life in 1983 in Kuwait, as Mobile Telecommunications Company (MTC), the region’s first mobile operator. In 2008 they became the 4th largest mobile operator in the world in terms of geographical presence, with operations in 15 African countries and 7 in the Middle East.

·

Years of returning goals into milestones, Zain addressed its 2013 annual report. To download it Access Zain web page at: http://www.zain.com/home/ From Zain’s home page and then “Investor Relations”, click on “Financial Reports”, followed by “Annual Report”, then select a year 2013 in English to display and download “Annual Report 2013” on (PDF) Form – 148 pages

Instructions:

Use the annual report to answer the following questions, Start from page 93 “Consolidated annual financial statements and independent auditor’s report 31 December 2013” (Each question weight 10 marks; total 100)

1- What are the main components of Zain “Consolidated annual financial statements and independent auditor’s report 31 December 2013”? And Zain financial statements are prepared in conformity with which standards?

[10 marks]

2- Go through “Independent auditor’s report to the shareholders” and answer the following questions:

a. Who is responsible for the preparation of financial statements?

b. What’s the independent auditor’s name and what’s their responsibility?

c. When the independent auditor’s report was dated (signed)? Is it different from balance sheet date “consolidated statement of financial position”?

[10 marks]

3- What were Zain’s total assets at 31 December 2013? At 31 December 2012? Write Zain’s accounting equation at 31 December 2013, by filling “Assets=Liabilities Stockholders’ Equity”.

[10 marks]

4- Identify Revenues for the year ended 31 December 2013. How much did Revenues increase or decrease from 2012 to 2013? How much net income or net loss did Zain earn for 2013 and for 2012? Based on net income, was 2013 better or worse than 2012?

[10 marks]

5- “The accompanying notes are an integral part of these consolidated financial statements.” statement always appears at the end of financial statements Discuss briefly this statement (you need to make simple information search here)

[10 marks]

6- What was the Cost of Zain’s “Property and Equipment” As at 31 December 2013? What was the amount of their “Accumulated Depreciation” As at 31 December 2013? What was their “Net book value” as at 31 December 2013? And how does “Property and Equipment” differ from “Intangible Assets”?

[10 marks]

7- For 2013, record adjusting and closing entries for “depreciation and amortization” account; and briefly explain how does failing to record depreciation considered an ethical issue?

[10 marks]

8- From Zain Financial statements derive two accounts as an example of each of the following:

a. Temporary accounts;

b. Permanent accounts;

c. Debit normal balance.

d. Credit normal balance.

e. Prove that Zain uses Accrual base.

[10 marks]

9- For the two recent years (2013 and 2012), calculate current ratio for Zain (Show your work in calculating this ratio) what is meant by this ratio? Comment briefly on your findings regarding Zain’s current ratio trend (improve, worsen or hold steady).

[10 marks]

10- For the two most recent years (2013 and 2012), are assets primarily financed by debt or owner’s equity for both years 2013 and 2012? Explain your reasoning using debt ratio.

[10 marks]

End of questions,

( GOOD LUCK Dr. Helal Afify )

1	Faculty of Business Studies – Arab Open University

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