College of Banking and Financial Studies Principles of Accounting Questions Which subject: accounting If there is any program to use : Calculations and t

College of Banking and Financial Studies Principles of Accounting Questions Which subject: accounting

If there is any program to use :

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Turnitin report needed HIGHERCOLLEGE OF TECHNOLOGY
DEPARTMENT: BUSINESS STUDIES
Final Examination:
Assignment Based Assessment 5
Semester: II
A. Y.: 2019 / 2020
Diploma I Year
th
Start Date: 04 June
Time: 07: 00 pm
Due Date: 06th June
Time: 07:00 pm
Student Name
Student ID
Specialization
Accounting
Section
Level
Diploma Second Year
Course Name
Principles of Accounting 1
Course Code
BAAC 1102
(Version )
For official Use Only
Question No.
Max. Marks
1
2
3
4
5
6
7
8
9
10
Grand Total
Marks
1
1
2
1
6.5
7
6.5
7
10
8
Obtained
Marks
Question No.
1
2
3
4
5
6
7
8
9
10
50
Max.
Marks
1
2
1
1
6.5
7
6.5
7
10
8
50
First Marker:
Second Marker:
Date:
Date:
Obtained
Marks
Guidelines for Students to Submit the Assignment:
1)
2)
3)
4)
5)
6)
The final assessment for semester 2, 2019-20 will be done through comprehensive assignment for a
maximum of 50 marks. The schedule of the final assessment is available in the college website.
https://www.hct.edu.om/about/the-college/announcements/final-assessment-timetable-041620
All the students are expected to have only one assignment at one time. In case, if the students have more
than one assignment on the same day, please report to the exam committee through the following mail
id. exam.bus@hct.edu.om as soon as possible.
All students are given 48 hours to complete and submit each assignment from the day, date and time the
assignment is uploaded. Students are advised not to wait till the last moment of the deadline to submit the
assignment.
The students can check the assignment anytime and any number of times from the opening of the
assignment. The answer to the assignment need to be uploaded in e-learning within 48 hours.
The answer to the assignment can be uploaded only one time. No requests for resubmission of the
assignment will be entertained.
The students may contact the following mail Ids if they face any difficulties while related to final
assignment.
a. For Academic related
support :
b. Business Courses
f.
g. anand.kalimani@hct.edu.om
h. karri.krishna@hct.edu.om
i. ramil-ecot@hct.edu.om
c. For Technical Writing 1
j. khulood.aiadi@hct.edu.om
d. For Technical Writing 2
k. jocelyn.balili@hct.edu.om
e. For
Technical
Communication
l. For issues related to e-mail
accounts and Microsoft
Teams
n. Any issues related to ELearning Moodle
p. Any
other
IT
Troubleshooting
m. office365support@hct.edu.om
o. support.elearning@hct.edu.om
q. helpdesk2@hct.edu.om
7)
Students may contact their respective lecturer through college email (within the 48-hour period given) if
they have any doubts and clarifications on the assignments.
8) Students should be aware that this assignment is an independent assessment. Students are not allowed to get
help from any other person during the assessment period.
9) Students assignment will be checked for plagiarism through Turnitin software. This assignment will be
assessed as per the College Assessment Policy. Student will be investigated in case of plagiarism as per the
College policy and procedures. The maximum acceptable similarity index is 25%.
10) In case the students face any technical issues regarding the submission of assignment, the answer to the
assignment can be mailed to the concerned lecturer within the 48-hour period using college email.
2. 11)Any assignment submitted after the 48-hour period will not be considered for evaluation.
3. 12)The assignment should be submitted only with the file in MS Word document. No other format is
acceptable at all (e.g. pictures, JPEG, PDF, etc).
4. 13)The students need to answer the assignment in the prescribed number of words as mentioned in the
assignment.
5. 14)The students need to follow the following format while preparing the assignment :
i. Font Style: Times New Roman
ii. Font Size: 12 point for body and 14 point for Headings
iii. Line Spacing: 1.5
iv. Margin: 2.54cm (One inch) on all the sides
v. Page Number : At the bottom right hand corner of each page
vi. Colour: All words should be in black colour
6. 15)Students who will fail to submit their assignment as per the deadline given are required to make an
online appeal along with the valid excuses as the guidelines which will be announced through the college
website or e-learning portal within three days from the date of submission deadline.
Instruction: Answer all the questions with workings in detail.
1. Mr.Ali used to purchase stationeries for his business organization from Al Fahir stores for 100 rials every
month. In May 2020 he purchased stationaries but lost the bill, so he has not recorded the transaction. You
are requested to mention this type of activities comes under which type of Generally Accepted Accounting
principle and give reason.(1 Mark)
2. Mr.Abdullah wants to starts a restaurant in different locations in Muscat. Which type of organization suits
for him if he needs huge amount of capital. (1 marks)
3. “Partnership organization is better than sole proprietorship and company is better than partnership with
respect to liability”. Do you agree. If yes/ no justify your answer. (2 mark)
4. Mr. Zuhair Started Car cleaning services in Ruwi with a capital of OMR 40,000 and earns a profit of OMR
1,500 at the end of the year. He spends OMR 200 to purchase clothes, OMR 250 to purchase mobile phone
for his personal use. Can Mr. Zuhair records his personal expenses in his Car cleaning service accounting
books? Explain the reason by justifying the result which relates to GAAP. (1 Mark)
Use the Following information for the Question Numbers 5 to 10.
Mr. Mohammed opened the accounting analyst services in January 2020. He plans to prepare the monthly
financial statement dated 31 January 2020. During this month period he completed the following transaction.
January 1. Mr. Mohammed invested cash 40,000, computer value OMR 4,000
January 2. Paid 3000 cash for the rent of office space for the next six months.
January 3. Purchased other office furniture’s OMR 2000 on credit from Tagheer company.
January 4. Hired a helper agree to him OMR 100.
January 8. Completed work for a client and immediately collected cash OMR 1,800
January 10. Perform services for a client and sent a bill OMR 4, 000 to be paid later.
January 12. Purchased supplies OMR 4,000 in cash.
January 14. Mr. Mohammed has booked a Machine for OMR 555 and paid 155 as down payment and it is
expected to deliver in the month of February.
January 15. Received cash OMR 3000 from a client for the service to be provided for the month of February
and March 2020.
January 17. Pay school fees for the kids from his personal fund.
January 18. Collected 1,000 on the amount owed by the client.
January 22. Purchased laptop and returned it back on the same day as it was defective OMR 199
January 25. Paid cash OMR 100 for liability on the office stationeries.
January 28. Owner withdrew OMR. 100 cash for personal use.
January 30. Completed work for another client OMR. 4,000 but paid only for 50% of the amount. The
remaining agree to pay later.
January 31. Paid salary of helper. OMR 300.
January 31. Planned to purchase furniture’s of OMR 600.
January 31. Received Telephone bill OMR 50.
From the above transaction you are required to prepare:
5.
6.
7.
8.
9.
Analyze the transaction by using accounting equation. (0.5 Mark*13 = 6.5 marks)
Prepare the Journal entries for the month of January. (0.25 for each account= 7 marks)
Post the entries and calculate the balances. (0.5 Mark*13 = 6.5 marks)
Use the balances to prepare the unadjusted trial Balance. (7 marks)
After completing the Unadjusted trial balance use the below information to prepare the Adjusted Trial
Balance. (10 Marks)
Additional information
a.
b.
c.
d.
e.
Rent expense for the month OMR 150
Office stationeries at the end of the month 500.
Unearned revenue OMR 1500. At the end of the month.
Depreciation of OMR 100 on furniture is to be recorded.
Salary outstanding to helpers OMR.50.
10. Use the adjusted Trial Balance to prepare Income statement, statement of owners’ equity and statement
of financial Position. (8 marks)
Good luck

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