Modern College of Business and Science Accounting Questions see file attached …………………… ……………………………… ….. HIG

Modern College of Business and Science Accounting Questions see file attached

……………………

………………………………

….. HIGHERCOLLEGE OF TECHNOLOGY
DEPARTMENT: BUSINESS STUDIES
Final Examination:
Assignment Based Assessment 4
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 1)
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
8
7
6.5
7
10
6.5
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. Transactions and valuation methods are treated the same way from year to year, or period to period.
Users of accounts can, therefore, make more meaningful comparisons of financial performance from
year to year. Where accounting policies are changed, companies are required to disclose this fact and
explain the impact of any change.
Base up on the scenario: Identify which type of principles and justify your answer (1 mark)
2. Mex Cars is a motor vehicle distributor that prepares its accounts on the calendar-year basis. Ten cars
are purchased during 2020 for OMR4,500 each and sold for OMR6,000 each.
You are required Calculate profit by matching revenues with expenditures (1 mark)
3. Ms. Kareema, a shoe-making company, recruited a new CEO (Mr. Kareem) on January 10th, 2008.
The new CEO worked days and nights to show the board members his abilities. Finally, he
made a deal with a British company (company A) to sell 1,000,000 shoes at a price of OMR100 per
unit. After six months of transportation and customs clearance, Ms. Kareema completed the delivery
on October. Company A agreed to pay Ms, Kareema OMR100 million on January 2009.
a) Base up on the scenario in the cash basis accounting, Ms. Kareema’s revenue in 2008, how much
justify your answer (1 mark)
b) Base up on the scenario However, the accrual basis accounting, Ms. kareema”s revenue in 2008,
how much justify your answer (1 mark)
4. On Jan. 1 st , 2008, Mr. Khaleel has received an advance payment (OMR30,000) of 3 years’ rent
(until Dec. 31 st , 2010). Annual rent is OMR10,000.
In the example above, Mr. Khaleel received a cash payment of OMR30,000 on Jan. 1 st , 2008.
Identify the type of journal entry that Mr. khaleel recorded in the accounting book. (1 mark)
Use the Following information for the Question Numbers 5 to 10.
Mr. Najeeb 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. Najeeb invested cash 40,000, motor van value OMR 5,000
January 2. Paid 6000 cash for the rent of office for the next four months.
January 3. Purchased other machinery tools OMR 900 on credit.
January 4. Will be appointing a helper in the next month OMR 100.
January 8. Completed work for a client and collected cash OMR 700
January 10. Perform services for a client and sent a bill OMR 500 to be paid after.
January 12. Purchased supplies OMR 7,000 in cash.
January 14. Mr. Najeeb has booked machinery for OMR 900 and the expected delivery of machinery will be in
the month of March.
January 15. Received cash OMR 6000 from a client for the service to be provided for 3 months.
January 17. Pay home expenses from his personal fund OMR 250
January 18. Collected OMR 100 on the amount owed by the client.
January 22. Purchased computer and returned it back on the same day as it was defective OMR 290
January 25. Paid cash OMR 550 for liability on the machinery tools
January 28. Owner withdrew OMR. 400 cash for personal use.
January 30. Completed work for another client OMR. 1000 but paid only for 50% of the amount. The remaining
agree to pay later.
January 31. Paid wages of helper. OMR 850.
January 31. Planned to purchase additional supplies of OMR 510.
January 31. Received utility bills OMR 400.
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 OMR1500
Office supplies at the end of the month 2200.
Unearned revenue OMR 4000. At the end of the month.
The motor van has useful life 5 years and residual value OMR 1000
The earned revenue not recorded at the end of the month OMR 1000.
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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