حل واجب BE210
واتس 00966562053739
Academic Year: 2021/2022
Semester: Fall 4 pages
Program: BA in Business Studies
Track: Accounting
Course Code: BE210 (BE210/4)
Course Title: Introduction to Financial Accounting
General Course Coordinator, GCC: Dr. Hany Elzahar
Cut-off date: To be determined and announced by Dean’ office.
TMA Grade Distribution:
Criteria
Q1
Content
Deductions:
Format & Presentation; Referencing;
Word count and E-library
<1 0> each ; in total maximum deductions <0 4 >
Total Marks
40
Essay Questions
Q2 and Q3
Accounting Problems
60
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:
Review various study chapters (from Chapter 1 to 4) of the textbook and apply some of the concepts within it.
Conduct a simple information search using the internet.
Present your findings and your answers within the specified word count.
You should use a Microsoft Office Word and Times New Roman Font of 12 points.
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. 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
Q 1: Essay Questions
Q2 and Q3: Accounting Problems
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.
Question 1: (40 marks)
The goal of accounting is to provide useful information for decisions.Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP).
Explain that sentence showing the qualitative characterstics of usefull information. [15 marks].
The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify the major users of accounting information and discuss what questions financial accounting information answers for each group of users. [25 marks].
Question 2: (30 marks)
1- Arab Delivery Service, Inc. completed the following transactions during January, 2019:
Shareholders invested in the business $30,000 cash and a delivery truck valued at $36,000 in exchange for common stock.
Purchased supplies for $1,500 cash.
Paid $2,750 for a one-year insurance policy, effective January1.
Performed delivery services for a customer and received $2,000 cash.
Completed a large delivery job for a customer on account for $7,500.
Paid $5,000 for employee salaries.
Performed delivery services for customers and received $55,000 cash.
Collected $2,500 in advance for delivery service to be performed later.
Collected $3,500 cash from a customer on account.
Purchased fuel for the truck, paying $1,800 with a company credit card (Credit accounts payable).
Performed delivery services on account, $4,750.
Paid office rent $1,200.
Paid $1,000 for accounts payable.
Paid cash dividends of $9,000.
Requirements:
Record each transaction in the journal. Key each transaction by its letter (Explanations are not required). [17.5 marks]
2- On August 1, Youssef established Wolf Company that provides driving lessons, by investing $90,000 cash in the business. Following are the assets and liabilities of the company on August 31, 2019, and the revenues and expenses for the month of August.
Cash $ 11,200- Notes Payable $60,000 -Accounts Receivable 14,400- Rent Expense 2,400 - Equipment 128,000- Repair Expense 800- Lesson Revenue 15,000 -Fuel
Expense 5,000 -Advertising Expense 1,000- Insurance Expense 800- Accounts
Payable 1,600
Youssef did not make any other investment in August, but he withdrew $3,000 in cash for personal use.
Required
Prepare income statement for the month ended August 31, 2019. (12.5 marks)
Question 3: (30 marks)
Using the following information, prepare a classified balance sheet for ABC Company as at 31 December, 2019:
Inventories
$30,000
Plant and equipment
$60,000
Short-term borrowings
$10,000
Trade payables
$40,000
Long-term borrowings
$124
,000
Property
$150,000
Motor Vehicle
$30,000
Trade receivables
$45,000
Cash
$10,000
Equity at Dec 31, 2014
$151,000
Drawings
$15,000
Profit
$15,000
Determine:
1- Non-current Assets
2- Current Assets
3- Non-current Liabilities
4- Current Liabilities
5- Total Equity
6- Total Assets
End of TMA Questions
Good Luck
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