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All requirements in the file attached Similarity less than 10\%Turnitin report needed For any pac__buss_b_1004____spring_20___cw_1_case_study.pdf Unformatted Attachment Preview Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP 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 BUSS B 1004 QP Page 1 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP 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 i. Accounts Receivables f. j. g. Computer & Software k. Drawings h. Sales l. Insurance expenses Purchases Salaries 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 BUSS B 1004 QP 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 Page 2 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP Formatting, Referencing, cover page and table of contents Total marks 5 100 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 Outstanding Q1. Preparation of demonstration Journal Entries and layout of entries. All (50 marks) entries comprising of the date, account titles and amount are correct in the journals. 70-79 Very Good 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. 60-69 Good 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. 50-59 Satisfactory 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 0-49 Unsatisfactory Superficial and shallow demonstration and layout of entries. This occurs when there are fundamental and consistent errors observed. 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. Superficial and shallow attempt Q2. Preparation of end of month report to account for the incomes and expenses in cash basis accounting. (15 marks) Q3. Preparation Excellent of end of month demonstration BUSS B 1004 QP Very good Good understanding understanding Satisfactory understanding Most of the entries are incorrect comprising of the date, account titles and amount. Page 3 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP 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 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. Very good demonstration and explanation of FIVE differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Good demonstration and explanation of the differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Satisfactory demonstration and explanation of the differences between cash and accrual accounting citing recent and appropriate references using Coventry Harvard Style of referencing. Acceptable Limited connect examples to the case given. depicting real life Outstanding Very good practical scenarios examples examples but connect to the depicting real depicting real case given is life practical life practical limited. scenarios and scenarios and connecting to connect to the the case given. case given. Outstanding Very good Good referencing Satisfactory referencing referencing using Coventry referencing using Formatting, using Coventry using Coventry Harvard Style, Coventry Harvard referencing, Harvard Style , cover page and Style, Cover page cover page and Harvard Style, cover page, cover page, table of contents and table of table of and table of and table of and very good contents and contents. contents and contents and formatting. adequate (5 marks) Outstanding Very good formatting. Formatting Formatting BUSS B 1004 QP 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. 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. Superficial and Shallow referencing using Coventry Harvard Style, Cover page and table of contents and Shallow formatting. Page 4 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP 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 reregister the module B. Second Offence of Malpractice/Ghostwriting/Collusion BUSS B 1004 QP Page 5 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP 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. II. III. IV. 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. 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 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. 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. BUSS B 1004 QP Page 6 of 7 Principles of Accounting (BUSS B 1004) – Spring 20 - CW 1 (IA) - All -QP 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. BUSS B 1004 QP Page 7 of 7 ... Purchase answer to see full attachment