Use the data from table to solve
Q1.Record each of the above transactions in a general journal. Explanations may be omitted. Use the following account titles to journalize the above transactions:
a. Cash
b. Accounts Payable
c. Accounts Receivable
d. Insurance Expense
e. Utility Expense
f. Capital
g. Service Fee income
h. Material
i. Withdrawals
j. Office Equipment
Q2. Prepare the end-of-month report to account for the incomes and expenses of Baushar Enterprises under Cash basis accounting.
Q3. Prepare the end-of-month report to account for the incomes and expenses of Baushar Enterprises under Accrual basis accounting.
Q4. What are the main differences between cash and accrual accounting? The student may identify and discuss giving example for both cash basis and accrual basis of accounting.
Principles of Accounting (-BUSS 1003) -CW1-IA-Spring -19 -QP
Individual Assignment- Spring 2019
Module: Principles of Accounting (BUSS 1003)
Level: 4
Max. Marks: 100 (Weightage 30%)
Duration: 4 weeks
Instructions to Student:
Students should read the assignment details carefully and answer all questions.
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. Mohammed formed Bausher Enterprises on October 1, 2018. During the month, the following financial transactions
occurred:
2018 October
1 Mohammed invested OR 200,000 in the new business.
6 Bausher Enterprise provided services to Xerox on account for OR 40,000
8 Acquired supplies from the producers for OR 120,000. ( Supplies are charged to expenses
immediately ).
10 Services provided for cash OR 25,000
12 Paid Communication expense for OR 10,000
16 Purchased material on account for OR 20,000.
21 Paid to Al Khimji OR 2,000 cash for utility expenses.
23 Paid OR 8,000 cash for the material purchased on November 16
24 Received OR 30, 000 in cash from Xerox for services provided on November 6.
31 Withdrew OR 3,000 for personal use
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 a general journal. Explanations may be omitted. Use the following account
titles to journalize the above transactions: (50 marks)
a. Cash
b. Accounts Payable
c. Accounts Receivable
BUSS 1003 (QP)
Page 1 of 4
d. Insurance Expense
e. Utility Expense
f.
Capital
g. Service Fee income
h. Material
i.
j.
Withdrawals
Office Equipment
Q2. Prepare the end-of-month report to account for the incomes and expenses of Baushar Enterprises under Cash
basis accounting. (20 marks)
Q3. Prepare the end-of-month report to account for the incomes and expenses of Baushar Enterprises under Accrual
basis accounting. (20 marks)
Q4. What are the main differences between cash and accrual accounting? The student may identify and discuss giving
example for both cash basis and accrual basis of accounting. (6 marks)
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 table of contents, answers to the requirements and appropriate references, if
necessary. Use Harvard style of referencing.
3. 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.
4. Last date of submission: 8th week of the semester. The assignment should be submitted on time through
Moodle. Late submission shall be penalized as per the norms of MEC mentioned in the Module Information
Guide.
Maximum marks to be awarded for this assignment is 100. The evaluation criteria follows:
Criteria
Marks
1. Journal entries
50
2. Calculation of net income under cash basis
20
3. Calculation of net income under accrual basis
20
4. Differentiation between cash and accrual basis accounting
6
Formatting, referencing, cover page and table of contents
Total marks
BUSS 1003 (QP)
4
100
Page 2 of 4
5. A viva – voce may be conducted as per the discretion of the faculty and it carries no marks.
6. Marks awarded in the assessment is provisional till it is approved by the Exam Board
7. Feedback will be given through Moodle and in the timeline as stated in MIG.
Clarification on Plagiarism Policy:
As per MEC policy, any form of violation of academic integrity will invite severe penalty. Plagiarised documents, in part or in
whole, submitted by the students will be subject to this policy.
A. First offence of plagiarism
a. A 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.
b. Mark deduction: When the work is resubmitted, the marking will be undertaken according to the marking criteria. In
compliance with this policy, the 25% deduction is then made on the marks obtained. For example, in an assessment that
carries a maximum of 50 marks, suppose a student were to obtain 30 marks for the resubmitted work, the final marks for
that assessment will be 22.5 (after deducting 25% of the marks actually obtained for the resubmitted work).
c. Period of resubmission: The student will have to resubmit the work one week from the date he or she is advised to
resubmit. For example, if the formal advice to resubmit was communicated to the student on a Sunday (latest by 5 pm),
the student will have to resubmit the work latest by next Sunday 5 pm.
d. If the re-submitted work is also detected to be plagiarized, then the work will be awarded a zero.
e. Resubmission of the work beyond the maximum period of one week will not be accepted and the work will be awarded a
zero.
B. Any further offence of plagiarism
a. If any student is again caught in an act of plagiarism during his/her course of study (either in the same module, same
semester or in any other 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 re-submit the work.
C. Guidelines
a.
Type 1: In case plagiarism is detected in any component or part submission (submitted at different times) of one
assessment (assignment), the deduction in marks will be applicable for the whole assessment (assignment), even if only the
component or part submission alone needs to be resubmitted.
b.
Type 2: In case plagiarism is detected in a group assessment, all students of the group will be considered as having
committed an act of plagiarism irrespective of whether plagiarism is on account of the act of all or a few or only one
member. The policy will then be applied to all students.
BUSS 1003 (QP)
Page 3 of 4
c.
Type 3: Combination of Type 1 and Type 2: In case plagiarism is detected in any component or part submission
(submitted at different times) of a group assessment (assignment), the deduction in marks will be applicable for the whole
assessment (assignment), 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 irrespective of whether plagiarism is on account of the
act of all or a few or only one member. The policy will then be applied to all the students of the group.
d.
Type 4: Variation of Type 1 and Type 2: In cases where 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:
1. If plagiarism is detected in the group assessment component, all students of the group will be considered as having
committed an act of plagiarism, irrespective of whether plagiarism is on account of the act of all or a few or only one
member. The policy will then be applied to all students of the group. In such cases the group assessment component will
be resubmitted as per the policy.
2. If plagiarism is detected in the individual assessment component, the individual assessment component will be
resubmitted as per the policy. The policy will then be applied to that student alone.
3. In both cases (a) and/or (b), the deduction in marks will be applicable for the whole assessment (assignment).
D. Amount of similar material
a. The total amount of similar material in any form of student work from all sources put together should not exceed 30%
(including direct quotations).
b. The total amount of quoted material (direct quotations) in any form of student work from all sources put together should
not exceed 10%.
c. The total amount of similar material in any form of student work from a single source should not exceed 7 percent.
However, cases having a similarity of less than 7 percent in such cases may still be investigated by the faculty depending
on the seriousness of the case.
d. If faculty member find enough merit in the case of a student work with a similarity (with a single source) of more than
7 percent as not a case of plagiarism, the faculty member should provide detailed comments/remarks to justify the case.
BUSS 1003 (QP)
Page 4 of 4
CW1 – Individual Assignment – Principles of Accounting – BUSS 1003 –Spring 2019
80-100
70-79
60-69
50-59
0-49
MARKS
Distinction
Very Good
Good
Satisfactory
Unsatisfactory.
AWARDED
Criteria/Grade
Q 1: Preparation of Journal Entries
1. Recording each
of the above
transactions in
general journal.
2. Preparation of
end of month
report to account
for the incomes
and expenses in
cash basis
accounting.
Outstanding
demonstration
and layout of
entries. All
entries
comprising of the
date, account
titles and amount
are correct in the
journal.
Excellent
demonstration
and layout of the
various
constituents of
income,
expenses, total
expenses and net
income.
Very good
demonstratio
n and layout
of entries.
Four of the
journal entries
are adjudged
to be correct.
This is
inclusive of
the dates,
account titles
and amount.
Acceptable
demonstrat
ion and
layout of
entries.
Three of
the journal
entries are
adjudged to
be correct
excluding
two. This is
inclusive of
the date,
account
titles and
amount.
Adequate
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.
Superficial and
shallow
demonstration
and layout of
entries. This
occurs when
there are
fundamental
and consistent
errors
observed.
Very good
understanding
and layout of
the various
constituents
of income,
expenses,
total expenses
and net
income.
Minimal
deductions
will be taken
into
Acceptable
understandi
ng and
layout of
the various
constituent
s of income,
expenses,
total
expenses
and net
income.
Deductions
will be
Adequate
understanding
and layout of
the various
constituents of
income, total
expenses and
net income.
Maximal
deductions will
be taken into
consideration
for
misrepresentati
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
Most of the
entries are
incorrect
comprising of
the date,
account titles
and amount.
3. Preparation of
end of month
report to account
for the incomes
and expenses in
accrual
accounting
Excellent
demonstration
and layout of the
various
constituents of
income,
expenses, total
expenses and net
income.
consideration
for marginal
errors.
taken into
considerati
on for
partial and
misreprese
ntation of
figures in
the report.
on of figures in
the report
consideration
for
misrepresentat
ion of figures in
the report.
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.
Acceptable
understandi
ng and
layout of
the various
constituent
s of income,
expenses,
total
expenses
and net
income.
Deductions
will be
taken into
considerati
on for
partial and
misreprese
ntation of
figures in
the report.
Adequate
understanding
and layout of
the various
constituents of
income, total
expenses and
net income.
Maximal
deductions will
be taken into
consideration
for
misrepresentati
on 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
misrepresentat
ion of figures in
the report.
DIFFERENCES BETWEEN CASH AND ACCRUAL ACCOUNTING
4. Differences
between cash
and accrual
accounting.
Outstanding
demonstration
and explanation
of the differences
between cash
and accrual
accounting citing
recent and
Very good
demonstratio
n and
explanation of
the
differences
between cash
and accrual
Acceptable
demonstrat
ion and
explanation
of the
differences
between
cash and
Adequate
demonstration
and explanation
of the
differences
between cash
and accrual
accounting
Superficial and
Shallow
demonstration
and
explanation of
the differences
between cash
and accrual
appropriate
references using
Coventry Harvard
Style of
referencing.
Outstanding
examples
depicting real life
practical
scenarios.
accounting
citing recent
and
appropriate
references
using
Coventry
Harvard Style
of
referencing.
Very good
examples
depicting real
life practical
scenarios.
accrual
accounting
citing
recent and
appropriate
references
using
Coventry
Harvard
Style of
referencing.
citing recent
and appropriate
references
using Coventry
Harvard Style of
referencing.
accounting
citing recent
and
appropriate
references
using Coventry
Harvard Style
of referencing.
Acceptable
examples
depicting
real life
practical
scenarios
will be
considered.
Formatting, Referencing, cover page and table of contents.
Q4.
Outstanding
referencing using
Coventry Harvard
Style, cover page,
Formatting ,
and table of
referencing,
contents and
cover
page
Outstanding
and table of
Formatting
contents.
Very good
referencing
using
Coventry
Harvard Style
, cover page,
and table of
contents and
Very good
Formatting
Acceptable
referencing
using
Coventry
Harvard
Style, cover
page and
table of
contents
and very
good
formatting.
Adequate
referencing
using Coventry
Harvard Style,
Cover page and
table of
contents and
adequate
formatting.
Superficial and
Shallow
referencing
using Coventry
Harvard Style ,
Cover page and
table of
contents and
Shallow
formatting.
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