Accounting Question

Module CodeModule Title
Module Credits
GAC4008
Financial Accounting
20
Academic Year and
Semester
Examination Board
Level & Block
2023-24, 2nd Semester
July 2024
4&1
Method of Assessment
Term
Weighting
WRIT1 Coursework
Mid-term
30%
Module Leader
Module Leader email
Ms Pavithra Shetty
shetty@gulfcollege.edu.om
Additional Information (if any)
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Contents
1. Assessment Details
2. Submission Details
3. Assessment Criteria
4. Further Information
 Who can answer questions about my assessment?
 Referencing
 Submission problems
 Unfair academic practice
 How is my work graded?
5. IV form
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Assessment Details
Assessment title
Abr.
Weighting
Coursework
WRIT1
30%
Pass marks for undergraduate work is 40%, unless stated otherwise.
Task/assessment brief:
This assignment requires you to prepare a 1200 – word report for the given below tasks.
1. Introduction (10 marks; 100 words)
Public limited companies regularly publish financial statement for its shareholders. However, the director of a
company is aware that there may be other groups who are also interested in company’s financial statements.
a. Outlines the objectives of producing financial statements.
b. Identify four other potential users of the company’s financial statements and explains their specific
information requirements.
2. Discussion (80 marks; 1000 words)
2.1 Give an example for each of the following types of transactions for the accounting equation:
i.
Increase in an asset, increase in owner’s equity or capital (1 transaction)
ii.
Increase in an asset, increase in liability (1 transaction)
iii.
Increase in one asset, decrease in another asset (1 transaction)
iv.
Decrease in an asset, decrease in liability (1 transaction)
v.
Decrease in an asset, decrease in owner’s equity (1 transaction)
On this topic, you are required to record the transactions, construct a table of the accounting equation, and show
the effects of the transactions on the assets, liabilities, and capital.
2.2 Give examples of financial transactions relevant to HR consultancy service.
i.
Business started by investing money into the business (1 transaction)
ii.
Asset purchased for credit (1 transaction)
iii.
Service rendered for cash and credit (2 transactions)
iv.
Expenses paid (1 transaction)
v.
Income received from other sources (1 transaction)
vi.
Money collected from debtors (1 transaction)
vii.
Payment made to creditors (1 transaction)
2.3. For the transactions recorded in the task (2.2), prepare the Pro-forma templates for the following:
a. Journal entries for the above transactions.
b. Post them to the appropriate ledger accounts.
c. Prepare the Trial balance from the ledger balances.
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3. Conclusion (10 marks; 100 words)
3.1. Based on the above understanding, conclude your task on the challenges faced by public limited
companies and the strategies followed to overcome them?
References
Use at least 5 sources preferably refereed accounting journals and books or e-books.
***END OF ASSIGNMENT TASK***
Additional instructions:
 To prepare the accounting equation, students need to provide five transactions as per the requirement.
 To prepare the template of the Journal, students need to provide eight transactions in total for the
business as per the requirement.
 Journal entries: eight debit entries, eight credit entries, eight narrations and the structure of Journal
accounts need to be followed.
 Ledger accounts: appropriate ledger accounts and the structure of ledger accounts need to be followed.
 Trial balance: relevant debit and credit balances and the structure of the trial balance need to be
followed.
 Provide a minimum of five (5) references and use the proper Harvard referencing style adopted by Gulf
College.
 Use Times New Roman or Arial as font style with 12 as font size.

Complete your report in the acceptable format of the Microsoft Word file and submit it to Turnitin.
*************
Word count (or equivalent):
1200
This is a reflection of the effort required for the assessment. Word counts will normally include any text, tables,
calculations, figures, subtitles and citations. Reference lists and contents of appendices are excluded from the
word count. Contents of appendices are not usually considered when determining your final assessment grade.
Academic or technical terms explained:

Accounting equation – The Company’s total assets are equal to the sum of liabilities and owner’s equity.

Journal – Used to record all financial transactions of a business in the accounting books.

Ledger – The book in which accounts are maintained is called a ledger. It is also known as the book of final
entry.
Trial balance – Statement that lists the ledger account balances at a point in time.
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Submission Details
Submission
Deadline:
th
Mid – 25 April 2024
Estimated Feedback
Return Date
After the result
announcement (10 working
days) – July 2024 EB
Submission
Time:
9:00 PM
Turnitin:
Any assessments submitted after the deadline will not be marked and will be recorded as
a non-attempt unless you have had an extension request agreed or have approved
mitigating circumstances. See the Gulf College website for more information on
submission details and mitigating circumstances.
File Format:
The assessment must be submitted as a word document and submit through the Turnitin
submission point.
Your assessment should be titled with your:
Student ID number, Module code and Assessment ID,
e.g. 1610200 GAC4008 WRIT1
Feedback
Feedback for the assessment will be provided electronically via Turnitin / MS Teams / Face
to Face. Feedback will be provided with comments on your strengths and the areas which
you can improve. Module tutors give students two types of assessment feedback: formative,
which is given when the student is working on the completion of an assignment or
coursework, and summative, which is given upon completion of the module. A
comprehensive assessment feedback on your performance will be given after the
announcement of the results. (10 Working Days)
Assessment Criteria
Learning outcomes assessed
On successful completion of the module, a student should be able to:
 Demonstrate, apply and explain basic accounting methods, accounting conventions and concepts.
 Demonstrate and explain the uses of key accounting systems and the recording of accounting events.
 Explain the various types of institutions and prepare basic accounting statements for each.
In addition, the assessment will test the following learning outcome:
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
Demonstrate and explain the uses of key accounting systems and the recording of accounting events.
Marking/Assessment Criteria
Question
Description
No.
Marks
Allocated
Introduction:
a. Objectives of producing financial statements. (4 marks)
I
b. Identify four other potential users of the company’s financial statements and
explains their specific information requirements. (6 marks)
10
Discussion:
2.1. Examples of financial transactions for accounting equation which will have
effects on:
i.
Increase in an asset, increase in owner’s equity or capital (1 transaction) (1
mark)
II
20
ii.
Increase in an asset, increase in liability (1 transaction) (1 mark)
iii.
Increase in one asset, decrease in another asset (1 transaction) (1 mark)
iv.
Decrease in an asset, decrease in liability (1 transaction) (1 mark)
v.
Decrease in an asset, decrease in owner’s equity (1 transaction) (1 mark)
Presenting the table of the accounting equation and showing the effects of the
transactions (15 marks)
2.2. Examples of financial transactions for Journal
i.
Business started by investing money into the business (2.5 marks)
ii.
Asset purchased for credit (2.5 marks)
iii.
Service rendered for cash and credit (5 marks)
iv.
Expenses paid (2.5 marks)
v.
Income received from other sources (2.5 marks)
vi.
Money collected from debtors (2.5 marks)
vii.
Payment made to creditors (2.5 marks)
20
2.3. Pro-forma templates
40
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a. Journal entries (eight debit entries-8 marks, eight credit entries-8 marks and eight
narrations – 4 marks = 20 marks)
b. Ledger accounts (eight ledger accounts * 1½ marks each = 12 marks plus cash
account = 2 marks, total = 14 marks)
c. Trial balance (five debit balances-½ mark each, two credit balances-½ mark each
= 3½ marks and format 2½ marks = 6 marks)
Conclusion:
III
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3.1. Based on the above understanding, conclude your task on the challenges faced
by public limited companies and the strategies followed to overcome them?
10
Total
100
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Further Information:
Who can answer questions about my assessment?
Questions about the assessment should be directed to the staff member who has set the task/assessment
brief. This will usually be the Module tutor. They will be happy to answer any queries you have.
Referencing and independent learning (Not applicable for Examination)
Please ensure you reference a range of credible sources, with due attention to the academic literature in
the area. The time spent on research and reading from good quality sources will be reflected in the quality
of your submitted work.
Remember that what you get out of university depends on what you put in. Your teaching sessions
typically represent between 10% and 30% of the time you are expected to study for your degree. A 20credit module represents 200 hours of study time. The rest of your time should be taken up by selfdirected study.
Unless stated otherwise you must use the HARVARD referencing system. Further guidance on referencing
can be found in the on Moodle. Correct referencing is an easy way to improve your marks and essential
in achieving higher grades on most assessments.
Technical submission problems (Not applicable for Examination)
It is strongly advised that you submit your work at least 24 hours before the deadline to allow time to
resolve any last minute problems you might have. If you are having issues with IT or Turnitin you should
contact the IT Helpdesk on (+968) 92841521/ 92841217. You may require evidence of the Helpdesk call if
you are trying to demonstrate that a fault with Turnitin was the cause of a late submission.
Mitigating circumstances
Short extensions on assessment deadlines can be requested in specific circumstances. If you are
encountering particular hardship which has been affecting your studies, then you may be able to apply
for mitigating circumstances. This can give the teachers on your programme more scope to adapt the
assessment requirements to support your needs. Mitigating circumstances policies and procedures are
regularly updated. You should refer to your Academic Advisor for information on extensions and
mitigating circumstances.
Unfair academic practice
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Cardiff Met takes issues of unfair practice extremely seriously. The University has procedures and
penalties for dealing with unfair academic practice. These are explained in full in the University’s Unfair
Practice regulations and procedures under Volume 1, Section 8 of the Academic Handbook. The Module
Leader reserves the right to interview students regarding any aspect of their work submitted for
assessment.
Types of Unfair Practice, include:
Plagiarism, which can be defined as using without acknowledgement another person’s words or ideas and
submitting them for assessment as though it were one’s own work, for instance by copying, translating
from one language to another or unacknowledged paraphrasing. Further examples include:
 Use of any quotation(s) from the published or unpublished work of other persons, whether published
in textbooks, articles, the Web, or in any other format, where quotations have not been clearly
identified as such by being placed in quotation marks and acknowledged.
 Use of another person’s words or ideas that have been slightly changed or paraphrased to make it
look different from the original.
 Summarising another person’s ideas, judgments, diagrams, figures, or computer programmes
without reference to that person in the text and the source in a bibliography/reference list.
 Use of assessment writing services, essay banks and/or any other similar agencies (NB. Students are
commonly being blackmailed after using essay mills).
 Use of unacknowledged material downloaded from the Internet.
 Re-use of one’s own material except as authorised by your degree programme.
Collusion, which can be defined as when work that that has been undertaken with others is submitted
and passed off as solely the work of one person. Modules will clearly identify where joint preparation and
joint submission are permitted, in all other cases they are not.
Fabrication of data, making false claims to have carried out experiments, observations, interviews or
other forms of data collection and analysis, or acting dishonestly in any other way.
How is my work graded?
Gulf College uses Cardiff Metropolitan University’s Generic Band Descriptors (GBD), in conjunction with
programme-specific and/or assessment-specific descriptors that are developed in accordance with the
principles underpinning the generic descriptors, as a reference in marking student work outputs. This is
to ensure that marking is consistent across all Cardiff Met students’ work, including the work outputs of
students in Gulf College.
Assessment marking undergoes a meticulous process to make sure that it is fair and truly reflects the
performance of students in their modules. Marking of work at each level of Cardiff Met degree
programmes are benchmarked against a set of general requirements set out in Cardiff Met’s Guidance
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on Assessment Marking.
https://www.cardiffmet.ac.uk/registry/academichandbook/Documents/AH1_04_03.pdf
To find out more about assessments and key academic skills that can have a significant impact on your
marks, download and read your Module Handbook from Moodle and your Programme Handbook from
the college website.
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