Accounting Question

please read the instructions carefully before you except the question. I want a complete answer please so go through every detail and If you have any questions please let me know

Faculty of Business and Management
Academic Year: 2023/24
Module Code: AF1FMA
Module Name: Foundation in Financial and Management
Accounting
Term 1
Module Leader: Dr. Laila Al Taweel
Student ID:…………………..
1
Faculty of Business and Management
Task Summary:
You are required to provide a portfolio that brings together three separate elements as follows:
Task
no.
Portfolio tasks
Marks
Word Limit
guidance*
1
Paper-based Test 1 – Objective
test questions relating to the
recording process, adjusting the
accounts, and completing the
accounting cycle
100
N/A
2
Paper-based Test 2 – Objective
test questions relating to
Accounting for merchandise
operations and inventories
100
N/A
3
Case Solution with explanatory
notes relating to IFRS accounting
treatment.
100
1,000
Note: The word count does NOT include words included in calculations, workings, table
headings, graphs, references, quotes, bibliography or appendices.
*Word limits can be flexed by +/-10%
Module Learning Outcomes Assessed:
1
2
Prepare key accounting statements that are consistent with IFRS
Interpretation of these financial statements and an awareness of their
limitations
Presentation Requirements:
Tasks 1 and 2
Tasks one and two will take the form of 60-minute paper-based tests. Each question will clearly
specify how you will respond. The questions will comprise a variety of question types – multiple
choice, multiple responses, True or False, fill in blank/s questions.
Format (task 3)
2
Faculty of Business and Management
Task 3 should be submitted in a ONE-word document that clearly identifies your answers to task
3.
For task 3, your answer should be in a format suitable for professional communication.
Images are not allowed to be used for the sake of clarity and word count. Images will be ignored
in marking.
Your answers must be numbered (e,g., Q1, Q2…).
Any similarity or AI use will impact your mark, and may be considered a misconduct.
Font style: Arial
Font Size: 12
Line Spacing: 1.5
Submission Date & Time:
Paper-based Tests (tests 1 and 2):
Tasks 1 and 2 are assessed via paper-based tests. You MUST review the information from week 1
to week 3 for test 1 and from week 4 to week 7 for test 2.
Test duration: 60 minutes
Test 1: October 2023
Test 2: November 2003
Written submissions: Task 3 Case Solution and Explanatory Notes
The Case solution and explanatory notes required in Tasks 3 must be submitted by 4:00 pm
(Oman) on 28th December 2023.
Assessment Weighting for the Module:
The coursework makes up 20% of the term 1 module mark.
Task
Portfolio weighting
Overall module
weighting
1
2
3
Total
100
100
100
5
5
10
20
Please include your ID but keep your name anonymous.
All submissions will be through Turnitin
3
Maximum word
count
+/- 10%
N/A
N/A
1000
Faculty of Business and Management
Assessment Criteria: Tasks 1-4
Application of
Calculative questions
Quality of explanation
and discussion
Presentation
0-49.9%
50-53.9%
54 – 65.9%
65-77.9%
78+
Little or no evidence of
knowledge or
understanding of
technical application of
IFRS included in
relevant lecture and
seminar material.
Answer is largely
irrelevant to the
question requirements.
Some points are made
but the major relevant
issues are largely
missed. Any points
identified are poorly
explained or were
irrelevant.
Answer is poorly
presented with many
spelling and grammar
errors.
basic evidence of a
basic or outline
knowledge of technical
application of IFRS
included in relevant
lectures and seminar
material.
The answer on the
whole partially
addresses the elements
of the question
requirements. The
explanations provided
are poor
Some evidence of a
basic or outline
knowledge of technical
application of IFRS
included in relevant
lectures and seminar
material.
The answer on the
whole addresses the
elements of the
question requirements.
The explanations
provided are sound in
principle but can at
times lack sufficient
depth.
Answers evidence a
good knowledge and
understanding for the
correct application of
IFRS included in
relevant lectures and
seminar materials.
The answer largely
addresses all elements
of the question
requirements, with
good explanations /
discussion provided.
Answers evidence an
excellent knowledge
and understanding for
the correct application
of IFRS included in
relevant lectures and
seminar materials.
The answer addresses
all of the elements of
the question
requirements with an
excellent level of
explanation /
discussion.
There is weak attempt
made to structure and
present the answer
appropriately, however
the outcome could be
improved.
There is some attempt
made to structure and
present the answer
appropriately, however
the outcome could be
improved.
There is a good
structure to the answer
which is clear, well
presented, organised
and professional in
tone.
There is an excellent
structure to the answer
which is clear, well
presented, organised
and professional in
tone.
4
Faculty of Business and Management
Q1: Erin Danielle, the bookkeeper for Liverpool Ltd., has been trying to determine the correct
statement of financial position for the company. The company’s statement of financial position is
shown below.
Instructions
a) Explain to Erin Danielle in a memo why the original statement of financial position is
incorrect, and what should be done to correct it. (30 marks)
b) Prepare a correct statement of financial position. (12 marks)
Q2: Amy Torbert manages Hollins Riding Academy. The academy’s primary sources of revenue
are riding fees and lesson fees, which are paid on a cash basis. Hollins also boards horses for
owners, who are billed monthly for boarding fees. In a few cases, boarders pay in advance of
expected use.
For its revenue transactions, the academy maintains the following accounts: No. 1 Cash, No. 5
Boarding Accounts Receivable, No. 27 Unearned Boarding Revenue, No. 51 Riding Revenue,
No. 52 Lesson Revenue, and No. 53 Boarding Revenue.
The academy owns 10 horses, a stable, a riding corral, riding equipment, and office equipment.
These assets are accounted for in accounts No. 11 Horses, No. 12 Building, No. 13 Riding
Corral, No. 14 Riding Equipment, and No. 15 Office Equipment.
For its expenses, the academy maintains the following accounts: No. 6 Hay and Feed Supplies,
No. 7 Prepaid Insurance, No. 21 Accounts Payable, No. 60 Salaries Expense, No. 61 Advertising
Expense, No. 62 Utilities Expense, No. 63 Veterinary Expense, No. 64 Hay and Feed Expense,
and No. 65 Insurance Expense.
Hollins maintains two other equity accounts: No. 50 Share Capital—Ordinary and No. 51
Dividends.
During the first month of operations, an inexperienced bookkeeper was employed. Amy Torbert
asks you to review the following eight entries of the 50 entries made during the month. In each
case, the explanation for the entry is correct.
5
Faculty of Business and Management
Instructions
a) Identify each journal entry that is correct. For each journal entry that is incorrect, prepare
the entry that should have been made by the bookkeeper. (14 marks)
b) Which of the incorrect entries would prevent the trial balance from balancing? (2 marks)
6
Faculty of Business and Management
c) What was the correct net income for May, assuming the bookkeeper reported net income
of £4,600 after posting all 50 entries? (5 marks)
d) What was the correct cash balance at May 31, assuming the bookkeeper reported a
balance of £12,475 after posting all 50 entries (and the only errors occurred in the items
listed above)? (4 marks)
Q3: In reviewing the accounts of Maribeth Ltd. at the end of the year, you discover that
adjusting entries have not been made.
Instructions
Write a memo to Maribeth Danon, the owner of Maribeth Ltd., that explains the following:
a) the nature and purpose of adjusting entries. (6 marks)
b) why adjusting entries are needed? (15 marks)
c) the types of adjusting entries that may be made. (12 marks)
7