GENERAL INSTRUCTIONS

 All assignments are to be submitted on 28th July 2022 to [email protected] until

further notice.

 If a program participant submits the assignment late, but within 1 week after the submission date a 20% penalty

will be applied.

E.g.: If a student scores 90 in an assignment, the final mark will be 76 after penalty is imposed.

 Any Assignment submission extension request must come to Azra Fatima (Head: Examination | Academic) –

[email protected] 5 days before the date of submission with a valid reason and supported documentary

evidence.

 Similarity between student’s work is strictly not accepted, any student found with similar work will be graded

Zero and fail for the course. However, Plagiarism is an academic offence and will not be tolerated.

 Any reevaluation request should come in 5 days of grade release. Any late request will not be obliged. (Form

and other details shall be shared based on request)

 Re evaluation cannot be requested for plagiarized assignments as the assignment stands as an academic

misconduct.

 Re evaluation request is only applicable for any failed courses provided the mark range from 59 to 69. Any grade

which is below the range is however not applicable for this request.

 Any rescheduling request should come and fulfilled within one week after the actual date of the assessment. Any

late request will not be obliged.

 If a program participant submits the assignment after 1 week from the submission date, without any prior

approval, then the student is deemed to fail the course.

 Assignment once submitted to exam board is final for marking.

 Program participants are strongly advised to keep a copy of their work in case the submitted copy should go astray.

 Total 90 marks. 10 Marks for Class Attendance. Final marks will be converted

to 90 marks.

PS. Kindly note to adhere to all the above instructions. Failing to read this, ATMS will not be responsible for

any actions taken.

GUIDELINES FOR ASSIGNMENT

a) If assignment is Question & Answer based then.

 Introduction is needed for each question.

 Question has to be answered based on the mark allotted for each question with references if any idea

or information is taken from other source.

b) If assignment is case based then,

 Executive summary

 Table of content

 Introduction

 Body of assignment (questions related to case need to be answered)

 Conclusion / Recommendation if any

 References (in-text + citation) to be used.

Total Marks / 90

PLAGIARISM

Plagiarism is a form of cheating, by representing someone else’s work as your own or using someone else’s work

(another student or author) without acknowledging it with a reference. This is a serious breach of the Academic

Regulations and will be dealt with accordingly. Students found to have plagiarized can be excluded from the

program.

Plagiarism occurs whenever you do any of the following things without acknowledging the original source:

 Copy information from any source (including the study guide, books, newspapers, the internet)

 Use another person’s concepts orideas

 Summarize or paraphrase another person’s work.

How do I avoid plagiarism?

To ensure you are not plagiarizing, you must acknowledge with a reference whenever you:

 use another person’s ideas, opinions or theory

 include any statistics, graphs or images that have been compiled or created by another person or organization

 Paraphrase another’s written or spokenword.

What are the penalties?

The penalties for plagiarism are:

 Deduction of marks,

 A mark of zero for the assignment or the unit, or

 Exclusion from the program.

Plagiarism is dealt with on a case-by-case basis and the penalties will reflect the seriousness of the

breach.

Please note claiming that you were not aware of need to reference is no excuse.

Answer all the questions

1. What is the purpose of Financial Accounting? Why is it necessary to keep

accurate records of financial transactions?

(10marks)

2.

Gulf Office Supplies has started a business. During the Month to 30

st June 2022 the

following transactions occur:

1) Introduced £10,000 Capital into the business.

2) Bought goods for £3,500.

3) Sold goods on credit for £2,200 to Gulf PetroChem.

4) Paid wages of £400.

5) Received a £9,000 cash loan from the bank.

6) Bought goods on credit for £5,000 From MegaSupplies

7) Sold goods for £3,500 cash.

8) Bought a delivery van for use in the business costing £5,000.

9) Bought Stationary for £20.

10) Received and paid an electricity bill for £500.

11) Sold goods for £800 on credit to Palm Estates.

12) Paid a supplier £1,800.

13) Received £900 from Gulf PetroChem

14) Repaired the delivery van costing £60.

15) Bought a fork lift truck on credit for £3,500.

Required:

a) Show the nominal ledger entries (using T-accounts) for the above

transactions

Close off each T-account and prepare an initial trial balance as at 30th June

(15 marks)

b) Produce a Statement of Profit or Loss for year ended 30

th June 2022 and a

Statement of Financial Position as at 30

th June 2022

Note: Note: Closing inventory was £5,000 for Gulf Office Supplies

(15 marks)

3.

a) Calculate the 8 financial ratios for Oasis Plc (Full accounts listed in the

appendix)

(12 marks)

b) Comment on the performance of Oasis Plc based on the ratios calculated

in part a. (5 marks)

c) What problems might Oasis have if they operate the business with very

little cash?

(5 marks)

d) Despite its drawbacks why do so many analysts rely on ratio analysis

(8 marks)

4. Explain the following key accounting concepts

 Matching Concept

 Business Entity Concept and;

 Going Concerns

(10marks)

5. The Trial Balance is an early indicator of the quality of accounting control

systems as it highlights an equal level of Debit and Credit Accounts. Explain

errors that might not be highlighted in the Trial Balance.

(10 marks)