Final Exams

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AT-AssignmentFinal.pdf

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NIZWA COLLEGE OF TECHNOLOGY

BUSINESS STUDIES DEPARTMENT

SEMESTER -2 / ACADEMIC YEAR 2019-2020

FINAL EXAM (ASSIGNMENT)

COURSE CODE BAAC4204

COURSE NAME Accounting Theory

LEVEL B - Tech

TUTOR Bakhtawar Durrani

SECTION 1

DURATION:

DATE TIME

START May 2020 st21 9:00AM

END May 2020 rd23 8:00AM

MARKS BREAK UP:

No. of Questions Marks for Each Question

1 10

2 10

3 10

4 10

5 10

TOTAL MARKS 50

INSTRUCTIONS:

1) The Final Assignment will be available in Moodle at 9:00 am on the date of examination.

2) This is an open resource examination; there are 07 pages. Students are allowed to refer any digital materials (Internet, Proquest, Masader, and OER) with proper referencing and citation for each

answers.

3) Students has to answer the questions typewritten in the word (.docx) format. Figures / Diagrams, equations and solving of problems can be written by hand and added to the document as a

picture/image.

4) Save the assignment file using the student ID & Course code.[ Eg : 22s1234 – BAAC4204]

5) Students should submit the answers through the turnitin link provided in moodle page. If any problem occurs, send it to the staff email [[email protected]]

6) Students are encouraged to upload the answers in the moodle at least two hours before the deadline to avoid any technical issues.

7) In case of any technical problem in opening or submitting your assignment please contact your course tutor through email and copy the Department Head

8) Any form of cheating is punishable. Students involved in cheating will be treated according to the Plagiarism and Academic Integrity Policies.

9) Students are advised to write the answers in their own words. Based on the plagiarism policy and the department approved similarity level, the marks will be deducted for the plagiarized [Copied]

answers.

10) Students should complete their assignment within the given time. Assignments submitted after the deadline will be marked 0.

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11) All the 05 Questions in this (Assignment) are compulsory and hence all must be answered.

12) Students should write the assignment around 300 words.

13) Students should use the following Typography: i. Font style: Times New Roman

ii. Font size: 12.5

iii. Line spacing: 1.15

iv. Paper size: A4

14) Assignment can be uploaded in the moodle only once, so please check your answers before uploading them. The teacher will not delete any assignment for any student to upload them again.

ACADEMIC INTEGRITY & PLAGIARISM POLICY: The student should be ready to prove the authenticity of the work done. If any form of

plagiarism/reproduction of answers are discovered, student will be awarded zero marks.

DECLARATION: I declare that the Final Exam (assignment) submitted is original and acknowledge that I am aware of the NCT’s Integrity

and Plagiarism Policies (January 2011) mentioned in moodle, and the disciplinary guidelines and procedures applicable

.h policy and regulationsto breaches of suc

:I AGREE TO THE TERMS AND CONDITIONS

STUDENT NAME

STUDENT ID DATE OF SUBMISSION

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Case study/Scenario analysis/ Analytical Type Questions (5Q *10 M= 50 Marks)

Instruction: Answer all the questions. Each question carries ten (10) marks.

Question No 1: (10 Marks)

Aftron is a very famous US company producing auto spare parts. They produce parts on large scale

and sells all over the country. Most of the US car manufacturing industries place orders with them

in advance for the various auto parts. For these advance bookings, companies make payments for

the pre booking of delivery of parts. Aftron are known for their efficiency and reliability among

the business communities. One-day news breaks out for the default of Aftron. The news turned

out as a shock for the auto industries. There seems to be multiple reasons for the default. In such

a situation it is hard to blame someone for the failure. Investors are assuming that the financial

statements fail to present the performance of the company. The disclosures are insufficient in

highlighting the key assumptions and judgements made when estimating the fair value of assets.

The management of the company blames the financial team and internal control system. The

financial team are unable to provide realistic calculations to the management and does not follow

the correct practices.

a. In your opinion, what information could be presented by the company to cover up their flaws?

Being an internal control officer, what strategy you would follow to investigate the internally

generated failures? (5 Marks)

b. What suggestions would you like to provide to the management to make themselves aware of

the company’s activities in order to save the Aftron from such happenings in the future. (5 Marks)

Your answer should be around 400 words for each question.

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Question No 2: (10 Marks)

Blue Diamond is a restaurant located in Taymsa Nizwa. The location of the restaurant is out of the

city and customers have to travel a long distance to the restaurant to order the food. Since the

restaurant is at the outskirts of Nizwa, people tend to avoid traveling out of their way. The owner

is concerned and worried about the sales of the food. He is considering different options for the

survival of this business. He is in a dilemma to shift the same restaurant to another location or to

start a new business. Due to this, he is reluctant to spend more money on buying goods for his

restaurant. If he has to continue with the same business, he has to utilize all materials/goods related

to restaurant, otherwise he may think to sell them out.

The owner has consulted many of his friends seeking advice to either shift or change the business.

Some of his close friends suggested him to change the location of the restaurant, and some of them

suggested to change the business. He has done some survey in the main areas of Nizwa, where

majority of restaurants are making huge profit every month. Many questions coming into the mind

of Blue diamond owner. Due to Pandemic COVID 19, businesses are halted. He still has some

time to take a decision for his business.

a. What would be your suggestions to the owner of the Blue Diamond Restaurant for the smooth

continuation of the business? Convince the owner with valuable inputs regarding the type of

business suitable for him in Nizwa. (5 Marks)

b. If the restaurant owner is convinced, how effective survey and research can be made for a new

business? What challenges he may face in switching the line of business? (5 Marks)

Your answer should be around 400 words for each question.

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Question No 3: (10 Marks)

Your teacher advised you to conduct a research on topic in which you have lot of interest. You

have different topics in your mind which could be selected for the research topic. You discussed

with your teacher and finally decided to choose managerial accounting for research. Immediately

you have started your work and decided to finish it in the coming 3 months. You have made a

critical approach to your research, formulated a plan, collected information through questionnaire,

analyze the data and you come up with your findings.

After all the hectic work done, you are done with your research work. Before making it final, you

have consulted your teacher to review your research work. You were surprised to know that your

teacher is not satisfied at all, and have a long list of findings.

a. How are you going to review your research work again to satisfy your teacher? State your answer

with logical reasons. (5 Marks)

b. In your opinion, to be a successful researcher, what ethical norms are required for effective and

convincing research? (5 Marks)

Your answer should be around 400 words for each question.

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Question No 4: (10 Marks)

Saud Bahwan Group has an established presence in fields like automotive, heavy vehicles,

construction equipment, special equipment’s, property and real estate, travel and tourism. Playing

a humble role in building a nation. They have well qualified technical, commercial and managerial

professionals grouped into specialized teams. The Saud Bahwan Group has come up into many

infrastructure and other projects with renowned partners inside and outside the country. In recent

times, Saud Bahwan Group have invested in Argentina, who are famous for rich natural resources,

export-oriented agricultural sector, and a diversified industrial base.

Sohail Bahwan Group (SBG) purchases several properties in Argentina for starting an industrial

unit. Over the last few years, the Argentina currency has been in double-digit inflation and in 2019,

inflation recorded at 54.4 %. SBG have to prepare their financial statement and record their

transactions for the property they owned

a. If SBG are preparing their financial statement, are they going to adjust the value of their

properties with the fluctuation of currency? (5 Marks)

b. What benefits SBG will get if they record the same value of their property in their financial

statement? How the statement can be consistent, comparable, verifiable and reliable? (5 Marks)

Your answer should be around 400 words for each question.

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Question No 5: (10 Marks)

Abdullah completed his higher education in Accountancy from abroad. After his graduation,

Abdullah joined a professional company as a trainee. During his one-year training, he gained

practical knowledge by working with professionals and interacting with many other companies,

attending workshops and seminars. To serve his homeland and community, he comes back to

Oman and gets appointed by Multinational Telecom Industry in Oman as senior financial officer.

During his job, he has observed that accounting practices are being influenced by different systems

in different companies across the globe. It makes Abdullah concerned that a multinational

company follows one particular practice in one region and the same company adopts different

practice in other region. Abdullah knows that accountancy is a profession that is institutionally

controlled and highly self-regulated with professional standards.

a. Accountancy is one of the oldest and most established professional services, and has been

identified as a growing sector of developing economies. Being an accounting student, in your

opinion, why a company’s accounting practices are influenced and follow different protocols in

various countries? What could be the possible reasons, explain it with suitable examples. (5 Marks)

b. Accounting system has evolved with the passage of time. Early accounting used to record the

financial activities and presently, accounting not only does the same but also provides useful

information to users. How would legal, social and economic environment will affect the

accounting system among Telecom companies in Oman? (5 Marks)

Your answer should be around 400 words for each question.