COLLEGE OF BANKING AND FINANCIAL STUDIES DEPARTMENT OF UNDERGRADUATE PROGRAMME
B.Sc. in Accounting, Auditing and Finance ASSIGNMENT BRIEF
Weightage: 20 %
Case Study – Individual Assignment
Student Name |
|
Semester |
Semester – 7 |
Year |
Fall 2020-21 |
Assignment Title |
Accounting Theories and Creative Accounting |
Module |
Contemporary Issues in Accounting (UG024) |
Assessor: |
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Start Date: |
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Internal Verifier |
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Due Date: |
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Required Work, Format and Grading |
You must submit the following by the assignment due date:
§ Completed answers to each task, making sure that you fully address each of the outcome criteria.
§ Answer all questions separately.
§ Assignments without TURNITIN report will not be accepted. |
Resources:
You need to demonstrate a confident application of the theories to the assignment task. The theoretical underpinning of your observations and deliberations should also demonstrate a good understanding of the subject by the way that your analysis is structured.
You can access the Internet to research about the topic. You should demonstrate good academic practice
by the appropriate use of academic texts and journals that are properly referenced. |
Guidelines and further information about assignment: |
Assignment must be submitted with the “Turnitin” report. If the report generated indicates a similarity
index percentage of 20% or more, a review of your assignment is necessary to ensure the same is
reduced to less than 20%. |
Student declaration:
I certify that the work contained in this assignment was researched and prepared by me:
Signature: Date:
The user ID and Password for submitting the soft copy of the report through TURNITIN is as follows:
Class ID: 26834809 Enrolment Password: CIAfall2020 Submission time and date
You should submit the assignment by the time and date mentioned otherwise a ‘NA’ will be awarded. Fill
in the form cover and staple it with your assignment. Make sure that all the relevant details are complete. Assignments must be submitted by the due date. You may include diagrams, figures etc without word penalty.
Plagiarism Writing
Summary
- Plagiarism occurs if you use somebody else’s work in an assignment or exam answer, but fail to state where you got the material from. You need to be also very careful about the amount of words you are using from somebody else’s
- It can happen in any type of assessment where you are given the questions or tasks in
- If another student uses your work in his/her answer(s), both you and he/she will be punished when caught.
- Punishments for committing plagiarism can be very
Details
Plagiarism is a form of cheating in which students use the work of others and present it as their own. It may include all or any one of the following –
- Copy extensively from the work of others (from sources such as books, magazines, journal, web- sites etc) and submit the work as your
- Copy another students’ work and submit it for assessment under your own
- Allow another student to copy your work and then submit it for assessment under their own name.
What happens if you get caught?
The examining body of CBFS may punish offending students in any manner that they deem fit. Typical punishments may range from reduction in grades, making students re-sit modules and even failing students on a module or an entire award. The college considers this form of cheating as a serious offence. Therefore be forewarned!
Case Scenarios: 1
‘The Evolving Dimensions of The Accounting Profession and The 21st Century Expectations’
(Jeremiah & Daferighe, 2019)
The dimension of the accountancy profession is undergoing an increasingly expanding and unpunctuated global evolution. These 21st-century twists, however, tend to pose an identity threat to the profession. The much-celebrated software substitution of the traditional roles of the Accountant coupled with the apparent professional cross-carpeting of non-accountants aided by these emerging digital initiatives appears to ‘take-over’ the seat of the Accountant. The following roles were identified for the discussion.
Evolving Dimensions |
THE 21ST CENTURY PERSPECTIVE |
THE FUTURE IMPERATIVES |
The Accountant as a Corporate Pathfinder |
Embrace an enlarged strategic and commercial
role |
The Accountant as a Guardian of the Corporate
Model |
Develop a global orientation |
The Accountant as a Competent Communicator |
Reinvent the talent pool |
Task 1: Explain minimum of ONE new skill set required for a modern Accountant from the list above or from your own choice. (5 marks: Word count- 300-400)
Case Scenarios: 2
‘Two accounting theories that help create the system investors and managers use today’ : Positive and Normative Accounting Theories.
Text 1 |
Text 2 |
if an organisation has had a highly successful financial year, the next year they will have the financial stability to boost investor dividend payments. This theory would deduce that corporate growth causes an increase in
shareholder remittance. |
if a corporation has previously boosted investor dividend payments, and is now looking to reinvest funds into the firm to ensure its future viability through corporate sustainability measures, then theory would point to issuing new shares as a
source of funding |
Task 2: Identify a positive theory and a normative theory from the list above (Text 1 or Text 2) and justify your answer by referring to the differences between two theories. (5 marks: Word count- 300-400)
Case Scenario: 3
AbdulSalam LLC’s financial position as of 30th September 2020 is as follows:
Statement of Finanancial Position
Equity and Liabilities |
OMR’000 |
Assets |
OMR’000 |
Share capital |
5260 |
Inventory : Raw Materials |
2500 |
Debentures |
1540 |
Inventory : Finish goods |
3000 |
Net Profits |
2500 |
Other assets |
3800 |
|
9300 |
|
9300 |
The company management has been decided the following ‘creative accounting’ measures:
- Inventory: Raw Materials – Increase the raw material inventory by OMR 300 000 to represent low provision for obsolete raw
- Inventory: Finish goods – Decrease the finish good inventory by OMR 100 000 to represent damaged finish
Task (3) Redraft the Statement of Financial Position as of 30th September 2020 to reflect the above
Creative Accounting measures. (6 marks)
Task (4) Comment on the findings of task (3) above and make relevant recommendations referring to the below mentioned teaching nexus. (4 marks: Word count- 300-400)
The Practice of Creative Accounting on the Jordanian Banking Sector: A Case Study in the Northern Region (Al-Dalabih, 2017)
(Total 20 Marks)
The end
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