ACCT 101 –Accounting I

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Instructions – Please read carefully!

  1. Write your name; student ID number and section number at the top of this cover sheet.
  2. Check that your graded homework contains 7 pages (excluding cover page) and 5 questions.
  3. Answer the following questions and upload it as Word file through Turnitin assignment submission in Moodle.
  4. The similarity percentage should not be more than 30%.
  5. The last day of submission is 14th May 2020.

 

Questions Q1 Q2 Q3 Q4 Q5 Total
ILOS A1, C1, D3 B1, C3, D3 B1, C1, D3 B1, C3, D3 B1, C1, D3  
Maximum points 8 8 8 8 8 40
Points Earned            

 

 

 

Answer the following questions

 

 

Question 1:  MULTIPLE CHOICE QUESTIONS: (A1, C1, D3) (8 Points)

 

  1. Which financial statement displays the revenues and expenses of a company for a period of time?
  2. Balance sheet.
  3. Cash Flows
  4. Owners’ Equity.
  5. Income Statement.

 

  1. Which account is not a liability account?
  2. Buildings.
  3. Loans.
  4. Bonds.
  5. Interest payable.

 

  1. Which of these is not included as a separate item in the basic accounting equation:
  2. Assets
  3. Expenses.
  4. Liabilities.
  5. Owners’ Equity

 

  1. The credit terms offered to a customer by a business firm are 10/10, n/30, which means that:
  2. The customer must pay the bill within 10 days.
  3. The customer can deduct a 10% discount if the bill is paid between the 10th and 30th day from the invoice date.
  4. The customer can deduct a 10% discount if the bill is paid within 10 days of the invoice date.
  5. Two sales returns can be made within 10 days of the invoice date and no returns thereafter.
  6. Net sales equal:
  7. sales revenue + Operating expenses.
  8. sales revenue – COGS.
  9. Sales revenue- sales discounts- sales allowance.
  10. Sales revenue- sales discounts- sales allowance + fright- in.

 

  1. In terms of FOB destination:
  2. The ownership of the goods passes to the seller.
  3. The ownership of the goods passes to the buyr.
  4. The ownership of the goods passes to the public carrier.
  5. The ownership of the goods remains with the seller.

 

  1. In double-entry accounting system:
  2. Debits must not equal credits.
  3. Debits must exceed credits.
  4. Credits must exceed debits.
  5. Debits must equal credits.

 

  1. The basic accounting equation cannot be restated as:
  2. Assets – Liabilities = Owner’s Equity.
  3. Assets – Owner’s Equity = Liabilities.
  4. Owner’s Equity + Liabilities = Assets.
  5. Assets + Liabilities = Owner’s Equity.

 

 

 

 

 

 

 

 

 

 

 

 

 

Question 2:( B1, C3, D3) (8 Points)        

The following information pertains to Manama Company:

Debit Credit
Accounts receivables $100,000
Allowance for doubtful accounts $2,000
Net Sales $200,000
   

Instructions

Prepare the journal entries for estimated bad debts assuming that doubtful accounts are estimated to be:

 

  • 10% of accounts receivable.
  • 10% of net sales.

Answer of Question 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Question 3: (B1, C1, D3) (8 Points)        

At the end of 2016 Fontana Company has the following account balances:  Purchases $710,000; Purchase Returns and Allowances $210,000; Purchase Discounts $50,000; and Freight-In $10,000; beginning inventory of $80,000; ending inventory $40,000; and net sales of $900,000.

Instructions: Prepare the Statement of cost of goods sold.

 

Answer of Question 3 :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Question 4:( B1, C3, D3) (8 Points)

Below are separet transactions for KFH Company for the month of August prepare the sutible journal entry under each transaction.

1. The owner invests $30,000 in cash to start the business.
2. The company sold $15,000 of merchandise to Ammar, terms 1/10, n/30.
3. The company paid fright cost of $2,000.
4. The Company established a petty cash fund of $150.
5. The owner  withdrew $2,000 cash from the business for personal use.
6. The company  pruchaseed  Building costing $90,000 paid $50,000 cash and $40,000 on account.
7. The company take loan of $50,000 from the bank.
8. The company agrees to hire a secretary starting from the next month with monthly paid salary of $800.

 

Answer of Question 4 :

Date Explanation Debit Credit
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       

Question 5 🙁 B1, C1, D3) (8 Points)

Mango Company uses a petty cash system. The fund was established on November 1 with a balance of $600. During November, the following petty cash receipts were found in the petty cash box:

  1. Printing fees $90
  2. Supplies expense $110
  3. Fixing fees $80
  4. Transportation expense $180
  5. Refreshment expenses $120

The fund was replenished on November 25 when the fund contained $10 cash. On November 30, the amount in the fund was increased to $700.

Instructions:

Journalize the entries for Mango Company in November that pertains to the operations of the petty cash fund.

Answer of Question 5:

Date Explanation Debit Credit
       
       
       
       
       
       
       
       
       

 

 

 

 
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Bahrain Institute of Banking and Finance Banking Business and Trust Law Questions

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Question Description

I’m studying for my Business Law class and need an explanation.

 

1.Mr. Jawad who runs a successful family restaurant and catering business has deposit accounts with XYZ Islamic bank for the last 3 years. He has a current account and his surplus funds are invested in Shari’a compliant investment accounts / deposits. Now he is considering taking a financing facility for 2 delivery vans to be used in his business. His son Salman who studied in the UK and worked there for 2 years, returns to Bahrain and opens an account in a conventional bank DEF Bank. He is also interested to understand more about CBB’s role as the sole regulator of the financial sector in Bahrain.

(a) For Mr. Jawad’s deposits and investments, explain 2 different types of Shari’a compliant deposit / investment accounts. (8 marks)

(b) What financing facility would you consider suitable for Mr. Jawad’s requirement of 2 delivery vans. Give reasons for your answer. (8 marks)

 

(c) In the CBB Rulebook Volume 1 for conventional banks, describe any 3 Principles of Business which apply to conventional bank licensees and approved persons. (6 marks)

 

(d)Discuss 5 main duties and powers conferred on the CBB as sole regulator of Bahrain’s financial services sector under the Central Bank of Bahrain and Financial Institutions Law 2006. (8 marks)

2.Mr. Abbas was one of the founding partners of Wheels & Deals a general partnership company in Bahrain, trading in various spare parts and lubricants used by automobile dealers and manufacturers in the GCC. As the company grew in size, the partners decided to change its status to a limited liability company. It was Mr. Abbas’ dream that one day they would be a joint stock company listed in the Bahrain Bourse. However, in recent years, the company has been making losses due to a general downturn in the economy and in the automobile sector. The company is finding it increasingly difficult to pay its trade creditors and other bank creditors and may have to file for bankruptcy.

(a)What are the legal implications of a General Partnership company as compared to a Limited Liability company and a Joint Stock company? (10 marks)

(b)Explain how a composition agreement benefits the debtor and creditors in an insolvency. (10 marks)

(c)Discuss some of the main changes and developments in the new Bankruptcy Law of Bahrain 2018. (10 marks)

 

3.Jamal owns a small manufacturing business producing packaging material and he decides to approach his bank for an overdraft facility to be used, if required, during the busy season to purchase his raw materials. He also needs a term loan for purchase of new machinery. The lending agreement with his bank contains several important legal clauses such as conditions precedent, representations and warranties, default clause, early repayment clause, penal interest clause for late payment and others. Jamal wants clarification on some of these clauses. The lending institution also takes security of the premises and machinery for the facilities provided.

(a)Give examples of conditions precedent and representations and warranties to explain their difference. (8 marks)

(b)Discuss the importance to the lender of the default clause, early repayment clause and penal interest clause for late payment. (8 marks)

(c)Explain how an overdraft is different from a term loan. (6 marks)

(d)Why does the lender take security and examine the advantages and disadvantages of taking land as security. (8 marks)

4.The Al Khaja family own successful multi-million dollar manufacturing and trading businesses for the last 30 years in the Middle East, based in Bahrain. Since they are getting older and are now in their 70’s, Mr. and Mrs. Al Khaja want to create a trust fund of some of their wealth for their children and grandchildren. They want to appoint a trustee with the necessary expertise to manage the funds as they think fit for these purposes.

They are also considering setting up an Islamic trust (Waqf) for some charitable objectives and causes such as for education and healthcare of underprivileged children and they want to ensure that the trust funds will be well managed.

(a)How can the trust be created under the Financial Trust Law 2006 and its recent amendment in 2016? Discuss the role of the different parties involved in its creation. (10 marks)

(b)Critically examine the main rights and duties of the trustee and the purpose of appointing a Trust Protector. (10 marks)

(c)What are the benefits of setting up an Islamic Waqf and how does the role of the Mutawalli compare with that of a trustee in a Common law trust. (10 marks)

 
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IT 1101 Module Title: Managing Information

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Module Code: IT 1101

Module Title: Managing Information

Coursework: Assignment Guidelines

Deadline: ()
   The Task:

1.      This is an individual assignment

2.      Read the questions and supply your answers.

3.      Answer each questions based on the concepts discussed on managing information, you can add additional concept as long as it is within the managing information discipline, if necessary, to back up your answers, when necessary

4.      Write your references at the last page of the paper

 

 
 

General Instructions & Format:

1)      The word limit for this assignment is 3000 words (+/- 10%); excluding graphs and tables if there is any.

2)      The assignment must be submitted on time to be considered for evaluation.

 

       Class ID: 

    Password:

3)      Assignments submitted after the deadline will be penalised by deducting 5% of the overall mark for each day up-to 6 days; assignments will not be graded or accepted after 6 days.

4)      If you face any problem, please make sure to contact your lecturer before the due date.

5)      You are expected to support your work with sources from the literature and use Harvard referencing style as appropriate, in text and in the list of references at the end of your assignment.

6)      Format:

a.       Font: Times New Roman.

b.      Use single spacing and sufficient margins (3-4 cm).

c.       All pages should be numbered

 

 

 
 

Grading:

•        The written report will be marked out of  50  based on the attached grading scheme;

•        The overall assignment (report + presentation) will count for 40 % of your final grade for this module.
 

 

 

Academic Integrity:

•        Fill in the BIBF Assignment Coversheet, scan it or capture it as a picture (to ensure that it does not affect the similarity % counted by Turnitin) and paste it in the first page of your assignment.

•        By signing the coversheet and uploading your work on Turnitin, you confirm that:

–          The work is your own, and that you have not copied another’s work or allowed anyone to copy your work, and that you have referenced the work of others in an appropriate way.

–          You have read and understood the BIBF guidelines on Plagiarism and abided with the necessary practice.

•        Students who are suspected to have encountered any form of academic dishonesty will follow BIBF guidelines on plagiarism.

 

 

 

 

 

Assignment:

Identify (3) tools and technologies for collaboration that had a great impact during the COVID 19  challenging situations.  Discuss them by providing:

  1. Definition and Historical developments of each technology ( 10 marks)
  2. If you were the manager of an organization what will be your basis in selecting the collaboration software? Write a To-do list to ensure you are selecting the right technology. (10 marks)
  3. How they were used during the COVID 19 Situation? Cite specific examples. ( 10 marks)
  4. What are the Positive and Negative impact of the technologies stated? (10 marks)
  5. Among the six important business objectives why organizations invest in information systems, which of these are achieved by all the technologies you mentioned? ( 10 marks)

The following are suggested sites for your references:

  1. https://news.microsoft.com/covid-19-response/
  2. https://theaseanpost.com/article/using-tech-fight-covid-19
  3. https://www.nytimes.com/interactive/2020/04/07/technology/coronavirus-internet-use.html
  4. https://www.startus-insights.com/innovators-guide/6-ways-technologies-tackle-the-global-coronavirus-pandemic/
  5. https://blogs.worldbank.org/europeandcentralasia/can-technology-help-mitigate-impact-covid-19-education-systems-europe-and
  6. https://www.computerworld.com/article/3534478/tech-pitches-in-to-fight-covid-19-pandemic.html
  7. https://www.forbes.com/sites/moorinsights/2020/04/07/how-technology-kept-me-sane-during-my-fight-with-covid-19/#64d9aaf34366
  8. https://www.apple.com/newsroom/2020/04/apple-and-google-partner-on-covid-19-contact-tracing-technology/
  9. https://www.worldbank.org/en/topic/edutech/brief/how-countries-are-using-edtech-to-support-remote-learning-during-the-covid-19-pandemic
  10. https://www.forbes.com/sites/markbeech/2020/03/25/covid-19-pushes-up-internet-use-70-streaming-more-than-12-first-figures-reveal/#64844efa3104

 

Grading Scheme- for each question ( max of 10 marks for each)

Category Grade Primary Marking Criteria Secondary Marking Criteria
Distinction

 

9-10

 Outstanding ·         Comprehensive knowledge

·         Detailed understanding of the subject area

·         Extensive background study

·         Highly focussed answer and well structured

·         Logically presented and defended arguments

·         No factual/computational errors

·         Original interpretation

·         New links between topics are developed

·         New approach to a problem

·         Excellent presentation with very accurate communication

 ·         Exceeds expectations for most  primary criteria

·         Complete command of subject and other relevant areas

·         Ideas/arguments are highly original
Excellent ·         Exceeds expectations for some primary criteria

·         Complete command of subject

·         Ideas/arguments are highly original
Good ·         Meets all primary criteria

·         Command of subject but with minor gaps in knowledge

·         Ideas/arguments are mostly original
Meets requirements of Class ·         Meets most but not all primary criteria

·         Command of subject but with some gaps in knowledge

·         Ideas/arguments are mostly original

 
Merit

 

7-8

 Good ·         Strong knowledge

·         Understands most but not all of the subject area

·         Evidence of  background study

·         Focussed answer with good structure

·         Arguments presented coherently

·         Mostly free of  factual/computational errors

·         Some limited original interpretation

·         Well known  links between topics are described

·         Problems addressed by existing methods/approaches

·         Good presentation with accurate communication

 ·         Exceeds expectations for some primary criteria

·         Command of subject but with gaps in knowledge

·         Some ideas/arguments are original
Mid-Level ·         Meets all primary criteria

·         Strong factual knowledge and understanding

·         Ideas/arguments are well presented but few are original
Meets requirements of Class ·         Meets most but not all primary criteria

·         Strong factual knowledge with minor weaknesses in understanding

·         Most but not all ideas/arguments are well presented and few are original

 
Credit

 

5-6

 Good within the Class ·         Knowledge of key areas/principles

·         Understands the main elements of the subject area

·         Limited evidence of  background study

·         Answer focussed on question but also with some irrelevant  material and weaknesses in structure

·         Arguments presented but lack coherence

·         Has several  factual/computational errors

·         No original interpretation

·         Only major  links between topics are described

·         Limited problem solving

·         Some weaknesses in presentation and accuracy

 

 

 

 

 ·         Exceeds expectations for some primary criteria

·         Strong factual knowledge with some weaknesses in understanding

·         Ideas/arguments are limited but are well presented
Mid-Level ·         Matches all primary criteria

·         Moderate factual knowledge with some weaknesses in understanding

·         Ideas/arguments are limited with weaknesses in logic/presentation
Meets requirements of Class ·         Matches most but not all primary criteria

·         Moderate factual knowledge with several weaknesses in understanding

·         Ideas/arguments are limited with weaknesses in logic/presentation
Fail

4 and below

 Good within the Class

 

 ·         Insufficient to fulfil the associated learning outcomes

·         No evidence of relevant knowledge or understanding

·         No evidence of  background study

·         Answer relies on irrelevant material and lacks a coherent structure

·         No arguments presented or arguments are not relevant to the assessment

·         Many factual/computational errors

·         No attempt at interpretation

·         No links between topics are described

·         No attempt to solve  problems or to address the assessment brief

·         The presentation is very weak containing many inaccuracies

 

 ·          Exceeds expectations for most primary criteria

·         No evidence of knowledge/understanding

·         Only limited evidence of an attempt to answer the question
Mid-Level ·         Exceeds expectations for some primary criteria

·         No evidence of knowledge/understanding

·         Very limited evidence of an attempt to answer the question
Meets requirements of Class ·         Matches all primary criteria

·         No evidence of knowledge/understanding and/or evidence of misunderstanding

·         No attempt to answer/address the question

 

 
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MAGT 121 – Fundamentals of Management

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AHLIA UNIVERSITY

College of Business & Finance

Department of Management and Marketing

 

 

MAGT 121 – Fundamentals of Management

Second Semester (2019/2020)

Final Exam  

 

Date: 31st of May 2020        Full Mark: 40        

 

 

 
Student Name:

Student ID:

Section Number:

 

Instructions:

  • This is an open book exam.
  • You have 24 hours to answer ALL the questions.
  • All of the questions can be answered based on what you studied in MAGT 121.
  • Please send your answers back to your lecturer using MS TEAMS.
  • You can ask questions using MS TEAMS to your lecturer at any time during the exam.

 

Question N° Obtained Marks Max Marks
Question 1   8
Question 2   9
Question 3   4
Question 4   6
Question 5   4
Question 6   6
Question 7   3
Total   40

 

Question 1:

Please read the following case study about Allbirds and Addidas, two top global shoe brands, and answer ALL of the questions that come after.

In recent years, footwear newcomer Allbirds has been stealing market share from big names like Nike and Adidas with its creative and ethical designs. Now, the 6-year-old brand, which is worth over $1.4 billion, is partnering with competitor Adidas.

The two companies announced Thursday that they are teaming up to create a shoe that fulfills the environmental mission to which both Allbirds and Adidas have committed their brands. The new product aims to have the lowest carbon footprint possible for a sports shoe as both brands work to innovate their manufacturing, materials and supply chain processes. In a release announcing the collaboration, the companies said that the footwear industry annually produces 700 million metric tons of carbon dioxide pollution—a figure Allbirds and Adidas hope to diminish with learnings from their new project.

“Very excited to share that we’re breaking the traditional rules of collaboration and teaming up with Adidas to redefine the playbook on sustainability by co-creating a performance shoe with the lowest carbon emissions, ever,” wrote Julie Channing, VP of marketing at Allbirds, on LinkedIn.

The shoe will carry both the Allbirds and Adidas logos, an Allbirds spokeswoman says, but it’s not yet clear what it will look like. She notes that both brands have a deadline of one year to create the product.

With many consumers still housebound due to COVID-19, retail sales of footwear have been on the decline—though many shoppers have been purchasing slippers, according to research firm NPD Group. Overall, U.S. footwear sales in April fell 56 percent to $1.2 billion compared with the year-earlier period; performance footwear was down 50 percent.

  1. Based on information highlighted in this case, (a) conduct a SWOT analysis of the Allbirds company, (b) finding at least 2 points for each of the SWOT categories (8 marks).
   
   

 

  1. The case discusses several external environmental factors related to Allbirds. (a) List 3 of them, (b) highlighting if they are specific or general and (c) justifying your answers (9 marks).
External environmental factors Specific or General? Why?
     
     
     

 

  1. According to the case, Allbirds and Addidas are together building a team that is creating a new design of shoes. (a) Do you think the decision-making style to be followed in that team should be centralized or decentralized? (b) Explain your answer in at least 2 points (4 marks).
Centralization or decentralization?  
Justification  

·        …

·        …

 

 

  1. The Allbirds/Adidas team (that will create the new shoes) reflects a specific type of departmentalization. (a) What is this type of departmentalization? (b) Explain your answer, and discuss (c) one advantage and (d) one disadvantage of this departmentalization type (6 marks)
Type of departmentalization  
Justification  

 

 

 
Advantages and disadvantage

 

  

 

  1. Based on your understanding of the case, (a) do you think that the bargaining power of sport shoe buyers is high or low? (b) Explain your answer (4 marks).
High or low bargaining power of buyers?  
Justification  

 

 

 

 

  1. According to the case, (a) What is the problem that Allbirds/adidas are responding to when creating those shoes? (b) Is this problem structured or unstructured? (c) And are decisions responding to it programmed or non-programmed? Explain your answers. (6 marks)
What is the problem?  
Structured or unstructured?

 

  
Justification

 

  
Programmed or non-programmed?  

 
Justification

 

  

 

  1. (a) Which way of going global (pictured) applies to Allbirds/Adidas teaming up? (b) Define it and (c) discuss one of its advantages (3 marks).

 

Way of going global?  
Definition

 

  
Advantage

 

  

 

XX End of Exam XX

 
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