{"id":2718,"date":"2020-02-04T12:06:42","date_gmt":"2020-02-04T12:06:42","guid":{"rendered":"https:\/\/assignmenttask.com\/answers\/?p=2718"},"modified":"2020-02-04T12:11:40","modified_gmt":"2020-02-04T12:11:40","slug":"bbaw2103-financial-accounting-assignment-1-and-2-answers-for-malaysia-university-students","status":"publish","type":"post","link":"https:\/\/assignmenttask.com\/answers\/bbaw2103-financial-accounting-assignment-1-and-2-answers-for-malaysia-university-students\/","title":{"rendered":"BBAW2103 Financial Accounting Assignment 1 and 2 Answers for Malaysia University Students"},"content":{"rendered":"

Looking for BBAW2103 Financial Accounting Assignment 1 and 2 Answers for University Students? Get Financial Accounting Assignment Answers<\/strong><\/a>, Help with MBA Assignment<\/strong><\/a> & Free Assignment Sample<\/strong><\/a> from PhD\/MBA Experts at affordable price? Acquire HD Quality research work with 100% Plagiarism free content.<\/p><\/blockquote>\n

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Assignment Details:<\/strong><\/p>\n

Topic \/ Subject : <\/strong>Assignment<\/p>\n

Reference Style : <\/strong>APA<\/p>\n

Pages\/Words : <\/strong>1 Pages\/250 Words<\/p>\n

Qualitative characteristics of accounting information are important as the basis of financial statements preparation of a business. Discuss the importance of these qualitative characteristics and explain how each of the characteristic is useful in interpretation of the financial statements.<\/p>\n

BBAW2103 Financial Accounting Assignment 1 and 2 Answers (Open University Malaysia)<\/strong><\/h2>\n

PURPOSE<\/strong><\/p>\n

The purpose of this assignment is to enhance learners\u2019 understanding on qualitative characteristic of accounting information and enhance learners\u2019 skills to prepare the journal entry, trial balance and financial statements.<\/p>\n

REQUIREMENT<\/strong><\/p>\n

You are required to answer Assignment 1 and Assignment 2.\u00a0 You have to submit both assignments ONCE only in a single file.<\/p>\n

ASSIGNMENT 1:<\/u><\/strong> (CLO 1)<\/strong><\/p>\n

Qualitative characteristics of accounting information are important as the basis of financial statements preparation of a business. Discuss the importance of these qualitative characteristics and explain how each of the characteristic is useful in interpretation of the financial statements.<\/p>\n

(10 marks)<\/strong><\/p>\n

[Total: 10 marks]<\/strong><\/p>\n

 <\/p>\n

ASSIGNMENT 2:<\/u><\/strong>(CLO 2)<\/strong><\/p>\n

Answer all the questions and show your detailed workings clearly and systematically.<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

Question 1:<\/u><\/strong><\/p>\n

\u00a0<\/u><\/strong><\/p>\n

Hashem started a business that offers<\/strong> legal services on 1 December 2019<\/strong>. The following are transactions occurred during the month of <\/strong>December2019:<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

    \n
  1. Hashem brought in RM50,000 cash and office equipments worth RM12,000 into the business.<\/li>\n
  2. Bought a car for his own use worth RM112,000 by paying cash (company\u2019s money) of RM12,000 and signing a note payable for the balance.<\/li>\n
  3. Provided legal services to a client worth RM7,000 and received cash of RM3,000 from the client.<\/li>\n
  4. Purchased office supplies worth RM2,000 cash.<\/li>\n
  5. Paid RM700 cash for advertising expenses for the months of December2019.<\/li>\n
  6. Sent a bill totaling RM5,000 to a client for the legal service provided and yet to receive payment.<\/li>\n
  7. Received RM3,000 cash as an agreement to start work as a legal advisor for a company starting February 2020.<\/li>\n
  8. Paid RM3,600 cash for employees\u2019 salary.<\/li>\n
  9. Paid RM2,400 cash for December office rental.<\/li>\n
  10. As at 31 December 2019, the office supplies used is RM400.<\/li>\n<\/ol>\n

     <\/p>\n

    Based on the above information, you are required<\/strong> to<\/strong>:<\/strong><\/p>\n

    1.<\/strong>\u00a0 \u00a0 Show the effects of all the above transactions in the accounting equation.<\/p>\n

    (11.5)<\/strong><\/p>\n

    2.<\/strong>\u00a0 \u00a0Prepare the journal entries to record all transactions.<\/p>\n

    (11.5)<\/strong><\/p>\n

    [Total : 23 marks]<\/strong><\/p>\n

     <\/p>\n

    Question 2:<\/u><\/strong><\/p>\n

    Kembara Enterprise has operated since 1 January 2016. The following are the accounts\u2019 balance of Kembara Enterprise as at 31 December 2019:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Account<\/strong><\/td>\nBalance(RM)<\/strong><\/td>\n<\/tr>\n
    Cash<\/strong><\/td>\n18,500<\/strong><\/td>\n<\/tr>\n
    Accounts receivable<\/strong><\/td>\n15,200<\/strong><\/td>\n<\/tr>\n
    Prepaid insurance<\/strong><\/td>\n2,400<\/strong><\/td>\n<\/tr>\n
    Inventory (31\/12\/2019)<\/strong><\/td>\n22,800<\/strong><\/td>\n<\/tr>\n
    Office supplies<\/strong><\/td>\n4,500<\/strong><\/td>\n<\/tr>\n
    Prepaid advertising<\/strong><\/td>\n3,400<\/strong><\/td>\n<\/tr>\n
    Furniture & fittings<\/strong><\/td>\n22,600<\/strong><\/td>\n<\/tr>\n
    Accumulated Depreciation \u2013 furniture & fittings<\/strong><\/td>\n10,400<\/strong><\/td>\n<\/tr>\n
    Unearned Sales revenue <\/strong><\/td>\n3,700<\/strong><\/td>\n<\/tr>\n
    Accounts payable<\/strong><\/td>\n17,500<\/strong><\/td>\n<\/tr>\n
    Long term loan<\/strong><\/td>\n12,000<\/strong><\/td>\n<\/tr>\n
    Capital – Kembara<\/strong><\/td>\n24,000<\/strong><\/td>\n<\/tr>\n
    Sales revenue<\/strong><\/td>\n42,000<\/strong><\/td>\n<\/tr>\n
    Salaries expenses<\/strong><\/td>\n5,800<\/strong><\/td>\n<\/tr>\n
    Rental expenses<\/strong><\/td>\n13,200<\/strong><\/td>\n<\/tr>\n
    Utilities expenses<\/strong><\/td>\n1,200<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Additional information:<\/strong><\/p>\n

      \n
    1. Furniture and fittings are depreciated at a rate of 10 percent annually using straight line method.<\/li>\n
    2. The balance of office supplies on hand at the end of the year is RM2,500.<\/li>\n
    3. Rentals for the current year amounting to RM2,200 are not yet paid.<\/li>\n
    4. Employees\u2019 salary for December 2019 of RM3,300 is not yet paid.<\/li>\n
    5. Utility bill for December 2019 of RM350 has been received but is not yet paid.<\/li>\n
    6. The prepaid advertising include RM300 for January 2020 advertisement.<\/li>\n
    7. Expired insurance for the year 2019 is RM1,200.<\/li>\n
    8. The accrued interest on the long term loan until 31 December 2019 is RM900.<\/li>\n<\/ol>\n

       <\/p>\n

      Based on the above information, you are required to:<\/strong><\/p>\n

      a).<\/strong>\u00a0 \u00a0Prepare an adjusted Trial Balance as at 31 December 2019.<\/p>\n

      (12.5)<\/strong><\/p>\n

      b).<\/strong>\u00a0 \u00a0Prepare an Income Statement for the year ended 31 December 2019.<\/p>\n

      (6)<\/strong><\/p>\n

      c).<\/strong>\u00a0 \u00a0Prepare a Balance Sheet as at 31 December 2019.<\/p>\n

      (8.5)<\/strong><\/p>\n

      [Total : 27 marks]<\/strong><\/p>\n

       <\/p>\n

      TASK QUESTION<\/strong><\/p>\n

      Purposes<\/strong><\/p>\n

      The purpose of this task is to enhance the understanding of the students ‘ qualitative characteristics of accounting information and to enhance the skills of the students to prepare the journal notes, balance of interviews and financial statements.<\/p>\n

      Needs<\/strong><\/p>\n

      You are required to answer the 1 and duty 2 tasks.\u00a0 You need to send both Duatugasan in ONE file only.<\/p>\n

      Task 1 :<\/u>(CLO 1)<\/strong><\/p>\n

      Qualitative features of accounting information are essential as the basis for the preparation of the financial statements of a business. Discuss the importance of such qualitative features and explain how each feature is useful in the interpretation of the financial statements.<\/p>\n

      (10)<\/strong><\/p>\n

      [Amount: 10 Marks]<\/strong><\/p>\n

      TASK 2: (CLO 2<\/u>)\u00a0<\/u><\/strong><\/p>\n

      Answer all questions and show your detailed work clearly and systematically.<\/p>\n

      Question 1:<\/u><\/strong><\/p>\n

      Hashem started a business offering legal services on 1 Disember 2019. The following are transactions \u2013 transactions involved during the Disember 2019 month:<\/p>\n

        \n
      1. Hashem brings in RM50, 000 cash and office equipment amounting to RM12, 000 in business<\/li>\n
      2. Purchase a car for its own use of RM112, 000 by paying cash (company money) of RM12, 000 and signed for the remaining note for the remainder.<\/li>\n
      3. To provide legal services to a customer costing RM7, 000 and received cash amounting to RM3, 000 therefrom.<\/li>\n
      4. Purchase of office supplies worth RM2, 000 in cash.<\/li>\n
      5. Pay cash RM700 for advertising expenses for the Disember 2019 month.<\/li>\n
      6. Send a bill of RM5, 000 to a customer for a legal service provided but not receiving payment.<\/li>\n
      7. Received RM3, 000 cash as a sign of consent to commence work as a legal advisor for a company starting February 2020.<\/li>\n
      8. Pay RM3, 600 cash for employee salaries.<\/li>\n
      9. Paid RM2, 400 cash for December office rental<\/li>\n
      10. As at 31 December 2019, the office supply used was worth RM400.<\/li>\n<\/ol>\n

        Based on the above information, you are required to:<\/strong><\/p>\n

        a).\u00a0 \u00a0Show the effect of all above transactions in accounting equations.<\/p>\n

        (11.5)<\/strong><\/p>\n

        b).\u00a0 \u00a0Set up a journal note to record all transactions.<\/p>\n

        (11.5)<\/strong><\/p>\n

        [Amount: 23 marks]<\/strong><\/p>\n

        Question 2:<\/u><\/strong><\/p>\n

        Kembara Enterprise was operating since 1 January 2016. Below are the balance of travel Enterprise accounts as at 31 December 2019:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        Account<\/td>\nBalance (RM)<\/td>\n<\/tr>\n
        Tunai<\/td>\n18,500<\/td>\n<\/tr>\n
        Account receivable<\/td>\n15,200<\/td>\n<\/tr>\n
        Prepaid Insurance<\/td>\n2,400<\/td>\n<\/tr>\n
        Inventory (31\/12\/2019)<\/td>\n22,800<\/td>\n<\/tr>\n
        Office Supplies<\/td>\n4,500<\/td>\n<\/tr>\n
        Prepaid Advertising<\/td>\n3,400<\/td>\n<\/tr>\n
        Equipment & Fittings<\/td>\n22,600<\/td>\n<\/tr>\n
        Accumulated Depreciation-Equipment & Fittings<\/td>\n10,400<\/td>\n<\/tr>\n
        Unearned sales proceeds<\/td>\n3,700<\/td>\n<\/tr>\n
        Account payable<\/td>\n17,500<\/td>\n<\/tr>\n
        Long Term Loans<\/td>\n12,000<\/td>\n<\/tr>\n
        Capital-Travel<\/td>\n24,000<\/td>\n<\/tr>\n
        Sales proceeds<\/td>\n42,000<\/td>\n<\/tr>\n
        Payroll expenses<\/td>\n5,800<\/td>\n<\/tr>\n
        Rental expenses<\/td>\n13,200<\/td>\n<\/tr>\n
        Cost utility<\/td>\n1,200<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

        Additional Information:<\/strong><\/p>\n

          \n
        1. Equipment and fittings are depreciated at a rate of 10 per cent per annum using the straight line method.<\/li>\n
        2. The remaining office supplies at hand at the end of the year was RM2, 500.<\/li>\n
        3. Rental for the current year amounted to RM2, 200 is yet to be paid.<\/li>\n
        4. Employee salary for December 2019 amounting to RM3, 300 has not been paid.<\/li>\n
        5. The utility bill for December 2019 amounted to RM350 was accepted but remained unpaid.<\/li>\n
        6. Prepaid advertising includes RM300 for advertising in January 2020.<\/li>\n
        7. Insurance has expired for the year 2019 is RM1, 200.<\/li>\n
        8. The interest of long term loans accrued up to 31 December 2019 was RM900.<\/li>\n<\/ol>\n

          Based on the above information, you are required to:<\/strong><\/p>\n

          a).<\/strong>\u00a0 Set up the adjusted interview balance as at 31 December 2019.<\/p>\n

          (12.5)<\/strong><\/p>\n

          b).<\/strong>\u00a0 Prepare income statement for the year ended 31 December 2019.<\/p>\n

          (6)<\/strong><\/p>\n

          c).<\/strong>\u00a0 Set up balance sheet as at 31 December 2019.<\/p>\n

          (8.5)<\/strong><\/p>\n

          \u00a0[Amount: 27 marks]<\/strong><\/p>\n

           <\/p>\n

          Reference ID: #getanswers2001062<\/span><\/span><\/strong><\/p>\n

           <\/p>\n","protected":false},"excerpt":{"rendered":"

          Looking for BBAW2103 Financial Accounting Assignment 1 and 2 Answers for University Students? Get Financial Accounting Assignment Answers, Help with MBA Assignment & Free Assignment Sample from PhD\/MBA Experts at affordable price? Acquire HD Quality research work with 100% Plagiarism free content.     Assignment Details: Topic \/ Subject : Assignment Reference Style : APA Pages\/Words : 1 Pages\/250 Words Qualitative characteristics of accounting information are important as the basis of financial statements preparation of a business. Discuss the importance of these qualitative characteristics and explain how each of the characteristic is useful in interpretation of the financial statements. BBAW2103 Read More …<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[835],"tags":[2898,2894,2895,2893,2899,2897,846,2896],"_links":{"self":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts\/2718"}],"collection":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/comments?post=2718"}],"version-history":[{"count":3,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts\/2718\/revisions"}],"predecessor-version":[{"id":2721,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/posts\/2718\/revisions\/2721"}],"wp:attachment":[{"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/media?parent=2718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/categories?post=2718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttask.com\/answers\/wp-json\/wp\/v2\/tags?post=2718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}