demic year: 2014/15 Semester:  First  Second  Summer 1. Program: BA in Business Studies 2. Track: Accounting 3. Course Code: BE210 (BE210/4) 4. Course Title: Introduction to Financial Accounting 5. General Course Coordinator, GCC: Dr. Asma Assaf 6

Academic year: 2014/15
Semester:  First  Second  Summer

1. Program: BA in Business Studies
2. Track: Accounting
3. Course Code: BE210 (BE210/4)
4. Course Title: Introduction to Financial Accounting
5. General Course Coordinator, GCC: Dr. Asma Assaf
6. Cut-off date: To be determined and announced by Dean office
7. TMA Grade Distribution:
Criteria
Content
Minus:
Referencing Minus:
Structure & Presentation of ideas Total marks
Part A The Opportunity At Home (Jazeera Airways Group: 2013 Annual Report)
35
Part B Accounting Cycle Comprehensive Problem 65
Total <5> >5< 100


About TMA:
The TMA covers the financial accounting concepts and practices in the businesses; as you work, you will gain confidence in your ability to use the financial statements of real company. It is marked out, in total, of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within chapters 1 to 4. This TMA requires you to apply the course concepts.

The TMA is intended to:
 Increase the students’ knowledge about the reality of the accounting as a profession.
 Assess students’ understanding of key learning points within chapters 1 to 4.
 Develop the ability to understand and interact with the nature of the financial statements in reality.
 Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.
 Develop basic ICT skills such as using the internet.
The TMA requires you to:
1- Review various study chapters (from Chapter 1 to 4) of the textbook ‘Horngren’s Financial and Managerial Accounting” and apply some of the concepts within it.
2- Conduct a simple information search using the internet.
3- Present your findings and your answers within the specified word count.
4- You should use a Microsoft Office Word and Times New Roman Font of 14 points.
5- You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.

General instructions for students:
Plagiarism: It’s imperative that you write your answers using your own words. Plagiarism will be penalized depending on its severity and according to AOU plagiarism policy.

Word count: your answers are expected to be within the specified word count. A 10% deviation from word count limit is acceptable. Not adhering to specified word count could result in the deduction of up to 4 marks of your total TMA mark.

Referencing: You are expected to use the Harvard referencing style for in-text referencing and list of reference at the end. Failing to do so could result in the deduction of up to 4 marks of your total TMA mark.

E-library: You are expected to use E-library sources to support your answers. A minimum of 3 sources is required. Failing to do so could result in the deduction of up to 4 marks of your total TMA mark.

Format and Presentation:
Part A: In your answer, you are expected to write your answers in an essay format as a report (article): introduction, body paragraph(s) and a conclusion.
Part B: In your answer, you should answer each point or inquire separately.
Failing to do so could result in the deduction of up to 4 marks from your total TMA mark.

Use the following headings (below) to make up the different sections of your answer:
PT3 form (Cover) Available on LMS
Contents Title and contents page
TMA The Opportunity At Home (Jazeera Airways Group: 2013 Annual Report)
Reference list Recorded according to the Harvard style - Available on LMS
Failing to do so could result in the deduction of up to 4 marks of your total TMA mark.



The TMA Questions


Part (A): The Opportunity At Home
(JAZEERA AIRWAYS GROUP: 2013 Annual Report)
[35 marks in total]

Jazeera Airways Group (the “Ultimate Parent Company”) is a unique business model was incorporated by Amiri Decree on 3 March 2004 as a Kuwaiti Public Shareholding Company under the laws of Kuwait and is engaged in the business of air transportation and commercial passenger services under a license from the Directorate General of Civil Aviation.

“The opportunity at home”, Jazeera Airways addressed its 2013 annual report. To display and download “Annual Report 2013 in English” on (PDF) Form – 50 pages, Access following web page at:
http://www.jazeeraairways.com/AdminControl/J9WebsiteDataFiles/Data/InternalWebPage/InvestorFiles/Jazeera%20Annual-Report_English.pdf
(Or you can copy and paste the above address)
Instructions:
As financial analysts, and in no more than 500 words, write a report about JAZEERA AIRWAYS GROUP, by using its 2013 annual report to answer the following questions (in total 35 marks)
In Part A, you are expected to write your answers in an essay format: introduction, body paragraph(s) and a conclusion. Failing to do so could result in the deduction of up to 4 marks from your total TMA mark.

1- “JAZEERA” Group is Parent company for which companies (subsidiaries)? What its main function and industry? And its financial statements are prepared in conformity with which standards?
[6 marks]
2- In page 5, “2013 Financial and operational highlights” were: Operating Revenue – Operating Profit – Net Profit – Debt to equity ratio;
a. Explain how each was calculated and/or was taken from which statement; support your answer with suitable figures from annual report.
b. Make a search and compare “JAZEERA” highlights with competitor Airways Company from the same industry; support your answer with suitable figures.
c. Comment briefly in your findings whether “JAZEERA” better, worse or same as its competitor.
[12 marks]
3- In page 8, “Our strategy” Jazeera Group states that its aim during the period from 2012 to 2014 “is to focus on maximizing profitability without major network expansion”; analyze this sentence by answering the following:
a. Identify Revenues for the year ended 31 December 2013. How much did Revenues increase or decrease from 2012 to 2013? How much net income or net loss did “JAZEERA” earn for 2013 and for 2012? Based on net income, was 2013 better or worse than 2012? (support your answer with suitable figures from annual report)
b. Refer to page 36 “Property and Equipment” schedule; and compare the “additions” in “Aircraft and engines” between 2012 and 2013? Whether its increase or decrease? (support your answer with suitable figures from annual report)
c. Comment briefly in your findings whether “JAZEERA” did achieve its 2012 and 2013 strategy, or not?
[17 marks]






























Part (B): Accounting Cycle Comprehensive Problem
[65 marks in total]

Ayman Delivery Service, Inc. completed the following transactions during its first month of operations for January 2014:
a. Ayman Delivery Services, Inc. began operations by receiving $13,000 cash and a truck valued at $20,000. The business issued common stock to acquire these assets.
b. Paid $600 cash for supplies.
c. Prepaid insurance, $1,300.
d. Performed delivery services for a customer and received $900 cash.
e. Completed a large delivery job, billed the customer $3,500, and received a promise to collect it within one week.
f. Paid employee salary, $2,000.
g. Received $25,000 cash for performing delivery services.
h. Collected $1,000 in advance for delivery service to be performed later.
i. Collected $1,500 cash from a customer on account.
j. Purchased fuel for the truck , paying $300 with a company credit card (Credit accounts payable)
k. Performed delivery services on account, $1,800.
l. Paid office rent $1,200. This rent is not paid in advance.
m. Paid $500 for accounts payable.
n. Paid cash dividends of $4,000.

Requirements:
1. Record each transaction in the journal. Key each transaction by its letter (Explanation are not required)
[14 marks]
2. Post the transaction that you recorded in requirement 1 in the T-accounts:
[10 marks]
Cash Service revenue
Accounts receivable Salary expense
Supplies Depreciation expense
Prepaid insurance insurance expense
Delivery truck Fuel expense
Accumulated depreciation rent expense
Accounts payable supplies expense
Salary payable
Unearned service revenue
Common stock
Retained earnings
Dividends
Income summary
3. Enter the trail balance in the worksheet for the month ended January 31, 2014. Complete the worksheet using the adjustment data given at January 31
[16 marks]
a. Accrued salary expense, $1,200.
b. Depreciation expense , $80
c. Prepaid insurance expired, $300.
d. Supplies on hand, $400.
e. Unearned service revenue earned during January, $800.

4. Prepare Ayman Delivery Service’s income statement and statement of retained earnings for the month ended January 31, 2014, and the classified balance sheet on that date. On the income statement, list expenses in decreasing order by amount – that is, the largest expense first, the smallest expense last.
[12 marks]
5. Journalize and post the adjusting entries beginning with a.
[5 marks]
6. Journalize and post the closing entries.
[4 marks]
7. Prepare a post-closing trial balance at January 31, 2014.
[4 marks]



End of questions,

_________________




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