Reference no: EM132519074

GAC4008 Financial Accounting Assignment - Gulf College, Oman

Learning Outcomes - In addition, the assessment will test the following learning outcomes:

- Demonstrate, apply and explain basic accounting methods, accounting conventions and concepts;

- Demonstrate and explain the uses of key accounting systems and the recording of accounting event;

- Explain the various types of institution and prepare basic accounting statements for each.

Assessment Task -

Majan International LLC is a well-known IT organisation with a strong workforce of dedicated employees. However, the Managing Director has recently identified that many of his staff members have a poor understanding of financial statements and difficulty in interpreting financial information as their education has not exposed them to such information. You have been asked to answer the following tasks in preparation for the coursework that you will perform internally for the company. You need to prepare a report of 4,200 words addressed to Mr. Sameer. The structure of the report should be as follows:

I. Introduction (400 words)

a. Briefly explain the role of accounting.

b. Discuss the accounting process and role of Financial Accounting.

II. Discussion (2800 words)

a. Discuss the accounting conventions and concepts relating to consistency and materiality.

b. Explain what the statement of comprehensive income (Income Statement) and statement of financial position (Balance Sheet) represent about Majan International LLC.

c. Briefly discuss what is contained in Income Statement and Balance Sheet of Majan International LLC. Give examples.

d. Prepare the pro-forma templates for each statement.

e. Discuss the two methods of depreciation available to Majan International LLC.

f. Briefly explain the differences between the two methods.

III. Recommendation (1000 words)

a. Explain the purpose and need of Financial Statement Analysis.

b. Analyse the financial performance of Majan International LLC using Liquidity and Profitability ratios based from the pro-forma statements prepared.

IV. References

At least five (6) references in Harvard Referencing style.

Guidelines - There should be a minimum of Six (6) references. Use Harvard Referencing style. Use Times New Roman or Arial as font style with 12 as font size.