Academic Session 2022 January Semester Assignment BBM 2050

Academic Session 2022 January 2022 Semesterassignmentbbm20503 Basic

Describe the five (5) basic components of financial statements. (15 marks) Question 2 The following information is available to reconcile Linear Sportwear's book balance of bank with its bank statement cash balance as of November 30. The November 30 bank balance according to the accounting records is RM78,356, and the bank statement cash balance for that date is RM83,525. i. The bank erroneously cleared a RM480 cheque against the account in November that was not issued by Linear. The cheque documentation included with the bank statement indicates the cheque was actually issued by Lighthouse Electrical. ii. On 30 November, the bank issued a credit memorandum for RM53 interest earned on Linear's account. iii. When the November cheques are compared with entries in the accounting records, it is found that cheque No. 1828 had been correctly drawn for RM1,530 to pay for advertising but was erroneously entered in the accounting records as RM1,350. iv. A credit memorandum indicates that the bank collected RM10,000 cash on a note receivable for Linear, deducted a RM30 collection fee, and credited the balance to the company's Bank account. Linear did not record this transaction before receiving the statement. v. A debit memorandum of RM895 is enclosed with the bank statement for an NSF check for RM870 received from a customer. The bank assessed a RM25 fee for processing it. vi. Linear's 30 November daily cash receipts of RM5,102 were placed in the bank's night depository on that date, but do not appear on the 30 November bank statement. vii. Linear's 30 November cash disbursements journal indicates that cheque No. 1837 for RM584 and cheque No. 1840 for RM1,219 were both written and entered in the accounting records, but are not among the canceled cheques. Required: a. Prepare the bank reconciliation for this company as of 30 November. (10 marks) b. Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of 30 November. (5 marks) Question 3 On 30 September, Emerald Travel has RM540,250 of accounts receivable. Emerald uses the allowance method of accounting for bad debts and has an existing credit balance in the allowance for doubtful debts accounts of RM13,750. The following information is related to the transaction in October: • Sold RM325,000 of merchandise (that cost RM178,500) to customers on credit. • Received RM425,100 cash in payment of accounts receivable. • Wrote off RM16,700 of uncollectible accounts receivable. • In adjusting the accounts on 31 October, its fiscal year-end, the company estimated that 3.0% of accounts receivable will be uncollectible. Required: a. Prepare journal entries to record the above selected October transactions. The company uses the perpetual inventory system. (10 marks) b. Show the amount to be debited to the statement of comprehensive accounts and how Accounts Receivable and the Allowance/Provision for Doubtful debts appear on its 31 October statement of financial position. (5 marks) Question 4 Prepare the year end adjusting journal entries for the following transactions in the GENERAL JOURNAL. Narratives are required. a. Depreciation on equipment at cost of RM450,000 and accumulated depreciation of RM25,000 is charged at 10% per annum with reducing balance method. (3 marks) b. Office furniture at cost of RM200,000 is expected to be used for 10 years with salvage value of RM3,000. (3 marks) c. As at 31 December, commission income received in advance is amounting to RM2,500. (3 marks) d. Travelling expense accrued for RM300. (3 marks) e. The owner of the business withdrew RM1,400 cash from the office. (3 marks) Question 5 The following trial balance was taken from the books of Dumbo Trading at 31 December 2021. Dumbo Trading Trial Balance as at 31 December 2021 RM RM Capital 131,789 Drawings 227,836 Cash and bank 30,380 Sales 1,472,940 Purchases 760,760 Accounts receivable 162,400 Accounts payable 98,700 Inventory 65,870 Carriage outwards 7,805 Carriage inwards 5,880 Returns inwards 34,300 Returns outwards 26,040 Salaries and wages 292,600 Sundry expenses 2,230 Rent (10 months) 47,600 Motor vehicle expenses 6,380 Accumulated depreciation-Fixtures and fittings 1,596 Accumulated depreciation-Motor vehicle 20,160 Fixtures and fittings 6,384 Motor vehicle 100,800 Total 1,751,751 END OF QUESTION PAPER For our term paper, your goal is to write a paper of roughly 1,500 words in which you take a stance on a philosophical debate. You should select one of the following debates: 1. What are our moral obligations in times of a societal crisis? Evaluate the following case (adopted from here (Links to an external site.)) using utilitarianism and deontology: "The need for ruthless social distancing to curtail the virus’s spread is at odds with the need to rescue the economy, with its diffuse benefits in health and well-being. Should the young and fit, who can better survive the virus, be encouraged to go back into the world and resume normal activities, even though that would prolong the virus’s circulation, with fatal consequences for the less hardy?" (In discussing deontology, make sure to discuss the idea of autonomy.) 2. Is lying ever morally permissible? Consider the following case (adopted from Judith A. Boss's Ethics for Life), and evaluate it using at least two different ethical theories we have studied (utilitarianism, deontology, and virtue ethics): "A 1989 study at a major hospital revealed that the majority of doctors were willing to use deception in certain circumstances. For example, three-quarters of them said that they would not report a case of gonorrhea to the health department, even though they were required to do so by law, if the infected husband was worried that his wife would leave him when she learned he had been unfaithful. About two-thirds stated that if questioned by the wife, they would back up the husband’s story that he was taking the antibiotics for another problem. Are these lies morally justified?" 3. Is torture ever morally permissible? Consider the following case (adapted from Judith A. Boss's Ethics for Life), and evaluate it from utilitarian and deontological perspectives: In 2003, Pakistani forces and the CIA captured Khalid Sheikh Mohammed, a suspected terrorist whom they thought to have information that would endanger the American public. In order to retrieve information, US personnel used "enhanced interrogation techniques" on Mohammed, including sleep deprivation, rectal rehydration, and waterboarding. Later, in 2006, President George W. Bush proposed legislation that would “decriminalize the use of cruel, inhuman and degrading treatment by civilian interrogators (Links to an external site.) — thereby permitting the use of torture on suspected terrorists. Is the use of enhanced interrogation techniques morally justified? (In discussing deontology, make sure to discuss the idea of autonomy.) 4. How strong of a moral obligation do we have to give to those in need (e.g., famine relief)? Peter Singer argues that we are obliged to give up to the point at which giving more would make us worse off than those we are trying to help. In contrast, a Kantian can argue that we shouldn’t give so much such that we sacrifice our autonomy. 5. Is it ever morally justified to commit an act of civil disobedience? In the Crito , Socrates offers several arguments against civil disobedience, whereas in the "Letter from Birmingham Jail" MLK defends some instances of civil disobedience. 6. Is there a self? Whereas Buddhists argue against the existence of a self that is substantial, enduring, and self-determining, Nyaya philosophers give several arguments that various features of our experience can be explained only in terms of such a self. 7. Are mind and body really distinct? Descartes argues that body/matter cannot think because thinking is essentially unextended. In contrast, Princess Elisabeth of Bohemia argues that it is conceivable for body/matter to think. 8. Do we have innate knowledge? Leibniz (along with Plato and Descartes) argues that we have innate ideas and innate knowledge, whereas John Locke argues that all ideas and knowledge must instead ultimately derive from experience. 9. What is the metaphysical nature of gender/race? Select either the concept of gender or the concept of race, and explain the different views of its metaphysical status. Which view do you think is right, and why? To write a successful paper on your chosen topic, you need to carry out the following tasks. Task 1 : Give an overview of the two competing views, and explain each side's argument(s). Task 2 : Present your position on the debate, and offer reasoning of your own in support of your position. You should both present reasoning in support of your position and raise objections to the opposing side's view/arguments. Task 3 : Present one objection to your own argument/view, and defend yourself in response.

Paper For Above instruction

The provided assignment encompasses a comprehensive examination of fundamental concepts in accounting as well as a philosophical debate suitable for a 1,500-word academic paper. The core focus is on understanding basic financial statement components, preparing reconciliations and journal entries, and analyzing financial statements, complemented by a philosophical inquiry on moral obligations or ethical dilemmas. This document first addresses the accounting questions, which involve describing components of financial statements, reconciling bank statements with books, recording transactions via journal entries, preparing financial statements, and making year-end adjustments. Subsequently, the philosophical component requires selecting a debate—such as societal obligations during crises, the morality of lying, torture, altruism, civil disobedience, the nature of self, mind-body dualism, innate knowledge, or metaphysical perspectives on gender or race—and constructing a well-argued essay. The essay should evaluate contrasting views, present a reasoned stance, and defend that position against objections, applying relevant ethical theories such as utilitarianism, deontology, virtue ethics, Kantian ethics, or others as appropriate. This dual focus reflects an integration of technical accounting skills with critical philosophical analysis, aiming for a balanced synthesis of practical financial understanding and moral reasoning.