Hi i have an accounting assignment, its the Hongren's financial and managerial accounting.

The deadline is on august 12 at 10 pm GMT.

Arab Open University Faculty of Business Studies TMA: Tutor Marked Assignment 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 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, The Financial Chapters, 5th edition\" 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 12 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. 1 Faculty of Business Studies - Arab Open University 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: In your answer, you should explain each point or inquire separately. Use the following headings (below) to make up the different sections of your answer: PT3 form (Cover) Contents TMA Available on LMS Title and contents page Part A: Essay Questions Part B: Accounting Cycle: Comprehensive Problem 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): Essay Questions [25 marks in total] Question 1: A worksheet is an optional working tool used by accountants to facilitate the preparation of financial statements. Consider the steps followed in preparing a worksheet. How does the use of a worksheet assist the accountant. Could financial statements be prepared without a worksheet? Evaluate how the process would differ. Consider factors such as timeliness, accuracy, and efficiency in your evaluation. [15 marks]. Question 2: The information needs of a specific user of financial accounting information depends upon the kinds of decisions that user makes. Identify the major users of accounting information and discuss what questions financial accounting information answers for each group of users. [10 marks]. Part (B): Accounting Cycle Comprehensive Problem [75 marks in total] Arab Delivery Service, Inc. completed the following transactions during January, 2017: a. Shareholders invested in the business $26,000 cash and a delivery truck valued at $40,000 in exchange for common stock. b. Purchased supplies for $1,200 cash. c. Paid $2,600 for a one-year insurance policy, effective January1. d. Performed delivery services for a customer and received $1,800 cash. e. Completed a large delivery job for a customer on account for $7,000. f. Paid $4,000 for employee salaries. g. Performed delivery services for customers and received $50,000 cash. h. Collected $2,000 in advance for delivery service to be performed later. 2 i. j. k. l. m. n. Collected $3,000 cash from a customer on account. Purchased fuel for the truck , paying $1,200 with a company credit card (Credit accounts payable). Performed delivery services on account, $3,600. Paid office rent $2,400. Paid $1,000 for accounts payable. Paid cash dividends of $8,000. Requirements: 1. Record each transaction in the journal. Key each transaction by its letter (Explanations are not required). [14 marks] 2. Post the transactions that you recorded in requirement 1 to the ledger accounts using T-accounts. The ledger for Arab Delivery Service contains the following accounts: Cash Accounts receivable Supplies Prepaid insurance Delivery truck Accumulated depreciation Accounts payable Salary payable Unearned service revenue Common stock Retained earnings Dividends Income summary Service revenue Salary expense Depreciation expense insurance expense Fuel expense rent expense supplies expense [10 marks] 3. Prepare a trial balance at January 31 on a worksheet and enter the following adjustments on the worksheet, and complete the worksheet. a. Accrued but unpaid employee salaries were $2,400. b. Depreciation expense for the month was $160. c. Prepaid insurance expired, $600. d. An inventory count shows $800 of supplies on hand at January 31. e. Unearned service revenue earned during January, $1,600. [16 marks] 4. Prepare Arab Delivery Service's income statement and statement of retained earnings for the month ended January 31, 2017, 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. [10 marks] 6. Journalize and post the closing entries. [10 marks] 7. Prepare a post-closing trial balance at January 31, 2017. [3 marks] 3 End of Questions Good Luck 4