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    Assignment 1 FIA 6001 Spring 2020

    Uploaded by

    Aboubakr Soultan
    Students must submit responses of no more than 500 words for each question by February 28th, formatted according to the provided guidelines. The instructor will evaluate responses based on accuracy, depth of analysis, and justification using a 7-point rubric focusing on course learning outcomes.

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    © All Rights Reserved
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    Assignment 1 FIA 6001 Spring 2020

    Uploaded by

    Aboubakr Soultan
    67 views3 pages
    Students must submit responses of no more than 500 words for each question by February 28th, formatted according to the provided guidelines. The instructor will evaluate responses based on accuracy, depth of analysis, and justification using a 7-point rubric focusing on course learning outcomes.

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    Students must submit responses of no more than 500 words for each question by February 28th, formatted according to the provided guidelines. The instructor will evaluate responses based on accuracy, depth of analysis, and justification using a 7-point rubric focusing on course learning outcomes.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    67 views3 pages

    Assignment 1 FIA 6001 Spring 2020

    Uploaded by

    Aboubakr Soultan
    Students must submit responses of no more than 500 words for each question by February 28th, formatted according to the provided guidelines. The instructor will evaluate responses based on accuracy, depth of analysis, and justification using a 7-point rubric focusing on course learning outcomes.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Assessment Instrument Assignment 1

    Course Name Managerial Accounting Course code FIA 6001


    Semester Spring Year 2020
    Maximum Marks 15 Marks
    Instructor Dr. Edmund Christopher
    Assignment Due Date 28th February, 2020
    i) Assignment should be submitted by electronically through Turnitin
    Assessment Submission
    ii) Academic dishonesty of any kind is strictly prohibited
    Instructions
    iii) assignments should be submitted by its due date as scheduled by the
    Course Instructor
    Word or Page Limit Theory question 500 words and for Problem all steps, answer and decision.
    Use the following format:
    • Introduction
    • Detail Explanation
    • Justify your explanation
    Presentation Format • Conclusion
    • MS Word document, Times new roman , front size 12 and 1.5 line space
    (5 to 7 pages)
    • Referencing Use APA or MLA format (minimum 5)
    (Instructor provides additional guidelines and directions in class)

    Resources and Support College Library, Internet, Newspapers, Journals, Magazines, or other Reference
    Available Sources.
    Scope of Accounting Concepts & Principles
    Assignment Task
    Course Learning Outcomes Course Learning Outcomes Marks
    Assessed 1. Demonstrate the knowledge of concepts, tools, practices
    7
    and ethical issues in Management Accounting

    2. Research and analyze the role of accounting information


    8
    in strategy formulation and decision making
    Assignment Questions:

    1. One of the differences between Managerial Accounting and Financial Accounting is reporting
    flexibility. Financial reporting is restricted by Generally Accepted Accounting Principles whereas
    reporting in Managerial Accounting has fewer rules.

    a) Why is it permissible to violate Generally Accepted Accounting Principles when preparing reports
    used strictly by company management?

    b) Should external users always have the same information as internal users? Explain.

    2. The United States uses accounting standards developed by the Financial Accounting Standards Board
    (FASB) known as the generally accepted accounting principles (GAAP). This system relies on rules and
    regulations and thus is said to be a rules-based system. The rest of the world follows accounting
    standards developed by the International Accounting Standards Board (IASB) known as the international
    accounting financial reporting standards (IFRS). This system relies more on principles than rules. There is
    a movement to have one global standard, which would combine GAAP and IFRS.

    a) What are the differences between GAAP and IFRS?

    b) How does each standard handle research and development costs?

    c) What issues might arise with combining a rules-based with a principles-based system?
    The instructor evaluates the assignment and awards marks based on the following criteria

    Evaluation Rubrics- Assignment-1

    Course Learning Outcomes Excellent Students Faculty


    Marks Comments

    1.Demonstrate the The student accurately articulated the


    knowledge of concepts, permissible violation of Accounting principles
    tools, practices and ethical in managerial accounting reports.
    issues in Management [2 mark]
    Accounting The student has to demonstrate the ethical
    (3 marks) issues and consequences connected to the
    flexible reports of Managerial Accounting.
    [2mark]

    Described how the external uses always have


    the same information as internal users.
    [3 mark]

    2. Research and Analyse Clearly differentiated six points on the subject


    the role of accounting of GAAP and IFRS [3 marks]
    information in strategy
    formulation and decision The student analyzed each standard and
    making. describe how the research and development
    (2marks) cost. [2marks]

    The student justified his / her decision


    regarding the issues might be rule based arise
    with principles based system
    [3mark]

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