TMA for Financial Accounting: Tasks and Questions

The TMA covers the financial accounting concepts and practices in the businesses. It is marked out. It is intended to assess students’ understanding of some of the learning points within Book. This TMA requires you to apply the course concepts.

Increase the students’ knowledge about the reality of the accounting as a profession.

Assess students’ understanding of key learning points within Books.

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.

1. Different forms of business organizations are governed by different regulations. List and briefly explain the different forms of business organizations. Identify under which category of business organization the National Bank of Oman bank falls, support your answer from the annual report of National Bank of Oman.   

2. Measurement means the process of determining the monetary amount at which the elements of the financial statements are to be included in the balance sheet and income statement.The IASB Framework includes the four bases of measurement. Explain these four bases of measurement with example. Identify that which measurement bases is used by National Bank of Oman in preparing their financial statements?

3. IAS 16 Property, plant and equipment identifies and describes two different models of accounting for tangible non-current assets. Discuss the role of these two models for National Bank of Oman and describe the depreciation methods used by National Bank of Oman.

4. The sources of company finances may be various and complicated. Equity capital is the main source of company finances, what are the different types of share capital, explain. Also identify the different forms of share capital from annual report of National Bank of Oman.  

5. The IASB Framework sets out the underlying assumptions on which financial statements should be prepared, namely the accruals basis and the going concern basis. Explain why the going concern basis is important in understanding National Bank of Oman financial statement; Support your answer with evidence from National Bank of Oman annual report.

6. Statement of financial position can be prepared in vertical, net asset and horizontal format. What is the difference between these formats? Which format has been adopted by National Bank of Oman and what is the underlying assumption? Provide evidence from annual report.

7. What is meant by financial ratios? Explain the objectives of these ratios and what it portrays about the business.  

8. Calculate the liquidity ratio and profitability ratio of National Bank of Oman for and comment on its result.

9. Who is the external auditor of National Bank of Oman? Write the summary on the components of external auditor’s report and provide evidence from annual report of National Bank of Oman.

10. Write a summary about the financial position of National Bank of Oman. Your summary should include the main financial data of the company.