California Baptist University Contemporary Issues in Accounting Paper

Case Scenarios: 1

‘The Evolving Dimensions of The Accounting Profession and the 21st Century Expectations’

(Jeremiah & Daferighe, 2019)

The dimension of the accountancy profession is undergoing an increasingly expanding andunpunctuated global evolution. These 21st-century twists, however, tend to pose an identity threat to the profession. The much-celebrated software substitution of the traditional roles of the Accountant coupled with the apparent professional cross-carpeting of non-accountants aided by these emerging digital initiatives appears to ‘take-over’ the seat of the Accountant. The following roles were identified for the discussion.

Evolving Dimensions
THE 21ST CENTURY PERSPECTIVE	THE FUTURE IMPERATIVES
The Accountant as a Corporate Pathfinder	Embrace an enlarged strategic and commercial role
The Accountant as a Guardian of the Corporate Model	Develop a global orientation
The Accountant as a Competent Communicator	Reinvent the talent pool

Task 1: Explain minimum of ONE new skill set required for a modern Accountant from the list above or

from your own choice.(5 marks: Word count- 300-400)

Case Scenarios: 2

‘Two accounting theories that help create the system investors and managers use today’ : Positive and Normative Accounting Theories.

Text 1	Text 2
if an organisation has had a highly successful financial year, the next year they will have the financial stability to boost investor dividend payments. Thistheorywould deduce that corporate growth causes an increase in shareholder remittance.	if a corporation has previously boosted investor dividend payments, and is now looking to reinvest funds into the firm to ensure its future viability through corporate sustainability measures, then theorywould point to issuing new shares as a source of funding

Task 2: Identify a positive theory and a normative theory from the list above (Text 1 or Text 2) and justify your answer by referring to the differences between two theories.(5 marks: Word count- 300-400) Case Scenario: 3

AbdulSalam LLC’s financial position as of 30^th September 2020 is as follows:

Statement of Finanancial Position

Equity and Liabilities	OMR’000	Assets	OMR’000
Share capital	5260	Inventory : Raw Materials	2500
Debentures	1540	Inventory : Finish goods	3000
Net Profits	2500	Other assets	3800
	9300		9300

The company management has been decided the following ‘creative accounting’ measures:

• Inventory: Raw Materials – Increase the raw material inventory by OMR 300 000 to represent low provision for obsolete raw materials.
• Inventory: Finish goods – Decrease the finish good inventory by OMR 100 000 to represent damaged finish goods.

Already answered :Task (3) Redraft the Statement of Financial Position as of 30th September 2020 to reflect the above

Creative Accounting measures.(6 marks)

The answer is :

Equity and liabilities	OMR 000	Assets	OMR 000
Share capital	5260	Inventory: Raw Materials	2500 +300 = 2800
Debentures	1540	Inventory: Finish goods	3000 – 100 = 2900
Net profit	2500 + 300 – 100 =2700	Other assets	3800
	9500		9500

Task (4) Comment on the findings of task (3) above and make relevant recommendations referring to the

below mentioned teaching nexus.(4 marks: Word count- 300-400)

The Practice of Creative Accounting on the Jordanian Banking Sector: A Case Study in the Northern Region (Al-Dalabih, 2017)

also all the requirement should be solved
for each question its written how many words should be
you should write intext and out text reference are very important
there should not be any similarity because it will be in turn tin so write in your way
Task three i already solved but task four not yet so you have to use the pdf which I will share to write the comment and recommendation and they should be separate in paragraph (for example recommendation separate and comment are separate. only you have to taje them fro the case sttudy please