In the Protocol ‘modern biotechnology’ is referred to as the application of fusion of cells beyond the taxonomic family (called ‘in vitro nucleic acid’ techniques) that overcome natural physiological reproductive or recombination barriers and are not techniques used in traditional breeding and selection. The term Living modified organism (LMO) is defined as the processing of any material that is of LMO origin, containing detectable novel combinations of replicable genetic material obtained through the use of modern biotechnology (for instance, flour from genetically modified maize). The LMOs intended for direct use as food or feed, or for processing are agricultural commodities from genetically modified crops (http://www.gmo-free-regions.org/glossary.html Accessed 26.11.16.). Although the Protocol did not use the term genetically modified organism, the LMO is almost equivalent to the GMO, which is any organism whose genetic material has been altered using genetic engineering techniques (i.e., a genetically engineered organism). A more popular name of the GMO is ‘transgenic organism’
MGT101 GDB 1 Solution and Discussion
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Total Marks 5
Starting Date Tuesday, January 14, 2020
Closing Date Monday, January 20, 2020
Status Open
Question Title GDB-01
Question DescriptionTopic to be tested:
Rectification of errorsLearning Objectives:
To understand type of error and effects of identified error on financial statementsGDB Question:
Mr. Hamid is running his small retail business under the name of Hamid Store. He has recently hired Mr. Imran as a junior accountant to maintain the books of accounts of his business. Mr. Imran has little knowledge in accounting. Recently, it has been observed that Mr. Imran wrongly treated installation charges of plant and machinery worth Rs. 500,000 as revenue expenditure under the heading of administration expenses. As a result, financial statements failed to reflect true and fair business affairs.
Required:
Identify the “type of error” committed by Mr. Imran.
What will be the effect of given error on asset side of a balance sheet? (Just mention whether the assets would be overstated, understated or remains unaffected)
What will be correct amount of fixed assets, if current assets and fixed assets before correcting this error were Rs. 160,000 and Rs. 940,000 respectively?
What will be correct amount of operating profit, if operating loss before correcting this error was Rs. 300,000?Note: Be concise and avoid unnecessary detail to attempt the given questions.
Important Instructions:
Your discussion must be based on logical facts.
Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
Obnoxious or ignoble answer should be strictly avoided.
Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
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