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A5885 Bachelor of Accounting with Honours OUM Assignment Answers Malaysia

The Bachelor of Accounting with Honours (A5885) is an undergraduate program offered by Open University Malaysia (OUM). This course is designed to provide students with a solid foundation in accounting, finance, and business, as well as the necessary skills and knowledge to pursue a career in the accounting industry.

The A5885 program is a four-year course that provides students with an in-depth understanding of financial accounting, management accounting, auditing, taxation, and business law. The course also covers a range of general education subjects such as mathematics, statistics, economics, and information technology. Upon completion of the A5885 program, graduates will be equipped with the necessary skills and knowledge to pursue a career in accounting, finance, auditing, taxation, or related fields. Graduates can also pursue further studies at the postgraduate level, including a Master’s in Accounting or related field.

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Assignment Activity 1: Acquire knowledge of concepts, principles, practices and standards of accounting and other relevant disciplines which are applicable to accounting competencies.

Accounting is a field that involves the measurement, processing, and communication of financial information about economic entities. It is important to understand the concepts, principles, practices, and standards of accounting to develop accounting competencies.


  1. Business Entity Concept: This concept recognizes that a business is a separate entity from its owners, and its financial transactions should be recorded separately from the personal transactions of its owners.
  2. Money Measurement Concept: This concept states that only those transactions that can be measured in monetary terms are recorded in the accounting system.
  3. Going Concern Concept: This concept assumes that a business will continue to operate indefinitely, and its assets will not be sold at their liquidation value.
  4. Cost Concept: This concept states that assets are recorded at their original cost, and not their current market value.


  1. Accrual Principle: This principle recognizes revenue and expenses when they are earned or incurred, rather than when they are received or paid.
  2. Matching Principle: This principle requires that expenses be matched with revenues in the period in which they are earned, rather than when they are paid.
  3. Consistency Principle: This principle requires that accounting policies be consistent from one period to another.


  1. Bookkeeping: This involves recording financial transactions in the accounting system, including journal entries and ledger postings.
  2. Financial Statement Preparation: This involves preparing financial statements, such as the balance sheet, income statement, and statement of cash flows, to communicate financial information to external users.


  1. Generally Accepted Accounting Principles (GAAP): These are a set of standards and guidelines that provide a framework for financial accounting and reporting.
  2. International Financial Reporting Standards (IFRS): These are a set of standards developed by the International Accounting Standards Board (IASB) that provide a globally accepted framework for financial accounting and reporting.

By understanding these concepts, principles, practices, and standards, you can acquire the knowledge necessary to develop accounting competencies and effectively communicate financial information to stakeholders.

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Assignment Activity 2: Apply practical and technical skills in accounting and other relevant disciplines to undertake the tasks in the field of accounting.

To apply practical and technical skills in accounting, you need to have a strong foundation in accounting principles and concepts. Here are some steps to help you undertake tasks in the field of accounting:

  1. Understand the basics of accounting: You need to have a good understanding of the fundamental concepts of accounting, including financial statements, balance sheets, income statements, and cash flow statements.
  2. Use accounting software: Most accounting tasks are now done using accounting software. You need to be proficient in using accounting software such as QuickBooks, Xero, or MYOB to handle tasks such as bookkeeping, preparing invoices, and tracking expenses.
  3. Prepare financial statements: As an accountant, you will be required to prepare financial statements for your clients. You need to be able to analyze financial data and prepare accurate financial statements, including balance sheets and income statements.
  4. Manage taxes: You will also be required to manage taxes for your clients. This includes calculating and paying taxes, preparing tax returns, and advising clients on tax planning.
  5. Manage payroll: Payroll management is another important task in accounting. You need to be able to manage employee wages, deductions, and tax payments.
  6. Stay up-to-date with regulations: Accounting regulations and standards are constantly evolving, and it is essential to stay up-to-date with these changes. This involves keeping track of changes in accounting regulations, tax laws, and compliance requirements.
  7. Communicate effectively: Communication is critical in accounting. You need to be able to communicate effectively with clients, colleagues, and other stakeholders to ensure that tasks are completed efficiently and accurately.

By following these steps and continuously learning and upgrading your skills, you can successfully undertake tasks in the field of accounting.

Assignment Activity 3: Adapt different roles required in society and to contribute positively to the community and relevant stakeholders.

To adapt different roles required in society and contribute positively to the community and relevant stakeholders, here are some suggestions:

  1. Understand your strengths and weaknesses: Identifying your strengths and weaknesses is the first step towards adapting different roles. By understanding your strengths, you can identify the roles that are best suited to your abilities. On the other hand, by acknowledging your weaknesses, you can work on developing skills to overcome them.
  2. Volunteer: Volunteering is a great way to contribute to society and develop skills that will be useful in different roles. You can volunteer for a cause that you’re passionate about, such as environmental conservation, animal welfare, or social justice. Volunteering can also help you build connections with like-minded people and gain experience in different fields.
  3. Learn new skills: To adapt different roles, you need to be willing to learn new skills. Consider taking courses or attending workshops that will help you develop skills that are relevant to different roles. For example, if you want to work in the healthcare industry, you may need to learn about medical terminology, patient care, and healthcare policies.
  4. Network: Networking is important for building connections with people who can help you in your career. Attend networking events, join professional organizations, and connect with people on social media to expand your network. Networking can also help you learn about different roles and industries.
  5. Be open-minded: To adapt different roles, you need to be open-minded and willing to try new things. Be willing to take on tasks that may be outside your comfort zone and be open to feedback. This will help you grow and develop new skills that will be useful in different roles.
  6. Stay informed: Keep yourself informed about current events, trends, and changes in your industry or community. This will help you stay relevant and adapt to changes as they happen. Read industry publications, attend conferences, and stay active on social media to stay informed.

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Assignment Activity 4: Demonstrate awareness of ethics and moral values as well as professionalism in their professional duties.

Demonstrating awareness of ethics, moral values, and professionalism is an essential part of any professional duty. Professionals are expected to uphold ethical standards and moral values while performing their job duties.

Ethics refers to the set of principles that govern a person’s behavior and decision-making. It includes honesty, integrity, accountability, confidentiality, and respect for others. Professionals must be aware of these principles and adhere to them in their work.

Moral values refer to a set of beliefs about what is right and wrong. Professionals must be aware of these values and ensure that their actions align with them. For example, a healthcare professional must prioritize the well-being of their patients and ensure that their actions do not harm them.

Professionalism refers to the conduct, behavior, and attitude of a professional in the workplace. It includes punctuality, reliability, competence, and respect for colleagues and clients. Professionals must maintain a high level of professionalism at all times and ensure that their actions do not compromise the integrity of their profession.

Assignment Activity 5: Function individually or in teams, with a capability to be a leader as well as communicate effectively and good team players.

Being able to function both individually and as part of a team, while also possessing leadership skills and effective communication abilities, are important traits for success in many fields. Here are some tips to help develop these skills:

  1. Develop strong self-awareness: Understanding your own strengths and weaknesses is key to being a good team player and leader. Take time to reflect on your own abilities and seek feedback from others.
  2. Build effective communication skills: Clear and effective communication is essential for working effectively in teams and leading others. Practice active listening and work on developing your verbal and written communication skills.
  3. Foster collaboration and teamwork: Being a good team player means being willing to collaborate and work towards common goals. Practice being supportive of your colleagues and learn to build consensus within a group.
  4. Develop leadership skills: Leadership is about inspiring others and leading by example. Focus on developing qualities such as vision, decisiveness, and integrity, and work on building relationships with those you lead.
  5. Be adaptable and open to change: In today’s rapidly changing work environment, it’s important to be flexible and adaptable. Learn to embrace change and be open to new ideas and approaches.

By focusing on these key areas, you can become a more effective team player and leader, and achieve greater success in your personal and professional life.

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Assignment Activity 6: Think critically and suggest possible solutions using the acquired knowledge and skills in solving problems related to accounting or other issues in business environment.

  1. Lack of financial transparency: Businesses must ensure that their financial transactions and statements are transparent to maintain accountability and build trust with stakeholders. A solution is to implement a robust accounting system and use accounting software that provides accurate and real-time financial data. Additionally, companies can have external auditors review their financial statements to ensure compliance and transparency.
  2. Cash flow management: Cash flow problems can cause financial distress for businesses. One solution is to maintain a cash reserve to help mitigate financial risks. Another solution is to improve cash flow by implementing strict credit policies, reducing inventory levels, and ensuring timely invoicing and collection.
  3. Tax compliance: Tax compliance is essential to avoid legal penalties and reputational risks. One solution is to have a tax specialist review the company’s tax policies and ensure they comply with the latest regulations. Additionally, businesses can automate their tax processes using tax software to reduce errors and ensure compliance.
  4. Cybersecurity threats: With the increasing reliance on technology, businesses are at risk of cyber attacks, which can cause financial loss and reputational damage. A solution is to invest in cybersecurity measures such as firewalls, anti-virus software, and data encryption. Additionally, businesses can train their employees on cybersecurity best practices and conduct regular security audits.
  5. Employee retention: Losing talented employees can be costly for businesses. A solution is to create a positive work environment that fosters employee engagement and satisfaction. This can be achieved through competitive compensation packages, employee recognition programs, and opportunities for career advancement and development.
  6. Budgeting and forecasting: Budgeting and forecasting are essential for businesses to plan for the future and make informed decisions. A solution is to use financial modeling software to create accurate and reliable financial forecasts. Additionally, businesses can review their financial reports regularly to identify areas where they can reduce costs and improve profitability.

Assignment Activity 7: Recognise the need to engage in life-long learning for continuous improvement and professional development.

Life-long learning is essential for continuous improvement and professional development. In today’s rapidly changing world, it is crucial to remain up-to-date with the latest developments and trends in your field. Engaging in continuous learning can help you acquire new skills, expand your knowledge base, and stay relevant in your profession.

By investing time and effort in learning new things, you can enhance your expertise and capabilities, which can lead to better job performance and increased job satisfaction. Moreover, life-long learning can help you adapt to changes in your job or industry, and can even open up new career opportunities.

In addition, life-long learning can provide personal growth and development, which can enhance your overall well-being and quality of life. Learning new things can broaden your horizons, challenge your perspectives, and boost your self-confidence and self-esteem.

Therefore, it is important to recognize the value of life-long learning and to actively seek out opportunities to learn and grow. This can include attending workshops and conferences, taking online courses, reading industry publications, and seeking out mentorship and feedback from colleagues and experts in your field. By making a commitment to continuous learning, you can achieve ongoing improvement and professional development throughout your career.

Assignment Activity 8: Enhance managerial and entrepreneurship skills in striving to accomplish the highest achievement.

To enhance your managerial and entrepreneurship skills, there are several things you can do:

  1. Educate yourself: Look for courses, books, and online resources that can help you develop skills in management and entrepreneurship. You can also attend workshops or seminars to learn from experts.
  2. Find a mentor: Seek out successful business owners or managers and ask them to mentor you. A mentor can provide valuable advice and guidance based on their own experience.
  3. Network: Attend industry events and join business organizations to meet other entrepreneurs and managers. This can help you build relationships and learn from others.
  4. Take calculated risks: Being an entrepreneur requires taking risks. However, it is important to take calculated risks by researching and analyzing potential outcomes before making decisions.
  5. Focus on your strengths: Understand your strengths and weaknesses as a manager or entrepreneur. Focus on your strengths and find ways to delegate tasks that are not your forte.
  6. Be adaptable: The business world is constantly changing, so it’s important to be adaptable and willing to learn new skills and adapt to new situations.

By continuously developing these skills, you can increase your chances of achieving success as a manager or entrepreneur.

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