ACCT 101 SEU Documentation & Segregation of Duties Reduce Business Risk Questions

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a1212no

Business Finance

Acct 101

ACCT

Description

  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
  • Assignments submitted through email will not be accepted.
  • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
  • Students must mention question number clearly in their answer.
  • Late submission will NOT be accepted.
  • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
  • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
  • Submissions without this cover page will NOT be accepted.

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Assignment 2 Deadline: 31/10/2020 @ 23:59 Course Name: Principles of Accounting Student’s Name: Course Code: ACCT101 Student’s ID Number: Semester: I CRN: Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Khaled Almuaqel Students’ Grade: Marks Level of Marks: High/Middle/Low Obtained/Out of 5 Instructions – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. • All answered must be typed using Times New Roman (size 12, doublespaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment Question(s): (5 Marks) Q1A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (1Mark) Q2Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method. (1Mark) Q3A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: Purchased 30 units at SAR11 per unit February 5: Purchased 30 units at SAR 13 per unit March 16: Sold 50 Units for SAR 15 per unit A. Prepare general journal entries to record the March 16 sale using the 1. FIFO inventory valuation method. 2. LIFO inventory valuation method. 3. Weighted average valuation method. B. What is the cost of goods sold and the gross margin for each method? (2Marks) Q4. What is the bank reconciliation? why is it important for companies to prepare bank reconciliation periodically? (1Mark)
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Explanation & Answer

Hey,I have completed the assignment. I gave diiferent color to each answer. If you need any modifications. Please let me know.Thanks

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Question 1
A company can adopt documentation and segregation of duties to strengthen its internal control
and to reduce the risk of errors and frauds. Segregation of duties improves internal control
system by ensuring that a single person should not handle all the transactions from start to end.
This will decrease the chances of frauds. Moreover, documentation also reduces the chances
of errors by ensuring that all the documents are signed by the authorized person. There should
b...


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