ACT 101 Saudi Electronic Limiting Access to Sensitive Systems Questions

User Generated

ene94

Business Finance

ACT 101

Saudi electronic university

ACT

Description

WORD format only

must mention question number clearly in their answer.

Avoid plagiarism, the work should be in your own words, copying from other resources without proper referencing.

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).

Assignment Question(s):(5 Marks)

Q1-

A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (1Mark)

Q2-

Assume 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)

Q3-

A 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

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Report
Q1
Limiting access to sensitive systems. The company should develop a sign in restriction
protocol for sensitive systems. Critical data that require expertise should be maintained and
secured from access to anyone in the company. This will, therefore, minimize human frauds and
errors.
Developing a strong disaster recovery plan. The company should develop a strong
disaster recovery plan. This will help ensure that all the employees understand and are on the
same side concerning preventing human errors.
Testing disaster recovery plan frequently. The company should have their employees run
through simulated human error disasters to test the disaster recovery plan to ensure effectiveness.
More training. The company should allocate en...


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