ACCT 101 Saudi Electronic University Accounting Principles Questions

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Nunq0912

Business Finance

Acct 101

Saudi electronic university

ACCT

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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: Students’ Grade: Marks Obtained/Out of 5 Level of Marks: High/Middle/Low 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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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:
Students’ Grade: Marks
Obtained/Out of 5

Level of Marks: High/Middle/Low

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)
Internal control is necessary for every company to achieve its goals. It demands due
diligence for the success of a company. The company must implement an internal
control structure that takes care of a business's threats, like human fraud and errors.
The process ensures the safety of assets, effectiveness and efficiency of operations,
compliance with set rules, and reliability of financial documents. Here are the policies
and procedures to minimize fraud and errors:
Know your workers: Knowing your workers' behavior towards work and fellow
employees can help you identify their intention to commit fraud. The management
should take time in listening and observing the employees know them better. For
instance, if the employee shows a negative attitude to the boss and feels
unappreciated, they are susceptible to commit fraud to demean the o...


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