Description
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)
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
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)
Explanation & Answer
Attached. Please let me know if you have any questions or need revisions.
1
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
Level of Marks: High/Middle/Low
of 5
Instructions – PLEASE READ THEM CAREFULLY
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The Assignment must be submitted on Blackboard (WORD format only) via the
allocated folder.
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Assignments submitted through email will not be accepted.
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Students are advised to make their work clear and well presented; marks may be
reduced for poor presentation. This includes filling in your information on the cover
page.
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Students must mention the question number clearly in their answer.
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Late submission will NOT be accepted.
2
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Avoid plagiarism; the work should be in your own words; copying from students or
other resources without proper refe...
