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College of Administrative and Financial Sciences
Assignment 1
Deadline: (end of week 6) 27 /02/ 2021 @ 23:59
Course Name: Financial Accounting
Course Code: ACCT 201
Semester: 2
Academic Year: 2020- 21
For Instructor’s Use only
Student’s Name:
Student’s ID Number:
CRN:
Instructor’s Name:
Students’ Grade: …… /5
Level of Marks: High/Middle/Low
nstructions – 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, double-spaced)
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): Marks 5
Q1 Why do Corporations need financial reporting Standards? Explain the two major
standardSetters?
Answer:
Corporations need financial reporting standards for the following reasons:
•
Financial reporting standards enhance the comparability as well as the quality of the
presented financial information. It makes financial statements transparent to prospective
investors and other stakeholders for better economic decision-making.
•
Financial reporting standards reduce the information gap between managers and owners
of the corporation, thus increasing management’s accountabil...