Significance of Bank Reconciliation Statements.
Significance of Bank Reconciliation Statements
- 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) 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)
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 |
- Prepare general journal entries to record the March 16 sale using the
- FIFO inventory valuation method.
- LIFO inventory valuation method.
- Weighted average valuation method.
- What is the cost of goods sold and the gross margin for each method? (2Marks)