ACCT 101 SEU Calculation of Adjusted Cash balance Accounting Questions

Description

Question(s):(10 Marks)
Q1- 
A. What is a bank reconciliation and why is it important for companies to do it periodically?

B. Prepare a Bank Reconciliation Statement for XYZ company that has:

Bank statement of SR9,000.
Cash account of SR7,500.

Additional information for the reconciliation:

Deposit in transit.

NSF Check.

Outstanding check.
Collections made by the bank.
FIFO inventory valuation method. 
LIFO inventory valuation method.  
Required: provide an amount of each information to bring the adjusted balances to be equal (3 Marks).
Q2-
Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible. 
Provide an amount of sales and prepare the journal entry using the percent of sales method (2 Marks).
Q3-
A company that uses a perpetual inventory system made the following cash purchases and sales.There was no beginning inventory (3 Marks).

  

January 1:

Purchased 100 units   at SAR10 per unit

 
February 5: 

Purchased 60 units   at SAR 12 per unit
 
March 16:

Sold 40 Units for   SAR 16 per unit

Prepare general journal entries to record the March 16 sale using the
Q4. A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (2Marks)

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College of Administration and Finance Sciences
Assignment (2)
Deadline: Saturday 09/04/2022 @ 23:59
Course Name: Principles of Accounting
Student’s Name:
Course Code: ACCT 101
Student’s ID Number:
Semester: 2nd
CRN:
Academic Year: 1443 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/10
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 answers 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.
College of Administration and Finance Sciences
Assignment Question(s):
(10 Marks)
Q1A. What is a bank reconciliation and why is it important for companies to do it periodically?
B. Prepare a Bank Reconciliation Statement for XYZ company that has:
•
Bank statement of SR9,000.
•
Cash account of SR7,500.
Additional information for the reconciliation:
✓ Deposit in transit.
✓ NSF Check.
✓ Outstanding check.
✓ Collections made by the bank.
Required: provide an amount of each information to bring the adjusted balances to be equal (3
Marks).
Q2Assume that you have a company. And the management estimates that 2.5% of sales will be
uncollectible.
Provide an amount of sales and prepare the journal entry using the percent of sales method (2
Marks).
Q3A company that uses a perpetual inventory system made the following cash purchases and sales.
There was no beginning inventory (3 Marks).
January 1:
Purchased 100 units at SAR10 per unit
February 5:
Purchased 60 units at SAR 12 per unit
March 16:
Sold 40 Units for SAR 16 per unit
Prepare general journal entries to record the March 16 sale using the
o
FIFO inventory valuation method.
College of Administration and Finance Sciences
o
LIFO inventory valuation method.
Q4. A company wants to implement good internal control. What are the policies and
procedures you can suggest to minimize human frauds and errors? (2Marks)

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Explanation & Answer:
400 words

Tags:
policies and procedures

human frauds and errors

LIFO inventory valuation method

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