SEU Principles of Accounting Bank Reconciliation Questions


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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
Academic Year: 1443 H
For Instructor’s Use only
Instructor’s Name: Habiba Moabber
Students’ Grade:
Level of Marks: High/Middle/Low
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
• 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
• 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
Q2Assume that you have a company. And the management estimates that 2.5% of sales will be
Provide an amount of sales and prepare the journal entry using the percent of sales method (2
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
FIFO inventory valuation method.
College of Administration and Finance Sciences
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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bank reconciliation

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