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Assignment Question(s): (5 Marks) Q1- A company wants to implement good internal control. What...

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Accounting

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

A.Prepare general journal entries to record the March 16 sale using the

  1. FIFO inventory valuation method.
  2. LIFO inventory valuation method.
  3. Weighted average valuation method.

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)

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