Question

In: Accounting

Assignment Question(s):                                      &nbs

Assignment Question(s):                                                      

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)

Solutions

Expert Solution


Related Solutions

Assignment Question(s):                                      &nbs
Assignment Question(s):                                                      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...
Assignment Question(s):                                      &nbs
Assignment Question(s):                                                    (Marks. 5) Q2. Discuss the different methods to account for cash discount. Support you answer with examples. (1 mark). Answer: Q3. During April, the following changes in the single inventory product took place: (2 mark).           April   1     Balance                        1,400 units @ $24                       8     Purchased                       900 units @ $36                     12     Purchased                       700 units @ $30                     24     Purchased                       400 units @ $50                     10     Sold                              1,500 units @ $40                     26     Sold                              1,700 units @ $44...
Assignment Question(s):                                      &nbs
Assignment Question(s):                                                       - please use your own words don’t copy and paste (no plagiarism) - please use keyboard (don't use handwriting) - All answered must be typed using Times New Roman (size 12, double-spaced) font. - no pictures containing text Q1- A A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? Q1-B Assume that you have a company. And the management team estimates that 3% of...
Assignment Question(s):                                      &nbs
Assignment Question(s):                                                      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...
Assignment Question(s):                                      &nbs
Assignment Question(s):                                                      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...
Assignment Question(s):                                      &nbs
Assignment Question(s):                                                       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...
Assignment Question(s):                                      &nbs
Assignment Question(s):                                                                   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...
Assignment #8                                           &nbs
Assignment #8                                                                        Problem A: Linear Regression 1) Below is some data from the late 1800s and early 1900s indicating a correlation between the number of ministers in New England and the amount of Cuban rum imported to Boston during those years. Year Ministers Cuban rum 1860 8376 63 1865 6406 48 1870 7005 53 1875 8486 64 1880 9595 72 1885 10643 80 1890 11265 85 1895 10071 76 1900 10547 80 1905 11008...
Assignment 2 ACCT101 Assignment Question(s):                                   &
Assignment 2 ACCT101 Assignment Question(s):                                                       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...
((Subject : Marketing )) Assignment Question(s):                                  &nb
((Subject : Marketing )) Assignment Question(s):                                               Learning Outcomes: 1.   Analyze marketing opportunities using environmental scanning market data, measurement, and analysis. 2.   Explain issues pertaining to marketing environment both internally and externally. 3.   Demonstrate an understanding of the global competitive environment and the changing marketing practices. 4.   Ability to formulate marketing strategies that incorporate psychological and sociological factors that influence consumers. 5.   Ability to carry out objective and scientific analysis of consumers' needs and wants. Assignment-1 CRITICAL WRITING From the real national market,( select any company...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT