I have assignment in accounting course , i need the answers with not more than 20% plagiarism
Posted: Sun Jul 03, 2022 1:17 pm
I have assignment in accounting course , i need the answers with not more than 20% plagiarism
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.
Assignment Question(s): (Marks 30) Q1. Choose two accounting principles and two accounting assumptions and explain them in your word. (4 Marks) Answer: Q2. Explain the concept of double entry system and its relationship with accounting equation. (3 Marks) Answer: Q3. Al-Ahmad Accounting Services completed these transactions in July: a. Purchased office supplies on account, SAR 450 b. Completed work for a client on credit, SAR 1,500 c. Paid cash for the office supplies purchased in (a) d. Completed work for a client and received SAR 800 cash e. Received SAR 1,500 cash for the work described in (b). f. Received SAR 3,000 in advance from a client for accounting services to be performed in September. Prepare journal entries to record the above transactions. Explanations are not necessary. Answer: (7 Marks).
Q4. Explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2021 (4 Marks) SAR100,000 40,000 Consulting revenue Rental revenue Supplies expense Rent expense Wages expense Answer: 10,000 60,000 30,000 Q5. On October 1, Saad Co. sold merchandise in the amount of SAR 5,800 to Neom Co., with credit terms of 2/10, n/30. The cost of the items sold is SAR 4,000. Saad Co. uses the perpetual inventory system. On October 4, Neom Co. returns some of the merchandise. The selling price of the merchandise is SAR 1,500, and the cost of the merchandise returned is SAR 1,050. Record the entry or entries that Saad Co. must make on October 4th Answer: (4 Marks)
Q6. a. Explain in your own words four costing methods of inventory with a numerical example for each (4 Marks) b. A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: February 5: March 16: Purchased 550 units at SAR 55 per unit Purchased 350 units at SAR 65 per unit Sold 250 Units for SAR 85 per unit Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method and the LIFO inventory valuation method. (4 Marks) Answer:
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Assignment Question(s): (Marks 30) Q1. Choose two accounting principles and two accounting assumptions and explain them in your word. (4 Marks) Answer: Q2. Explain the concept of double entry system and its relationship with accounting equation. (3 Marks) Answer: Q3. Al-Ahmad Accounting Services completed these transactions in July: a. Purchased office supplies on account, SAR 450 b. Completed work for a client on credit, SAR 1,500 c. Paid cash for the office supplies purchased in (a) d. Completed work for a client and received SAR 800 cash e. Received SAR 1,500 cash for the work described in (b). f. Received SAR 3,000 in advance from a client for accounting services to be performed in September. Prepare journal entries to record the above transactions. Explanations are not necessary. Answer: (7 Marks).
Q4. Explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2021 (4 Marks) SAR100,000 40,000 Consulting revenue Rental revenue Supplies expense Rent expense Wages expense Answer: 10,000 60,000 30,000 Q5. On October 1, Saad Co. sold merchandise in the amount of SAR 5,800 to Neom Co., with credit terms of 2/10, n/30. The cost of the items sold is SAR 4,000. Saad Co. uses the perpetual inventory system. On October 4, Neom Co. returns some of the merchandise. The selling price of the merchandise is SAR 1,500, and the cost of the merchandise returned is SAR 1,050. Record the entry or entries that Saad Co. must make on October 4th Answer: (4 Marks)
Q6. a. Explain in your own words four costing methods of inventory with a numerical example for each (4 Marks) b. A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: February 5: March 16: Purchased 550 units at SAR 55 per unit Purchased 350 units at SAR 65 per unit Sold 250 Units for SAR 85 per unit Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method and the LIFO inventory valuation method. (4 Marks) Answer: