ACCT 101 SEU Principles of Accounting Questionnaire

Description

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.

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

FIFO inventory valuation method.
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)



^{Have a similar assignment? "Place an order for your assignment and have exceptional work written by our team of experts, guaranteeing you A results."}

Our Service Charter

1. Professional & Expert Writers: Eminence Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Eminence Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Eminence Papers are known for the timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Eminence Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.