College of Administration and Finance SciencesAssignment (2)
Deadline: Saturday 03/06/2023 @ 23:59
Course Name: Principles of
Accounting
Student’s Name:
Course Code: ACCT 101
Student’s ID Number:
Semester: 3rd
CRN:
Academic Year: 1444 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/15
Level of Marks: High/Middle/Low
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.
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
Q1. As a consultant for XYZ Company, a medium-sized retail business, what steps would you
take to evaluate and improve its internal control procedures and safeguard its assets?
(5 Marks)
Q2. XYZ Company, a retail business, is facing challenges with bad debts and wants to analyze
the impact on its financial statements using the allowance method. Here are the relevant
figures in Saudi riyals:
(5 Marks)
Total Credit Sales: 800,000 SAR
Beginning Allowance for Doubtful Accounts: 10,000 SAR
Bad Debts Written Off: 15,000 SAR
Ending Accounts Receivable: 120,000 SAR
Bad Debts % (Estimated): 3%
Question:
1. Calculate the bad debts expense for the period,
2. Determine the net realizable value (NRV) of accounts receivable,
3. Analyze the impact of bad debts on the financial statements, and provide
recommendations to manage and reduce bad debts.
Q3. XYZ Company, a manufacturing firm in Saudi Arabia, wants to evaluate its fixed asset
management using the straight-line depreciation method. Here are the relevant details in Saudi
Riyals (SAR):
(5 Marks)
Total Fixed Assets: SAR 1,500,000
Accumulated Depreciation: SAR 500,000
Useful Life: 10 years
Salvage Value: SAR 100,000
Question: Calculate the book value and the annual depreciation expense of the fixed assets,
analyze the impact of fixed assets on financial statements, and provide recommendations to
optimize fixed asset management.
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