College of Administration and Finance SciencesAssignment (2)
Deadline: Saturday 04/05/2024 @ 23:59
Course Name: Cost Accounting
Student’s Name:
Course Code: ACCT 301
Student’s ID Number:
Semester: Second
CRN:
Academic Year: 1445 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. What is the process of identifying activities in an organisation and assigning costs under the
Activity Based Costing (ABC) system? Elucidate. You will need to include the right numerical
examples to support your answer.
(2 Marks) (Chapter 7, Week 7)
Answer:
Q2. PPLC Company has two support departments, SD1 and SD2, and two operating
departments, OD1 and OD2. The company decided to use the direct method and allocate
variable SD1 dept. costs based on the number of transactions and fixed SD1 dept. costs based on
the number of employees. SD2 dept. variable costs will be allocated based on the number of
service requests, and fixed costs will be allocated based on the number of computers. The
following information is provided:
(4 Marks) (Chapter 8, Week 10)
Support Departments
Operating Departments
SD1
SD2
OD1
OD2
Total Department variable costs
18,000
19,000
51,000
35,000
Total department fixed costs
20,000
24,000
56,000
30,000
Number of transactions
30
40
200
100
Number of employees
14
18
35
30
Number of service requests
28
18
35
25
Number of computers
15
20
24
28
College of Administration and Finance Sciences
You are required to allocate variable and fixed costs using direct method.
Answer:
Q3. What are an organization’s “outsourcing decisions” and “constrained resource decisions?”
Provide a suitable numerical example of these decisions and explain how quantitative and
qualitative considerations support a company’s decision-making process.
(2 Marks) (Chapter 4, Week 9)
Note: Your answer must include suitable numerical examples. You are required to assume values
of your own, and they should not be copied from any sources.
Answer:
Q4. VBN plastic industry makes three plastic toys: T1, T2, and T3. The joint costs of the three
products in 2017 were SAR 120,000. The total number of units for each product and the selling
price per unit is given below:
(3 Marks) (Chapter 9, Week 11)
Product
Units
Selling Price per unit
T1
45,000
SAR 15
T2
26,000
SAR 14
T3
18,000
SAR 10
You are required to allocate the joint costs to each product using the physical volume method and sales
value at the split-off method.
Answer:
College of Administration and Finance Sciences
Q5. MN&M Corporation is preparing a budget for 2018. The company provides you with the
following details which will help you to prepare the budget:
(4 Marks) (Chapter 10, Week 12)
Budgeted selling price per unit
=
SAR 500 per unit
Total fixed costs
=
SAR 150,000
Variable costs
=
SAR 100 per unit
Required:
You are required to prepare a flexible budget for 1,000, 1,100, 1,200 and 1,300 units.
Answer:
College of Administration and Finance Sciences
Assignment (2)
Deadline: May 4, 2024 @ 23:59
Course Name: Advanced Financial
Student’s Name:
Accounting
Course Code: ACCT 302
Student’s ID Number:
Semester: Second Semester
CRN:
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name: Dr. Salah Oraby
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.
1
College of Administration and Finance Sciences
Assignment Question(s):
Three Questions Each Carries 5 Marks) (total Marks 15)
Q1. The following information extracted from the parent company
a. Parent company loaned $1000 to Subsidiary with an interest rate of 5%.
b. Parent company made a sale to Subsidiary for $500 cash. The inventory had originally cost
Parent company $200. Subsidiary then sold that same inventory to an outsider for $700.
c. Parent company made a sale to Sub for $800 cash. The inventory had originally cost Parent
$300. Subsidiary has not yet sold that same inventory to an outsider.
Required:
Pass the elimination entries for the intercompany transactions.
Answer:
Q2. Explain the differences between translation and remeasurement of financial statements of a foreign
subsidiary.
Answer:
Q3. The partnership of Ibrahim and Rawan has the following provisions:
•
Ibrahim and Rawan receive salary allowances of SAR 50,000 and SAR 15,000, respectively.
•
Interest is imputed at 5% on the average capital investment.
•
Any remaining profit or loss is shared between Ibrahim and Rawan in a 3:1 ratio, respectively.
•
Average Capital investments: Ibrahim, SAR 300,000; Rawan, SAR 150, 000
•
Net income SAR 300,000
Required: pass journal entry to allocate the profit between Ibrahim and Rawan
2
College of Administration and Finance Sciences
Assignment (2)
Deadline: Saturday 04/05/2024 @ 23:59
Course Name: Government and Non-Profit
Student’s Name:
Accounting
Course Code: ACCT 321
Student’s ID Number:
Semester: Second
CRN:
Academic Year: 1445 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)
(5 Marks)
Prepare entries to record the following transactions related to acquisition of capital assets
by a county. The county does not use encumbrance accounting.
a.
The county issues general obligation bonds in the amount of SAR 900,000,
receiving cash for the full face amount of the bonds. The cash will be used
to buy capital assets.
b.
The county buys a prefabricated building for SAR 750,000, using part of
the bond proceeds. The building is delivered and the invoice for the
building is approved.
c. The invoice approved in b. is paid.
d.
The General Fund transfers cash of SAR 55,000 to another fund in
anticipation of the payment of the first installment of interest (SAR 30,000)
and principal (SAR 25,000) on the debt.
e.
The first installment of debt service on bonds issued in (a) becomes due
and payable.
f.
Debt service on the bonds issued in a. is paid.
College of Administration and Finance Sciences
Q2. Following information are related with Internal Service Fund of City of Jeddah. You are
required to prepare a Statement of Cash Flows for the year ended December 31, 2018.
(5 Marks)
Amount ($)
Operating income
68,400
Increase in Inventories
27,200
Interest received
800
Acquisition of Capital Assets
2,800
Payment to Suppliers
32,000
Depreciation expense
29,600
Payments for Rent
21,200
Increase in Accounts Payable
54,400
Receipts from Customers
378,400
Payment to Employees
200,000
Cash balance at the beginning of the year
584,800
College of Administration and Finance Sciences
Q3. The following transactions are related with a Township Debt Service Fund. Prepare journal
entries to record the transactions in the Debt Service Fund.
(5 Marks)
a. The Township levies a special property tax amounting to $1,750,000 to pay debt
service on its long-term general obligation debt. The tax must be accounted for in
the Debt Service Fund.
b. All the property taxes levied for debt service purposes are collected.
c. The Township invests $525,000 in a six-month certificate of deposit.
d. Debt service (interest of $350,000 and principal of $700,000) becomes due and
payable.
e. The debt service liabilities are paid.
f The certificate of deposit in c. matures and the Township receives a total of $535,500,
which includes $10,500 of interest.
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