College of Administration and Finance Sciences
Assignment (2)
Deadline: Sunday 03/06/2023 @ 23:59
Course Name: Government and Non
Profit Accounting
Student’s Name:
Course Code: ACCT321
Student’s ID Number:
Semester: Third Term 22/23
CRN:
Academic Year: 1444 H
For Instructor’s Use only
Instructor’s Name: Dr. Mohammed Arshad Khan
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):
(Marks 15)
Question 1:
(5 Marks)
1. Prepare a Statement of Cash Flows from following information related to Internal Service
Fund of City of Riyadh.
Purchase of Capital Assets
Receipts from Customers
Payment to Suppliers
Cash Balance at the Beginning of the year
Operating Income
Depreciation
Decrease in Inventories
Increase in Account Payable
Interest Received
$ 50,000
400,000
85,000
25,000
9,000
8,000
2,000
4,000
12,000
Solution:
2
College of Administration and Finance Sciences
Question 2:
(5 Marks)
2. 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.
Answer:
3
College of Administration and Finance Sciences
Question 3:
(5 Marks)
Q3. Describe the term “The Financial Reporting Entity” and its various types.
4
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