Learning Goal: I’m working on a accounting project and need support to help me learn.
Assignment Question(s): (Marks 15)
Q1. a. Globalization demands a single set of high-quality international accounting standards. Explain at least 5 elements that demands a single set of high-quality international accounting standards. (Mark 1)
b. Name the two major organizations that sets standards and explain the due processes of setting a new accounting standard? Please write one paragraph. (Mark 1)
Q2. An adjusting journal entry is typically made just prior to issuing a company’s financial statements. What do you understand by adjusting entries? Give examples (Marks 2)
Q3. Presented below is information related to CHO Co. for the month of January 2018.
| Cost of Goods Sold | 202,000 | Salary expense | 61,000 |
| Freight-out | 7,000 | Sales discount | 8,000 |
| Insurance expense | 12,000 | Sales returns and allowances | 13,000 |
| Rent expense | 20,000 | Sales | 340,000 |
| Dividends | 1,000 |
Instructions: Prepare the closing entries. (Marks 4)
Q4. The retained earnings statement of XYZ Corporation on 31st December 2021 had the following balances:
| Balance, January 1 | SAR 165,000 | |
| Net income | 35,000 | |
| Dividends | (20,000) | |
| Balance, December 31 | $ 180,000 |
However, before issuing the report for the year ended December 31, 2021, it discover a SAR 20,000 error undervalued inventory that overstated the net income to be higher in 2020 and overvalued depreciation amount of $5,000 which understated net income in 2020. How would this discovery have an impact on the reporting of the Statement of Retained Earnings for 2021? ? (Marks 3)
Q5. a. Presented below is the adjusted trial balance of Abdullah Corporation at December 31, 2020.
Accounts Payable 10,000
Wages Payable 500
Unearned Service Revenue 2,000
Bonds Payable, due 2017 9,000
Share Capital – Ordinary 10,000
Share premium 2000
Retained Earnings 20,000
Net loss 2500
Required: Prepare a classified section on Equity and Liabilities. (Marks 3)
b. What are the requirements of IFRS for a complete set of financial statements be presented annually? (Mark 1)
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more