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College of Administrative and Financial Sciences Assignment 1 Deadline: (end of week 6) 27 /02/ 2021 @ 23:59 Student’s Name: Student’s ID Number: CRN: Course Name: Financial Accounting Course Code: ACCT 201 Semester: 2 Academic Year: 2020- 21 For Instructor’s Use only Instructor’s Name: Habiba Moabber Students’ Grade: …… /5 Level of Marks: High/Middle/Low nstructions – 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 answered 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. Assignment Question(s): Marks 5 Q1 Why do Corporations need financial reporting Standards? Explain the two major standard Setters .Q2 Accounting Information system takes in the whole process of accounting cycle. Explain each step in the accounting cycle with a numerical example of your own Q3. A. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how are they reported in the income statement. B. Intraperiod Tax Allocation. XYZ Co. has income before income tax of SR 50,000. It has a gain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how would XYZ Co. present the information on the income statement, and if it has a loss of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement .Q4 Presented below are a number of statement of financial position items for ABC, Inc., for the current year, 2020. Goodwill Payroll Taxes Payable Bonds Payable Cash SR 125,000 177,591 285,000 360,000 Accumulated Depreciation Equipment Inventories Rent Payable – Short-term Taxes Payable SR 292,000 239,800 45,000 98,362 Land Notes Receivable Notes Payable to Banks Accounts Payable Retained Earnings Income Taxes Receivable Unsecured Notes Payable (Longterm) 480,000 Long-term Rental Obligations 445,700 Share Capital – Ordinary, $1 Par Value Share Capital – Preference, $10 Par 265,000 Value 490,000 Prepaid Expenses 713,897 Equipment 97,630 Trading Securities 1,600,000 Accumulated Depreciation – Building Building Prepare a classified statement of financial position in good form as per IFRS. Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading securities are the same 480,000 200,000 150,000 87,920 1,470,000 121,000 270,200 1,640,000
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