The Assignment must be submitted on Blackboard (WORD format only) via allocated

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The Assignment must be submitted on Blackboard (WORD format only) via allocated

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 15 Chapter 1 to 5
Q1 Globalization demands a single set of high-quality international accounting standards. List the elements of High Quality Standards and explain the two major boards that sets standards.
Answer: 3 Marks
Q2. Q2. What do you understand by deferrals and accruals in adjusting entries? Give numerical examples on how such adjusting entries are made.
(4 Marks)

Answer:
Q3. Fill in the blanks (1 Mark)
Sales Revenue
– Cost of goods sold
= Gross Profit
– Operating expenses
=Net Profit

500,000
?
175,000
?
76,500
?
305,800
?
115,750
65,250
Answer:
Sales Revenue
– Cost of goods sold
= Gross Profit
– Operating expenses
=Net Profit

500,000
175,000
76,500
305,800
115,750
65,250

Q4. a. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how they are reported in the income statement. (2 Marks)

Amswer:
Q4b. Intraperiod Tax Allocation.
XYZ Co. has income before income tax of SR 50,000. XYZ Co. 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 had 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
(2 Marks)
Prepare:
1.Changes in Income on the income statement when Loss made from discontinued operations
2.Changes in Income on the income statement when Gain made on discontinued operations
Answer:
Q5
The following information in SAR. Prepare a Cash Flow Statement:- (3 Marks)
Opening Cash Balance 15,000
Closing Cash Balance 23,000
Increase in current liabilities 13,000
Decrease in current assets 17,000
Fixed assets purchase 30,000
Redemption of 12% bonds 14,000
Profit for the year 18,000
Depreciation 4000
Answer:

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