Description
Assignment (2)
Deadline: November 27th 2025 Time 23:59
Course Name: Principle Of Accounting
Course Code: ACCT 101
Student’s Name:
Student’s ID Number:
CRN:
Semester: 1st
Academic Year: 1447 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):
(15 Marks/5 Each)
Q1: On December first, a customer borrows 150,000 SAR from a local bank, agreeing to pay 13%
interest, with the note due in 5 years.
Prepare the journal entries in the books of the customer and the local bank on the date of borrowing
and record the interest accrual for December.
Q2: On January 1, 2024, a company purchased equipment for 200,000 SAR.
The equipment has an estimated useful life of 5 years and no residual value.
The company uses the Double-Declining Balance Depreciation method.
–
Compute the depreciation expense for 2024 and 2025.
–
Prepare the journal entries for both years.
Q3: A company’s cashier is responsible for receiving cash, recording the cash receipts in the
accounting system, and depositing the amounts into the bank. During an internal review, it was
discovered that some cash receipts recorded in the system were never deposited in the bank.
1. Identify the internal control weakness present in this situation.
2. Explain how this issue could lead to fraud.
3. Recommend two internal control procedures to correct the problem.
IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides,
fellow student, or internet source without proper citation.
College of Administration and Finance Sciences
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