Description\n \n\n\n\n\n\n\n\n\n\nCollege of Administration and Finance Sciences\nAssignment (2)\nDeadline: Saturday 12/11/2022 @ 23:59\nCourse Name: Financial Accounting\nStudent’s Name:\nCourse Code: ACCT 201\nStudent’s ID Number:\nSemester: 1st\nCRN:\nAcademic Year: 1444 H\nFor Instructor’s Use only\nInstructor’s Name:\nStudents’ Grade:\n/15\nLevel of Marks: High/Middle/Low\nInstructions – PLEASE READ THEM CAREFULLY\n• The Assignment must be submitted on Blackboard (WORD format only) via allocated\nfolder.\n• Assignments submitted through email will not be accepted.\n• Students are advised to make their work clear and well presented, marks may be\nreduced for poor presentation. This includes filling your information on the cover\npage.\n• Students must mention question number clearly in their answer.\n• Late submission will NOT be accepted.\n• Avoid plagiarism, the work should be in your own words, copying from students or\nother resources without proper referencing will result in ZERO marks. No exceptions.\n• All answers must be typed using Times New Roman (size 12, double-spaced) font.\nNo pictures containing text will be accepted and will be considered plagiarism.\n• Submissions without this cover page will NOT be accepted.\n1\nCollege of Administration and Finance Sciences\nAssignment Question(s):\n(Marks 15)\nQ1.\na. A company abandons the historical cost principle and adopts the LCNRV method of valuing\ninventory. Explain the process of LCNRV (Mark 1)\nb. Abdullah Corporation gives you the following information about its inventory for four\ndifferent products as on December 31st 2020.\nProduct Original Cost\nEstimated\nExpected\nCompletion Cost\nSelling Price\nA\nSAR25\nSAR10\nSAR40\nB\nSAR42\nSAR20\nSAR58\nC\nSAR120\nSAR40\nSAR150\nD\nSAR18\nSAR5\nSAR26\nUsing the lower-of-cost-or-net realizable value approach applied on an individual-product basis,\ncompute the inventory valuation to be reported for each product on December 31, 2020.\n(Marks 2)\nQ2.a. IFRS requires capitalizing actual interest (with modification) in self-constructed assets.\nWhat are the five steps necessary to meet IFRS requirement. (Marks 1)\nb. On November 1, 2020, Saif Company contracted Ahmed Construction Co. to construct\na building for SAR 1,600,000 on land costing SAR 400,000 (purchased from the\ncontractor and included in the first payment). Saif made the following payments to the\nconstruction company during 2021.\nDate\nAmount SAR\n1st Jan\n500,000\nst\n1 Mar\n400,000\n2\nCollege of Administration and Finance Sciences\n1st Jun\n350,000\n1st Sep\n500,000\nst\n1 Dec\n250,000\nRequired: Compute weighted-average accumulated expenditures for 2021 (Marks 2)\nQ3 Long-lived tangible asset are associated with either depreciations, impairments or depletions.\nExplain why companies revalue such assets on an annual basis, and give examples on\ndepreciations, impairments and depletions. (Marks 3)\nQ4. Firoz Corp. obtained a trade name in January 2010, incurring legal costs of SAR15,000. The\ncompany amortizes the trade name over 8 years. Firoz, successfully defended its trade name in\nJanuary 2011, incurring SAR 4,900 in legal fees. At the beginning of 2012, based on new\nmarketing research, Firoz determines that the recoverable amount of the trade name is SAR\n12,000.\nRequired:\na. Prepare the necessary journal entries on amortization for the years ending December\n31, 2010 & 2011. (2 mark)\nb. In 2012, will Firoz meet any impairment loss? If yes, prepare journal entry to record\nthe impairment loss and amortization entry on 31st Dec 2012 (2 mark)\nQ5. Assume that a Financial Corporation issued SAR 500,000 of 8\\% term bonds on\nJanuary 1, 2021, due on January 1, 2026, with interest payable each July 1 and\nJanuary 1. Investors require an effective-interest rate of 6\\%.\nNote: PV of principal amount at 6\\% is 0.74409 and PV of semi-annual interest amount\nat 6\\% is 8.53020\nRequired:\na. Calculate the bond proceeds, and state whether the bond is issued at a\npremium or discount? (Marks 1.5)\nb. Pass journal entry to on date of issue, Jan. 1, 2021 (Marks 0.5)\n3\nCollege of Administration and Finance Sciences\n4\n\nPurchase answer to see full\nattachment
APA paper format
The American Psychological Association (APA) format is a widely used style for writing academic papers in the social sciences. The APA format provides specific guidelines for formatting papers, including margins, font size and type, spacing, and the use of headings. These guidelines ensure that papers written in the APA format are visually consistent and easy to read.
In the APA format, papers are typically double-spaced and written in 12-point Times New Roman font. The margins should be 1 inch on all sides, and the text should be left-aligned. Headings are used to organize the paper into sections, with different levels of headings used to indicate the hierarchy of information.
In-text citations are an essential aspect of the APA format, and they must be included whenever information from an outside source is used in the paper. The reference page is also an important component of an APA paper, as it lists all of the sources used in the paper. The reference page should be formatted according to the APA guidelines, including the use of a hanging indent for each reference and the use of italics for book titles.
It is important to note that the APA format is not just a matter of style, but it is also a way of communicating research findings and ideas. The use of the APA format helps to ensure that the information presented in a paper is clear, concise, and easy to understand.
In conclusion, the APA format is a widely used style for writing academic papers in the social sciences. It provides specific guidelines for formatting papers, including margins, font size and type, spacing, and the use of headings. By following the APA format, students can ensure that their papers are visually consistent, easy to read, and meet academic standards.
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