Suppose you are an auditor who has been tasked with looking into the internal controls at a company. Define an internal control system and list the main principles of internal controls.
College of Administration and Finance Sciences Assignment (2) Deadline: Saturday 04/05/2024 @ 23:59 Course Name: Principles of Accounting Student’s Name: Course Code: ACCT 101 Student’s ID Number: Semester: Second CRN: Academic Year: 1445 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): Q1. Suppose you are an auditor who has been tasked with looking into the internal controls at a company. Define an internal control system and list the main principles of internal controls. (5 Mark) Q2. A company allows its customers to use bank credit cards to charge purchases. The company is charged 2.5% service charge credit card sales. (5 Mark) A. On April 10, the company sold SAR 27,000 worth of merchandise to customers who used credit cards. B. On April 18 Received cash proceeds less the service charge for the April 10 Prepare the company’s journal entry for each of the above transactions. College of Administration and Finance Sciences Q3 A company’s property records revealed the following information about its plant assets: Machine No. Cost Salvage Value Purchase Date Depreciation Method and Estimate Life 1 SAR 24,000 SAR4 ,000 1/1/2023 Straight-line (4 years) 2 SAR 30,000 SAR1,500 1/1/2023 Double-declining-balance (5 years) Calculate the depreciation expense for each machine for the year ended December 31, 2023, and for the year ended December 31, 2024. (Marks 5) Machine 1: 2023: 2024: Machine 2: 2023: 2024:
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