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Assignment Question(s):
Q1. Suppose you are an auditor who has been tasked with
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.
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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