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B291 Financial Accounting

Question

Answered

Question:

Part A – 30 Marks

John hired a new accountant Mr. Lee in his firm, the accountant (Mr. Lee) recorded the below transactions wrongly:

Transaction

1.John contributed $50,000 into the business bank account but the accountant debited the dividend and credited the cash account.

2.John purchase office equipment for cash $3000, Mr. Lee recorded this transaction by debited the cash account and credited the bank loan account.

3.John paid $2000 for purchase of furniture, by mistake Mr. Lee recorded it as electricity expense debit and cash credit.

4.John paid the salaries to staff at the end of month, Mr. Lee recorded as salaries expense debited and account payable credited.

5.Mr. Lee recorded drawings of owner for $10,000 wrongly. 

Required:
1.You are required to only journalize the above correct transactions.(10 marks)

2.Future Star Company produces a variety of coverings for electrical wiring. On January 1, 2020 it acquired new production equipment at a cost of $500,000. The machine has an expected life of three years and an estimated salvage value of $50,000.

Required:
1. Prepare a 3-year depreciation schedule for the machinery under:

a. Straight-line method.
b. Reducing-balance method.

2Assume that on January 1, 2021 the company disposed of machine for $300,000. Under the reducing-balance method, compute the gain or loss on disposal for financial reporting purpose.   (10 marks)

Part B – 70 Marks

Case study: Saudi Aramco
Access the Saudi Aramco home page and download the annual report of Saudi Aramco 2019 or You can directly access the annual report on the below link: 
https://www.saudiaramco.com/en/investors/investors/reports-and-presentations#   then download the Saudi Aramco Annual report 2019 in PDF Form.

Instructions 
Use the 2019 Annual report of Saudi Aramco to answer the following questions:

1-Business organizations can be classified into different legal forms. List and briefly explain the different forms of business organizations. Identify under which category of business organization the SAUDI ARAMCO bank falls, support your answer from the annual report of SAUDI ARAMCO 2019.  [Marks (Words): 10(300)]     

2-The process of determining the monetary amount at which the elements of the financial statements are to be included in the balance sheet and income statement is called measurement. The IASB Framework includes the four bases of measurement. Explain these four bases of measurement with example. Identify that which measurement bases is used by SAUDI ARAMCO in preparing their financial statements?
[Marks (Words): 10(300)]     

3-IAS 16 Property, plant and equipment identifies and describes two different models of accounting for tangible non-current assets. Discuss the importance of these two models for SAUDI ARAMCO and describe the depreciation methods used by SAUDI ARAMCO.
[Marks (Words): 10(200)]     

4-The sources of company finances may be various and complicated. Equity capital is the main source of company finances, what are the different types of share capital, explain. Also identify the different forms of share capital from annual report of SAUDI ARAMCO.  
[Marks (Words): 10(200)]     

5-Explain why the going concern basis is important in understanding SAUDI ARAMCO financial statement; Support your answer with evidence from SAUDI ARAMCO annual report.   [Marks (Words): 10(200)]     

6-Balance sheet can be prepared in vertical, net asset and horizontal format. What is the difference between these formats? Which format has been adopted by SAUDI ARAMCO and what is the underlying assumption? Provide evidence from annual report.   [Marks (Words): 10(200)]     

7-What is meant by investor ratio? Explain the earning per ratio, compare this ratio for 2019 and 2018 from annual report to SAUDI ARAMCO. 
[Marks (Words): 10(200)] 

B291 Financial Accounting

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