Description
College of Administrative and Financial Sciences
Assignment 3
Deadline: 13/8/2022 at 23.59 pm
Course Name: Principles of Accounting
Student’s Name:
Course Code: ACCT 101
Student’s ID Number:
Semester SUMMER
CRN:50199
Academic Year: Summer Semester 1442/1443
For Instructor’s Use only
Instructor’s Name: Dr. Salah Oraby
Students’ Grade: Marks Obtained /Out of
Level of Marks: High-Middle-Low
10 marks
Notes:
•
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 answered 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.
1 of 4
Assignment Question(S)
1.
(10.0 Marks
Classify the following accounts into the tree sections of cash flow statement.(4 marks)
No.
Account name
Classifications into
operations, investment
and financing activities.
1
Inventory
2
Accounts receivable
3
Interest expense
4
Fixed assets
5
Bonds issued
6
Bonds purchased
7
dividends
8
Common stocks
9
Accounts payable
10
Loans from banks
11
Income tax paid
12
Sales
13
Cost of goods sold
14
Long term investments
15
Notes relivable
2 of 4
2.
On October 1, 2021, Ibrahim, Inc. issued 100,000 shares of SAR 5 par value stock for SAR 10per share.(2.0
marks)
Required: pass journal entry for this transaction.
Answer:
3.
On January 31, a SAR 2 per share cash dividend is declared on Ibrahim, Inc.’s 10,000 common shares
outstanding. The dividend will be paid on March 30 to stockholders of record on February 25.(2.0 marks)
Required: pass journal entry for this transaction.
Answer:
3 of 4
4.
Define contingent liabilities and explain how they are accounted for.(2.0 marks)
Answer:
4 of 4
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