Why do Corporations need financial reporting Standards? Explain the two major standard Setters  Q2. Accounting Information system takes in the whole process of the accounting cycle. Explain each step in the accounting cycle with a numerical example of your own Q3.  A. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how are they reported in the income statement.

College of Administrative and Financial Sciences

Assignment 1

Deadline: (end of week 6) 27 /02/ 2021 @ 23:59

For Instructor’s Use only

nstructions – 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 answered must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).
• Submissions without this cover page will NOT be accepted.

Assignment Question(s): Marks 5                                              

Q1 Why do Corporations need financial reporting Standards? Explain the two major standard Setters

Q2. Accounting Information system takes in the whole process of the accounting cycle. Explain each step in the accounting cycle with a numerical example of your own

Q3.  A. What do you understand by allocation to non-controlling interest and discontinued operations? Explain how are they reported in the income statement.

1. Intraperiod Tax Allocation.

XYZ Co. has income before income tax of SR 50,000. It has a gain of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, how would  XYZ Co. present the  information on the income statement, and if it has a loss of SR 10,000 from a discontinued operation. Assuming a 35 percent income tax rate, show the changes in Income on the income statement

Q4.

Prepare a classified statement of financial position in good form as per IFRS.

  Assume that notes receivable and notes payable are short-term, unless stated otherwise. Cost and fair value of trading securities are the same