Financial Accounting Problems Which Is Consider Intermidate And Cost Accounting

Question Description

FINANCIAL ACCOUNTING

Q1. What do you understand by impairment of long-lived tangible asset? (2 marks)

Q2. Explain the types of Intangible Assets. (3 marks)

Q3. Presented below are the components related to an office building that ABC Company is considering purchasing for SAR10,000,000.

ComponentUseful LifeValue

Building structure60-year life5,400,000

Building engineering30-year life2,400,000

Building external works30-year life900,000

Instructions

  • Compute depreciation expense for 2010, assuming that ABC uses component depreciation. ( 1.5 marks)
  • Assume that the building engineering was replaced in 20 years at a cost of SAR2,600,000. Prepare the entry to record the replacement of the old component with the new component. (1.5 marks)

Q4. Describe the procedure to issuing and marketing bonds to the public, and indicates the factors considered in determining selling price of the bond?(2 marks)

Q5.You are required to prepare a Direct Material Budget for the second quarter (April to June) by considering a manufacturing company operating in Saudi Arabia as a sample study.

Q6.You are required to prepare the Sales price variance and Revenue sales quantity variance by taking any of your choice Saudi based company and suggest the suitable reasons for the variances.

Q7.You are required to allot the support department cost to operations department by taking any Saudi based operating company.

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