College of Administrative and Financial Sciences

Assignment 1

Deadline: 08/10/2022@ 23:59

For Instructor’s Use only

Instructions – PLEASE READ THEM CAREFULL

• 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.

(Total number of the questions.  5 Questions each question will carry 3 marks)
Q-1-Which of the government fund is being operated by the Saudi Government? Highlight the main objectives of the fund.

Answer:-

Question no 2-

How the budget is being prepared in The Kingdom of Saudi Arabia?  Explain any budget with reference to the revenue, expenditure and sectorial spending.

Answer :

Question no 3

The Western Province of K.S.A. has approved the 2020 budget as follows:

Budgeted 2020 revenues from:

Property taxes                                                                             $8,000,000

Sales taxes                                                                                  $2,000,000

Appropriations for 2020:

Salaries                                                                                       $7,200,000

Materials                                                                                     $2,000,000

Equipment                                                                                     $200,000

During 2020, the authority has presented the budget revision to increase the amount of

appropriation for salaries by $100,000.  The council approved this budget revision.

Required:

1. Prepare the general journal entry necessary to initially record the budget.
2. Prepare the general journal entry necessary to record the budget revision.

Question no 4-

Prepare entries to record the following transactions and events related to Northern township’s tax revenues for the year beginning January 1, 2015:

1. To raise property tax revenue of $1,500,000 the County bills its property owners a total of $1,504,000, providing $4,000 for uncollectible and refundable taxes.
2. During the year, taxpayers pay a total of $1,300,000 in property taxes.
3. Edam declares bankruptcy, owing the County $4,000 in property taxes. The County writes off the unpaid amount as uncollectible.
4. The state collects sales taxes on behalf of Northern townships. It sends the province’s $300,000 for sales taxes collected during the year.
5. At year-end, the Northern township declares all unpaid property taxes to be

Delinquent

Answer                      

Question no 5-

From the information below prepare Financial Statements

Answer: