2. Adjustments to premium written and unearned premiums can result from Cancellation, Endors

College of Administration and Finance SciencesAssignment (2)
Deadline: Saturday 11/11/2023 @ 23:59
Course Name: Government and Non-Profit
Student’s Name: Ghaida Maan Aljaseir.
Accounting
Course Code: ACCT 321
Student’s ID Number: S200057427.
Semester: First
CRN:14019.
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – 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 answers 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.
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
(5 Marks)
Prepare entries to record the following transactions related to acquisition of capital assets
by a county. The county does not use encumbrance accounting.
a.
The county issues general obligation bonds in the amount of SAR 900,000,
receiving cash for the full face amount of the bonds. The cash will be used
to buy capital assets.
b.
The county buys a prefabricated building for SAR 750,000, using part of
the bond proceeds. The building is delivered and the invoice for the
building is approved.
c. The invoice approved in b. is paid.
d.
The General Fund transfers cash of SAR 55,000 to another fund in
anticipation of the payment of the first installment of interest (SAR 30,000)
and principal (SAR 25,000) on the debt.
e.
The first installment of debt service on bonds issued in (a) becomes due
and payable.
f.
Debt service on the bonds issued in a. is paid.
Answer:
Q:
a.
b.
c.
d.
e.
f.
Account Titles and Explanation
Cash.
Bonds payable .
Buildings .
Cash .
Accounts payable .
Cash .
Interfund transfers out .
Cash
Interest expense.
Bonds payable .
Cash .
Debt service fund balance .
Cash.
Debit
900,000
Credit
900,000
750,000
750,000
750,000
750,000
55,000
55,000
30,000
25,000
55,000
55,000
55,000
College of Administration and Finance Sciences
Q2. Following information are related with Internal Service Fund of City of Jeddah. You are
required to prepare a Statement of Cash Flows for the year ended December 31, 2018.
(5 Marks)
Amount ($)
Operating income
68,400
Increase in Inventories
27,200
Interest received
800
Acquisition of Capital Assets
2,800
Payment to Suppliers
32,000
Depreciation expense
29,600
Payments for Rent
21,200
Increase in Accounts Payable
54,400
Receipts from Customers
378,400
Payment to Employees
200,000
Cash balance at the beginning of the year
584,800
Answer:
City of Jeddah
Internal service fund
Statement of cash flows
For the year ended December 31st,2018
Cash Flows from Operating Activities
Receipts from Customer
378,400
Payment to Supplier
(32,000)
Pavment to Employees
(200,000)
Payments for Rent
(21,200)
Net Cash provided by operating activitie
Cash Flows from Capital and Other Financing Activities
125,200
College of Administration and Finance Sciences
Acquisition of Capital Assets
(2,800)
Cash Flows from Investing Activities
Interest received
800
Increase in cash and cash equivalents
123,200
Cash balance at the beginning of the year
584,800
Cash balance at the end of the year
708,000
Reconciliation of Operating Income to Net Cash
Provided By Operating Activities
Operating income
68,400
Depreciation expense
29,600
Decrease (increase) in operating assets and increase
(decrease) in operating liabilities:
Increase in Inventories
(27,200)
Increase in Accounts payable
54,400
Net Cash provided by operating activities
125,200
College of Administration and Finance Sciences
Q3. The following transactions are related with a Township Debt Service Fund. Prepare journal
entries to record the transactions in the Debt Service Fund.
(5 Marks)
a. The Township levies a special property tax amounting to $1,750,000 to pay debt
service on its long-term general obligation debt. The tax must be accounted for in
the Debt Service Fund.
b. All the property taxes levied for debt service purposes are collected.
c. The Township invests $525,000 in a six-month certificate of deposit.
d. Debt service (interest of $350,000 and principal of $700,000) becomes due and
payable.
e. The debt service liabilities are paid.
f The certificate of deposit in c. matures and the Township receives a total of $535,500,
which includes $10,500 of interest.
Answer:
Q:
Account titles and explanation .
Debit
a.
Property tax receivable .
1,750,000
Revenues –special property tax.
b.
Cash.
1,750,000
1,750,000
Property tax receivable .
c.
Invests – certificate of deposit.
1,750,000
525,000
cash
d.
525,000
Debit service expense – interest .
350,000
Debit service expense – principal .
700,000
Debit service payable.
e.
Debit service payable.
1,050,000
1,050,000
Cash.
f.
Credit
Cash.
1,050,000
535,500
Invests – certificate of deposit
525,000
Interest revenue.
10,500
College of Administration and Finance Sciences
Reference :
• Ives, M., Patton, T.K. & Patton, S.R. (2012). Introduction to governmental and not-for-
profit accounting (7th Edition). Boston: Prentice Hall. ISBN: 978-0-13277601-1 (print
version); ISBN: 978-0-13280544-5 (electronic version).
College of Administration and Finance Sciences
Assignment (1)
Deadline: Saturday 02/03/2024 @ 23:59
Course Name: Insurance Accounting
Student’s Name:
Course Code: ACCT 424
Student’s ID Number:
Semester: 2nd
CRN:
Academic Year: 1445 H (2023-2024)
For Instructor’s Use only
Instructor’s Name: Dr. Shahid Husain
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – 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 answers 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.
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
1. For a payment known as premium, insurance entities agree to relieve
the policyholder of all or part of a risk and to spread the total cost of
similar risks among large groups of policyholders. In the light of this
sentence explain the various types of Insurance.
(5 Marks)
2. Adjustments to premium written and unearned premiums can result
from Cancellation, Endorsement, Audit Premiums and Retrospective
Premium Adjustments. Explain in detail.
(5 Marks)
3. The reporting and payment characteristics of an entity’s losses will
differ depending on the types of policies written. Insurance policies
may be categorized in several different ways like policy duration, type
of coverage provided and the kind of insurance underwritten. Explain
in detail.
(5 Marks)