Assayment is an “Islamic” accounting department + a management department…….

College of Administration and Finance SciencesAssignment (2)
Deadline: Saturday 11/11/2023 @ 23:59
Course Name: Tax and Zakat Accounting
Student’s Name:
Course Code: ACCT 422
Student’s ID Number:
Semester: First
CRN:
Academic Year: 1445 H
For Instructor’s Use only
Instructor’s Name: Rabab Farrash
Students’ Grade:
/
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
Section 1
Assignment Question(s):
Question 1: To make income taxable, income must be realized and recognized. Explain in your own
words the difference between income realization and income recognition, then provide a short
numerical example to indicate the difference.
Question 2: Growth is one of the important conditions for assents to be eligible for Zakat. Using
your own words, discuss the importance of growth and the reason behind requiring such rule.
(4 Marks)
Question 3: Using your own words, explain the different concepts of income from accounting,
economics, and taxation perspectives.
Question 4: Abdulaziz is a Saudi citizen has submitted his zakat return including the following
information for 1444 H.
a) Owns an investment building at a book value of SAR 750,000, with a market value of SAR
950,000, the investment building produced an annual revenue of SAR 500,000, and the actual total
expenses incurred related to the investment building is SAR 75,000 annually.
b) Owns an investment car at a book value of 250,000 and with market value of 280,000, the car
produced a monthly rental value of 25,000, actual total expenses incurred every month of getting the
income is SAR 3,000.
Required: Calculate the receptacle of the zakat for each kind of zakat 1444 H.
College of Administration and Finance Sciences
Section 2
Critical Thinking
To meet all the challenges organizations, try to introduce different manufacturing and supply
techniques. Management of organizations devotes their efforts to reducing manufacturing costs and
improving the quality of the product. To achieve this goal, different manufacturing and supply
techniques have been employed. The last quarter of the 20th century witnessed the adoption of worldclass, lean and integrated manufacturing strategies that have drastically changed the way
manufacturing firms leads to improvement of manufacturing performance (Fullerton and McWatters,
2002).
Increased global competition leads the industry to increase efficiency by means of economies of scale
and internal specialization so as to meet market conditions in terms of flexibility, delivery performance
and quality (Yamashina, 1995). The changes in the present competitive business environment are
characterized by profound competition on the supply side and keen indecisive in customer
requirements on the demand side. These changes have left their distinctive marks on the different
aspect of the manufacturing organizations (Gomes et al., 2006). With this increasingly global
economy, cost-effective manufacturing has become a requirement to remain competitive.
The global marketplace has witnessed increased pressure from customers and competitors in
manufacturing as well as the service sector (Basu, 2001; George, 2002). Due to the rapidly changing
global marketplace, only those companies will be able to survive that will deliver products of good
quality at a cheaper rate to achieve their goal companies try to improve performance by focusing on
cost-cutting, increasing productivity levels, and quality and guaranteeing deliveries in order to satisfy
customers (Raouf, 1994).
Consult textbook chapter 7 or secondary data on the internet and answer the following questions.
Question:
1. What do think about lean Thinking? Why have Manufacturing Companies adopted Lean
College of Administration and Finance Sciences
Thinking? (2 Marks)
2. Briefly describe major types of Waste, that companies must keep in mind during production.
(2 Marks)
3. What are the benefits from Suppliers to end users for using lean thinking? Assess the reasons
(suitable examples), (2 Marks)
4. With the advent of artificial intelligence. The agile supply chain is a perfect concept for future
SCM? Give reasons with suitable examples. (2 Marks)
5. Why overproduction is considered to be the biggest waste for manufacturing companies?
(1Mark)
6. Reference (1 Mark)
Each answer should be within the limit of 200- 250 words.
The Answer must follow the outline points below:
•
Lean Thinking and JIT Concept
•
Agile Supply chain
•
Their Main functions
•
Reasons with suitable Examples
•
Reference
Ans 1:
Ans 2:
Ans 3:
Ans 4:
Ans 5:
College of Administration and Finance Sciences