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Assignment Ouestions (5 Marks) 01 A company wants to implement good internal control What are the policies and procedures you can suggest to minimize human frauds and croes (Mark) 02 Assume that you have a company. And the management scam estimates that 3% of sales will be uncollectible Give any amount of sales and prepare the journal entry using the percent of sales method (I Mark) 03 A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory A. Prepare general journal entries to record the March 16 sale using the FIFO inventory method. LIFO inventory valuation method - Weighted average valuation method B. What is the cost of goods sold and the gross margin for each method (Mark) 04. What is the bank reconciliation why is it important for companies to prepare bank reconciliation periodically (Mark) Assignment Questions): (5 Marks) 01- Acompany wants to implement good internal control. What are the policies and procedures you san suggest to minimize human frauds and errors? (I Mark) 02- Assume that you have a company. And the managementteam estimates that 3% of sales will be uncollectible Give any amount of sales and prepare the journal entry using the percent of sales method. (I Mark) 03- Acompany that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory January 1: Purchased 30 units at SARII per Janit February 5 Purchased 30 units at SAR 13 per init March 16 Sold 50 Units for SAK 15 per A. Prepare general journal entries to record the March 16 sale using the 1. FIFO inventory valuation method. 2. LIFO inventory valuation method. 2. Weighted average valuation method. B. What is the cost of goods sold and the gross margin for each method? (2Marks) (5 Assignment Question(s): Marks) Q1- A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (1Mark) Q2- Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method. (1Mark) Q3- A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory. January 1: Purchased 30 units at SARII per unit February 5. Purchased 30 units at SAR 13 per unit March 16: Sold 50 Units for SAR 15 per unit A.Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method. 2. LIFO inventory valuation method. 3. Weighted average valuation method. B. What is the cost of goods sold and the gross margin for each method? (2Marks) Q4. What is the bank reconciliation? why is it important for companies to prepare bank reconciliation periodically? (1Mark)