((No pictures containing text will be accepted and will be considered plagiarism

i want new and unique short answers))

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. Assignment Question(s): (10 Marks) Q1- A. What is a bank reconciliation and why is it important for companies to do it periodically? B. Prepare a Bank Reconciliation Statement for XYZ company that has: Bank statement of SR9.000. Cash account of SR7.500, Additional information for the reconciliation: Deposit in transit NSF Check Outstanding check. Collections made by the bank. Required: provide an amount of each information to bring the adjusted balances to be equal (3 Marks). Q2 Assume that you have a company. And the management estimates that 2.5% of sales will be uncollectible. Provide an amount of sales and prepare the journal entry using the percent of sales method (2 Marks). Q3- A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory (3 Marks). January 1: Purchased 100 units at SAR10 per unit February 5: Purchased 60 units at SAR 12 per unit March 16: Sold 40 Units for SAR 16 per unit Prepare general journal entries to record the March 16 sale using the FIFO inventory valuation method. o LIFO inventory valuation method. 04. A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors? (2Marks)