Please read the questions carefully and answer them completely and clearly
Please pay attention to the spelling rules in your answers to the questions
Please submit it on 04/04/2026 ( 12 PM ) ( KSA TIME )
Please do not repeat the solution with others
Words should be 400 to 500 words
Please list 5 references
The answer file for the question is named : Assignment ACCT 422 -2nd- 202520-1447H
gdjTo help me to acount the acountinf hsbk
What are the policies to open a new company?
question in the attached doc
what is the basics and how hard is it
Question 1:
The Guide states that Zakatable assets must be assessed at current market value, not historical cost. Critically evaluate this rule.
1. Why is market value more consistent with the objectives of Zakat?
2. Would using historical cost contradict the concept of growth (An-Namaa)? Explain.(3 Marks)
Question 2:
Zakat requires completion of one lunar year (Al-Hawl) for most monetary assets. In modern business environments with continuous cash flows and digital transactions, evaluate whether the concept of Al-Hawl remains practically applicable.
Should modern accounting systems modify this concept, or should they adapt to it? Justify your answer.(3 Marks)
Question 3:
A company reached Nisab on 1 Shaban 1446H. On 25 Rajab 1447H (one lunar year later), its Zakatable assets reached SAR 500,000. However, during the year, it paid Zakat voluntarily in Muharram 1447H on part of its cash.(4 Marks)
Required:
Assignment Question(s):
Q1: Unite Corporation produces a single product and has the following cost structure:
|
Number of units produced each year. |
7,000 |
|
|
Variable costs per unit: |
||
|
Direct materials |
$ |
51 |
|
Direct labor |
$ |
12 |
|
Variable manufacturing overhead |
$ |
2 |
|
Variable selling and administrative expense |
$ |
5 |
|
Fixed costs per year: |
||
|
Fixed manufacturing overhead |
$ |
441,000 |
|
Fixed selling and administrative expense |
$ |
112,000 |
Required: Compute unit product cost under absorption costing:
Answer:
Q2: A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations:
|
Units produced |
6,000 |
||
|
Units sold |
5,600 |
||
|
Variable costs per unit: |
|||
|
Direct materials |
$ |
38 |
|
|
Direct labor |
$ |
53 |
|
|
Variable manufacturing overhead |
$ |
3 |
|
|
Variable selling and administrative expense |
$ |
11 |
|
|
Fixed costs: |
|||
|
Fixed manufacturing overhead |
$ |
60,000 |
|
|
Fixed selling and administrative expense |
$ |
28,000 |
|
Required: Compute the total period cost for the month under variable costing
Answer:
Business accounting is the process of recording, classifying, summarizing, and interpreting financial transactions of a business to know its financial position and performance. It helps in making proper business decisions.
1. Meaning of Business Accounting
Business accounting refers to the systematic process of identifying, measuring, recording, and communicating financial information of a business. It provides useful information to owners, managers, investors, and other stakeholders.
2. Objectives of Business Accounting
To maintain proper records of financial transactions
To determine profit or loss of the business
To know the financial position of the business
To help in decision making and planning
To detect and prevent errors and frauds
To provide information to investors, creditors, and government
3. Functions of Accounting
Recording: Writing all financial transactions in books of accounts (journal, ledger)
Classifying: Grouping similar transactions into accounts
Summarizing: Preparing financial statements like income statement and balance sheet
Analyzing: Studying financial data to understand business performance
Interpreting: Explaining financial results to help in decision making
4. Types of Accounts
There are three main types of accounts:
Personal Account Accounts related to persons, firms, or organizations
Real Account Accounts related to assets (cash, furniture, machinery)
Nominal Account Accounts related to income, expenses, gains, and losses
5. Golden Rules of Accounting
Personal Account: Debit the receiver, Credit the giver
Real Account: Debit what comes in, Credit what goes out
Nominal Account: Debit all expenses and losses, Credit all incomes and gains
6. Importance of Business Accounting
Helps in evaluating business performance
Assists in financial planning and budgeting
Useful for decision making
Helps in tax calculation and legal compliance
Provides financial information to stakeholders
Ensures proper control over business activities
Business accounting is the process of recording, classifying, summarizing, and interpreting financial transactions of a business to know its financial position and performance. It helps in making proper business decisions.
1. Meaning of Business Accounting
Business accounting refers to the systematic process of identifying, measuring, recording, and communicating financial information of a business. It provides useful information to owners, managers, investors, and other stakeholders.
2. Objectives of Business Accounting
To maintain proper records of financial transactions
To determine profit or loss of the business
To know the financial position of the business
To help in decision making and planning
To detect and prevent errors and frauds
To provide information to investors, creditors, and government
3. Functions of Accounting
Recording: Writing all financial transactions in books of accounts (journal, ledger)
Classifying: Grouping similar transactions into accounts
Summarizing: Preparing financial statements like income statement and balance sheet
Analyzing: Studying financial data to understand business performance
Interpreting: Explaining financial results to help in decision making
4. Types of Accounts
There are three main types of accounts:
Personal Account Accounts related to persons, firms, or organizations
Real Account Accounts related to assets (cash, furniture, machinery)
Nominal Account Accounts related to income, expenses, gains, and losses
5. Golden Rules of Accounting
Personal Account: Debit the receiver, Credit the giver
Real Account: Debit what comes in, Credit what goes out
Nominal Account: Debit all expenses and losses, Credit all incomes and gains
6. Importance of Business Accounting
Helps in evaluating business performance
Assists in financial planning and budgeting
Useful for decision making
Helps in tax calculation and legal compliance
Provides financial information to stakeholders
Ensures proper control over business activities
To complete this project, you will need to review a set of hypothetical facts and using those facts, complete an Excel worksheet (starting with the provided template). Please read the narrative carefully and completely before starting your work. You will upload your completed template as a Canvas assignment when done.
The following items are provided: