Assignment
Deadline: Saturday 04/04/2026 @ 23:59
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Course Name: Tax and Zakat Accounting
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Students Name:
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Course Code:ACCT 422
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Students ID Number:
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Semester: Second
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CRN:
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Academic Year: 1447 H
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For Instructors Use only
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Instructors Name:
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Students Grade:/10
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Level of Marks: High/Middle/Low
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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 ZEROmarks. 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 pagewill NOT be accepted.
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:
- Should the company pay Zakat again on the full amount at the end of Rajab?
- Explain using the rule of independence of each year.
- Identify the Zakat principle applied.
Assignment
Deadline: Saturday 04/04/2026 @ 23:59
Course Name: Managerial Accounting Students Name:
Course Code: ACCT322 Students ID Number:
Semester: 2nd CRN:
Academic Year: 1447H
For Instructors Use only
Instructors Name: Rabab Farrash
Students Grade: /10 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.
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 expenses $ 28,000
Required: Compute the total period cost for the month under variable costing
Answer: