• 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 submissionwill 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 No exceptions.
• All answers must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism.
• Submissions without this cover pagewill NOT be accepted.

 

 

Assignment Question(s): (Marks 15)

 

Q1. a. Globalization demands a single set of high-quality international accounting standards. Explain at least 5 elements that demands a single set of high-quality international accounting standards. (Mark 1)

1. Name the two major organizations that sets standards and explain the due processes of setting a new accounting standard? Please write one paragraph.  (Mark 1)

 

Q2. An adjusting journal entry is typically made just prior to issuing a company’s financial statements. What do you understand by adjusting entries? Give examples (Marks 2)