Sarah Archives - Essay Quoll

On January 1, Omar signs a contract with a client to provide catering services for their wedding on July 1. The total contract amount is SAR 25,000. When should Omar recognize the revenue for this transaction under the accrual basis?

Posted on April 28, 2023 by Assessments

Principles of Accounting Assignment Question(s): (Marks 15) Question 1: (5 Marks) Sarah owns a boutique that sells women’s clothing and accessories. She keeps track of her business transactions using a journal. On March 1, Sarah invested SAR 10,000 cash in her business to start operations. Prepare the journal entry. On March 5, Sarah purchased inventory […]

Given the CPA firm is auditing financial statements, why would they need to under- stand anything about the client’s business?

Posted on February 3, 2023 by Assessments

Sarah O’Hann enjoyed taking her first auditing course as part of her undergraduate accounting program. While at home during her semester break, she and her father discussed the class, and it was clear that he didn’t really understand the nature of the audit process as he asked the following questions: a. What is the main […]