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  • 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 NOTbe accepted.
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  • 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.
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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)