Accounting Question

College of Administrative and Financial Sciences

Assignment 1

Deadline: 8/10/2022@ 23:59



Course Name:Principles of Accounting Student’s Name:
Course Code: ACCT 101 Student’s ID Number:
Semester: 1 CRN:
Academic Year: 1444/1445 H


For Instructor’s Use only

Instructor’s Name: Dr Fathimunisa Hanfy
Students’ Grade:  / 15 Level of Marks: High/Middle/Low


  • 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 answered 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):                                                        (Marks15)

Q1. On your own words, outline the accounting principles and assumptions and explain each one.                                                                                                     (Marks5)














Q2. What is the accounting cycle? Explain every step starting from analyzing transactions to preparing post-closing trial balance.                                             (Marks5)












Q3. Based on the following trial balance for ABC Co, prepare an income statement, statement of retained earnings and a balance sheet. The company made no additional investments in the company during the year.                                                                                                            (Marks5)


Trial Balance

December 31

Cash SR 6,500  
Accounts receivable 475  
Supplies 2,500  
Equipment 17,000  
Accounts payable   SR  745
Common stock   10,000
Retained earnings   11,155
Dividends 36,000  
Revenue earned   72,000
Supplies expense 3,425  
Rent expense 6,000  
Wages expense 22,000  
Totals SR93,900 SR93,900




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