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

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 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)

ABC Co. 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