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

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:

Students’ Grade: / 15

Level of Marks: High/Middle/Low

The Assignment must be submitted on Blackboard 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 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):

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

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

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.

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

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