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
