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: Abdulrahman Alhujailan
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).
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 Submissions without this cover page will NOT be accepted.

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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)

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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