Assignment 1- Q

School: Saudi Electronic University - Course: ACCT 101 - Subject: Accounting

Assignment 1 Deadline: 8/10/2022@ 23:59 Course Name:Principles of AccountingStudent's Name: Anwar Al-Qahtani Course Code: ACCT 101Student's ID Number:S210024744 Semester: 1CRN: Academic Year: 1444/1445 H For Instructor's Use only Instructor's Name: Students' Grade:/ 15Level 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 submissionwill 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 pagewill NOT be accepted. 1

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.