Assignment Imagine / assume you are running a merchandizing firm with a capital of $100,000-$500,000. You are free to assume/ invest within the range of $ 100,000 - $ 500,000, depending on the size of the business. With this assumption you are required to prepare an accounting cycle (Journal, Ledger, Trial Balance, Income statements and Balance sheet.) as per the GAAP System by applying all accounting principles and concepts. Further requirements: 1. Write down at least 20 transactions for a period (month or a quarter/ an year) your company, which should include all, will satisfy all requirements for your business. 2. In the light of the above information analyze the business transactions in the Journal, 3. Prepare ledgers and Trial Balance as on the last date of your business. 4. On the basis of Trial balance prepare a. An Income Statements for the period b. Balance Sheets as on that date. Attempt all questions, each question carries equal marks. 1. The basic accounting equation is Assets - Liabilities + 2. The objective of most businesses is to earn a ......... can be defined as an information system that provides reports to users about the economic activities and condition of a business. 4. Financial accountants follow............ 5. The activities of a business are recorded separately from the activities of its owners, creditors, or other businesses are called................. 6. Amounts are initially recorded in the accounting records at their cost of purchase price are called............... 7. The.............. ...requires that economic data be recorded in dollars. 8. The resources owned by a business are its ...... 9. The rights of creditors are the debts of the business and are called ... 10. The equation Assets = Liabilities + Owner's Equity is called the.. 11. Creditors come in Asset. (True/False) 12. Debtors come in Liabilities. (True False) 13. B/P comes in liabilities. (True False) 14. B/R comes in Assets. (True False) 15. Capital Stock is also known as Owner's Equity. (True/False) Dashboard Calendar To-do Notifications Inbox Assignment Imagine / assume you are running a merchandizing firm with a capital of $100,000-$500,000. You are free to assume/ invest within the range of $ 100,000 - $ 500,000, depending on the size of the business. With this assumption you are required to prepare an accounting cycle (Journal, Ledger, Trial Balance, Income statements and Balance sheet.) as per the GAAP System by applying all accounting principles and concepts. Further requirements: 1. Write down at least 20 transactions for a period (month or a quarter/ an year) your company, which should include all, will satisfy all requirements for your business. 2. In the light of the above information analyze the business transactions in the Journal, 3. Prepare ledgers and Trial Balance as on the last date of your business. 4. On the basis of Trial balance prepare a. An Income Statements for the period b. Balance Sheets as on that date. Attempt all questions, each question carries equal marks. 1. The basic accounting equation is Assets - Liabilities + 2. The objective of most businesses is to earn a ......... can be defined as an information system that provides reports to users about the economic activities and condition of a business. 4. Financial accountants follow............ 5. The activities of a business are recorded separately from the activities of its owners, creditors, or other businesses are called................. 6. Amounts are initially recorded in the accounting records at their cost of purchase price are called............... 7. The.............. ...requires that economic data be recorded in dollars. 8. The resources owned by a business are its ...... 9. The rights of creditors are the debts of the business and are called ... 10. The equation Assets = Liabilities + Owner's Equity is called the.. 11. Creditors come in Asset. (True/False) 12. Debtors come in Liabilities. (True False) 13. B/P comes in liabilities. (True False) 14. B/R comes in Assets. (True False) 15. Capital Stock is also known as Owner's Equity. (True/False) Dashboard Calendar To-do Notifications Inbox