Assignment (Marks15) Question(s): 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 year. during (Marks5) the 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