College of Administrative and Financial Sciences Assignment 1 Deadline: 8/ 10/2022@ 23:59 Course NamezPrinciples 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: Rabab Farrash Students' Grade: / 15 Level of Marks: High/Middle/Low Instructions PLEASE READ THEM CAREFULLY o The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. 0 Assignments submitted through email will not be accepted. 0 Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes lling your information on the cover page. 0 Students must mention question number clearly in their answer. 0 Late submission will NOT be accepted. 0 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. o All answered must be typed using Times New Roman (size 12, doublespaced) font. No pictures containing text will be accepted and will be considered plagiarism). 0 Submissions without this cover page will NOT be accepted. 1 NIVERSITY | INGGe ELECTRONIC UNI Assignment Question(s): (Marks 15) 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) 2INIVERSITY INCOUP COMELECTRONIC 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