Accounting Question

Assignment 1




For Instructor’s Use only


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.                                                                                                            (Marks5)


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




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