Principles of Accounting

Learning Goal: I’m working on a accounting question and need an explanation and answer to help me learn.

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 SR745
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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