ACCT 101 SEU Accounting Statements Question

User Generated

Nyv212

Business Finance

Acct 101

Saudi electronic university

ACCT

Description

  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
  • Assignments submitted through email will not be accepted.
  • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
  • Students must mention question number clearly in their answer.
  • Late submission will NOT be accepted.
  • 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.
  • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
  • Submissions without this cover page will NOT be accepted.

Assignment Question(s):(5 Marks)

Q1. Describe four of the accounting principles and assumptions and provide an example for each principle and assumption you describe. (2Marks)

Q2. In this course, we covered journal entries.

  • What is a journal entry? Why is it important? (1Mark)
  • Give two examples of business transactions that require recording a journal entry, and write the journal entry for each transaction. (1Mark)

Q3. What is the difference between accrual basis and cash basis in accounting? Give an example. (1Mark)

Unformatted Attachment Preview

College of Administrative and Financial Sciences Assignment 1 Deadline: 27/2/2021@ 23:59 Course Name: Principles of Accounting Student’s Name: Course Code: ACCT 101 Student’s ID Number: Semester: 2 CRN: Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Habiba Moabber Students’ Grade: Marks Obtained/Out of 5 Level of Marks: High/Middle/Low Instructios – PLEASE READ THEM CAREFULLY • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. • Assignments submitted through email will not be accepted. • Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. • Students must mention question number clearly in their answer. • Late submission will NOT be accepted. • 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. • All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). • Submissions without this cover page will NOT be accepted. Assignment Question(s): (5 Marks) Q1. Describe four of the accounting principles and assumptions and provide an example for each principle and assumption you describe. (2Marks) Q2. In this course, we covered journal entries. A. What is a journal entry? Why is it important? (1Mark) B. Give two examples of business transactions that require recording a journal entry, and write the journal entry for each transaction. (1Mark) Q3. What is the difference between accrual basis and cash basis in accounting? Give an example. (1Mark)
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Explanation & Answer

Attached. Please let me know if you have any questions or need revisions.

COMMUNICATION

1
Accounting Questions

Question 1
Question 2
Question 3

References
Marland, E., Domke, G., Hoyle, J., Marland, G., Bates, L., Helms, A., ... & Szymanski, C.
(2017). Adherence to Accounting Principles. In Understanding and Analysis: The
California Air Resources Board Forest Offset Protocol (pp. 29-36). Springer, Cham.

Ouda, H., & Jorge, S. (2020). practice-relevant Accrual Accounting for the Public Sector:
Producers' and Users' Perspectives. Springer Nature.


ACCOUNTING

1

Accounting Questions

Student Name:
Institutional Affiliation:
Instructor:
Course Title:
Date:

ACCOUNTING

2
Accounting Questions

Question 1
Accounting principles are the rules and guidelines companies must follow when reporting
financial data (Ouda & Jorge, 2020). On the other hand, accounting assumptions are the set of
rules that ensures the business operations of the companies get conducted efficiently following
the standards set by the financial accounting standards board. Some of the four basic accounting
principles and four key accounting assumptions include matching principle, revenue recognition,
full disclosure, cost principle, going concern, conservatism, time period, and accrual assumption
respectively.
The revenue recognition principle is a concept that a trading ...


Anonymous
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