Description
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Assignment (1)
Deadline: March 1st 2025 Time 23:59
Course Name: Principle Of Accounting
Course Code: ACCT 101
Student’s Name:
Student’s ID Number:
CRN:
Semester: 2nd
Academic Year: 1446 H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade:
/15
Level of Marks: High/Middle/Low
Instructions – 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 answers 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.
College of Administration and Finance Sciences
Assignment Question(s):
(Marks 15)
Q1: What is the definition of accounting? Additionally, where are accounting transactions recorded,
and what financial statements are published at the end of the financial period? (3 Marks)
Q2: What is the purpose of having the accounting Principles and assumptions? Then, mention one of
each. (3 Marks)
Q3: Suppose you are opening your own business with your brother and there are some transactions
happened.
1. Transaction: The owners invest 500,000 SR cash into the business.
2. Transaction: 80,000 SR Payment for office rent.
3. Transaction: Buying computers and office equipment cost 20,000 SR.
4. Transaction: Providing services to clients and receiving 140,000 SR cash.
5. Transaction: Providing services to clients on credit cost 60,000 SR.
6. Transaction: Paying 260,000 SR employees’ salaries.
7. Transaction: Receiving payment from clients for previous credit sales.
8. Transaction: Pays 100.000 SR in advance for an insurance which will be used in future periods.
9. Transaction: Receives 40,000 SR payment in advance for a service to be provided in the future.
Journalize the transactions in your accounting system. (9 Marks)
IMPORTANT NOTE: Answer in your own words, DO NOT COPY from slides,
fellow student, or internet source without proper citation.
College of Administration and Finance Sciences
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