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)
|Accounts payable||SR 745|
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