Accounting Assignment

Instructions:

1. This assignment is an individual assignment.

2. All students are encouraged to use their own words.

3. Student must apply Saudi Electronic University academic writing standards and APA style guidelines.

4. Support your submission with course material concepts, principles, and theories from the textbook along with at least two scholarly, peer-reviewed journal articles.

5. A mark of zero will be given for any submission that includes copying from other resource without referencing it.

6. It is strongly encouraged that you submit your assignment into the safe assignment Originality Check prior to submitting it to your instructor for grading.

Assignment Question(s): (20 Marks)

Q1. “Accounting takes in the process of Identifying, Recording and Communicating”. How would you like to explain the statement? Give support to your answer with examples on Identifying, Recording and Communicating. (3 activity Marks)

The answer : - accounting is a process of recording, organizing, summarizing, and analyzing financial information. The Financial information is presented to owners, investors, managers, and other interested parties . for example if the company take aloan from the bank by (10000 S.R ) this transaction in accountig system identified as a ( current liabilities ) and it will record at the balance sheet , thoes transactions helb the owners and who interested in accounting .

Q2. Explain the concept of double entry system and its relationship with accounting equation. (2 Marks)

The answer: - The double entry  system of accounting means that for every business transaction, amounts must be recorded in a minimum of two accounts. The double-entry system also requires that for all transactions, the amounts entered as debits must be equal to the amounts entered as credits.

Q3. The following is the Trial balance has been extracted from the accounts of Green Lawn Care, Inc. as on 31st December, 2019 (9 Marks)

Use the above information to complete the following financial Statements:

Q4. Imagine yourselfto be a Merchandiser and bring out three important merchandise transaction on purchases and sales in a proper journal format. (6 Marks)

Answer