Principles of Accounting

PRINCIPLES OF ACCOUNTING

ACCT 101

Name of the Student		Student ID
CRN		Student Grade
Assignment	1	Marks	/10
Course Title	Principles of Accounting	Code	ACCT 101
Uploading	End week 3	Submission	End week 4
Date	Sat 26/01/2019	Dates	Sat 2/2/2019

Instructions:

· The answer must be in English .

· Students must include your details (Name, Student ID, CRN, Date of submission)

· Answer the ALL questions.

· Assignments should be submitted in MS Word format

· Font should be Times New Roman with 14 points .

· You are required to work in this assignment  individually .

· You should submit the assignment via the  Blackboard .

· Students who submit assignments after deadline, will get ZERO .

· If you engaged in plagiarism, you will get ZERO marks in the assignment or course.

Q1- Provide an example of each title here and then record the journal entries. Following the first given answer.

1-Providing consulting services receiving cash.

Given answer:

Aziz company provides consulting service and receives 1,000 cash.

Cash.          1,000

        Consulting Revenue.    1,000

2-Investment by an owner.

3-Purchasing equipment for cash.

4-Purchasing supplies on credit.

5-Borrowing money from a bank.

6-Paying investors their shares of dividends.

Q2- Pick two principles or assumptions of accounting and briefly explain it with an example.

Q3- On your own words, explain the purpose and the importance of the following statements:

1- Income Statement 

2- balance sheet