case study

Deadline: Saturday 16/10/2021 @ 23:59

For Instructor’s Use only

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.

Assignment Question(s): (Marks 5)

Q1. Discuss three of the accounting principles and assumptions with examples. (1 Mark)

Q2. In chapter 3, slide 42, there is a summary of the accounting cycle. Describe each step. (2 Marks)

Q3. Explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2020 (2 Marks)