Accounting 101 assignment

  see the Qs below and the ATTCH.  

Assignment Question(s):  

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)

Consulting   revenue 

SAR50,000

Rental   revenue

20,000

Supplies   expense

5,000

Rent   expense

30,000

Wages   expense

15,000