ACCT 101 SEU Accounting Principles of Accounting Questions

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College of Administrative and Financial Sciences
Assignment 1
Deadline: 23/7/2022 at 23.59 pm
Course Name: Principles of Accounting
Student’s Name:
Course Code: ACCT 101
Student’s ID Number:
Summer Semester
CRN:
Academic Year: Summer Semester 1442/1443
For Instructor’s Use only
Instructor’s Name: Wadha Alrashidi
Students’ Grade: Marks Obtained /Out of
Level of Marks: High-Middle-Low
10 marks
Notes:

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 answered 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.
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Assignment Question(s):
(10.0 Marks)
1. Define accounting equation and give numerical examples for transactions
covering all its components namely assets, liabilities, expenses, revenues, stock
capital and dividends and represent those transactions on the accounting
equation.(2.5 marks)
2. Accounting has its unique theory, as it is a type of social sciences; discuss this
statement explaining main principles and assumptions of accounting. (2.5
marks)
3. Define accrual basis and cash basis of accounting then give numerical examples
for each method and explain which of them recommended by IFRS. (2.5 marks)
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4. Ibrahim has a sole proprietorship working in goods merchandising and he
needs to choose an inventory costing method. Being an accountant, list
methods Ibrahim can use and explain to him advantages and disadvantages of
each method supported by numerical examples. (2.5 marks)
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