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College of Administrative and Financial Sciences Assignment 1 Deadline: 27/2/2021@ 23:59 Course Name: Principles of Accounting Student’s Name: Course Code: ACCT 101 Student’s ID Number: Semester: 2 CRN:22610 Academic Year: 1441/1442 H For Instructor’s Use only Instructor’s Name: Dr. Fathimunisa Hanfy Students’ Grade: Marks Obtained/Out of 5 Level of Marks: High/Middle/Low Instructios – 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 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. Assignment Question(s): (5 Marks) Q1. Describe four of the accounting principles and assumptions and provide an example for each principle and assumption you describe. (2Marks) Q2. In this course, we covered journal entries. A. What is a journal entry? Why is it important? (1Mark) B. Give two examples of business transactions that require recording a journal entry, and write the journal entry for each transaction. (1Mark) Q3. What is the difference between accrual basis and cash basis in accounting? Give an example. (1Mark)
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