A file uploadedInstructions: 1. This assignment is an individual assignment. 2. Students MUST use...

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A file uploadedInstructions: 1. This assignment is an individual assignment. 2. Students MUST use their own words. 3. Student must apply Saudi Electronic University academic writing standards and APA style guidelines. 4. Support your submission with course material concepts, principles, and theories from the textbook along with at least two scholarly, peer-reviewed journal articles. 5. A mark of ZERO will be given for any submission that includes copying from other resource without referencing it. 6. It is strongly encouraged that you submit your assignment into the safe assignment Originality Check prior to submitting it to your instructor for grading. Assignment Question(s):						(20 Marks) Q1. “Accounting takes in the process of Identifying, Recording and Communicating”. How would you like to explain the statement? Give support to your answer with examples on Identifying, Recording and Communicating. (3 activity Marks) Q2. Explain the concept of double entry system and its relationship with accounting equation. (2 Marks) Q3. The following is the Trial balance has been extracted from the accounts of Green Lawn Care, Inc. as on 31st December, 2019 (9 Marks) 	Green Lawn Care, Inc. Trial Balance December 31, 2019—                                           (Amounts in SAR) 	Cash 	 8,700 	 	Accounts Receivable 	20,600 	 	Prepaid Insurance 	4,400 	 	Supplies 	1,950 	 	Land 	45,000 	 	Building 	134,500 	 	Equipment 	80,100 	 	Accounts Payable 	 	7,500 	Unearned Revenue 	 	6,000 	Capital Stock 	 	15,300 	Retained Earnings (Begin) 	 	54,000 	Dividends 	8,000 	 	Fees Earned 	 	347,400 	Salaries and Wages Expense 	70,200 	 	Utilities Expense 	23,200 	 	Advertising Expense 	18,000 	 	Repairs Expense 	11,500 	 	Miscellaneous Expense 	4,050 	 	Totals 	430,200 	430,200 Use the above information to complete the following financial Statements: 	                          Green Lawn Care, Inc. Income Statement  as on Dec,31 2019-- 	Revenues: 	 	 	 	 	    	Less Expenses 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	                Net Income 	 	   	                                Green Lawn Care, Inc.                         Statement of Retained Earning as on Dec,31, 2019-- 	Retained Earnings (Begin) 	 	Add Net Income 	 	Less Dividends 	 	Retained Earnings (End) 	 	 	 	                               Green Lawn Care, Inc. Statement of Balance Sheet as on Dec,31, 2019-- 	Assets 	SAR 	Liabilities & Equity 	SAR 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	                   Total 	 	 	 Q4. Imagine yourself to be a Merchandiser and bring out three important merchandise transaction on purchases and sales in a proper journal format. (6 Marks) Answer 	Purchase Transactions 	      Sale Transactions 	Date 	Description 	PR 	Debit 	Credit 	Date 	Description 	PR 	Debit 	Credit

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Assignment
					(20 Marks)
Q1. “Accounting takes in the process of Identifying, Recording and Communicating”. How would you like to explain the statement? Give support to your answer with examples on Identifying, Recording and Communicating. (3 activity Marks)
Answer- In 1966, the American Accounting Association (AAA) defined accounting as “a process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of information.”
It is essential to know that accounting is a process which includes three main things known as identifying the business transactions, followed by recording the dealings in the books of accounts and finally communicating the results to the stakeholders.
The accounting process starts with identifying the business transactions. To record anything, it is important to first identify the transaction and its nature along with the parties involved in the transaction. Hence identifying the transactions is the first step of accounting. Example- A machine is purchased by a company. In this case it is important to identify that a purchase transaction has taken place between two parties and along with the nature of the transaction whether it is a cash purchase or on credit.
Once the business activity is identified, the next step is to record the transactions in the books of accounts. Accounting follows double entry book keeping system and the transactions are recorded in the journal and ledger accounts. In the above example of purchase of machine, after identifying the transaction a journal entry is passed and the same is recorded in the ledger books of respective accounts.
The final step is communicating the books of accounts to the stakeholders.

Instructions: 1. This assignment is an individual assignment. 2. Students MUST use their own words. 3. Student must apply Saudi Electronic University academic writing standards and APA style...

Answer To: Instructions: 1. This assignment is an individual assignment. 2. Students MUST use their own words....

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