Instructions:1. This assignment is an individual assignment.2. Students MUST use their own words.3....

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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 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, XXXXXXXXXXMarks)    Green Lawn Care, Inc.Trial Balance December 31, 2019—                        XXXXXXXXXXAmounts 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 WagesExpense    70,200        Utilities Expense    23,200        Advertising Expense    18,000        Repairs Expense    11,500        Miscellaneous Expense    4,050        Totals    430,200    430,200Use the above information to complete the following financial Statements:           XXXXXXXXXXGreen Lawn Care, Inc.Income Statement  as on Dec,31 2019--    Revenues:                           Less Expenses                                                                         XXXXXXXXXXNet Income                           XXXXXXXXXXGreen Lawn Care, Inc.     XXXXXXXXXXStatement of Retained Earning as on Dec,31, 2019--    Retained Earnings (Begin)        Add Net Income        Less Dividends        Retained Earnings (End)                            XXXXXXXXXXGreen Lawn Care, Inc.Statement of Balance Sheet as on Dec,31, 2019--    Assets    SAR    Liabilities & Equity    SAR                                                                                                                     XXXXXXXXXXTotal            Q4. Imagine yourself to be a Merchandiser and ing out three important merchandise transaction on purchases and sales in a proper journal format. (6 Marks)Answe    Purchase Transactions          Sale Transactions    Date    Description    PR    Debit    Credit    Date    Description    PR    Debit    Credit

Siddharth · Accepted Answer

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...

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