saeed – financial Accounting

Task 2                                                                                                               (12 Marks)

 

Don't use plagiarized sources. Get Your Custom Essay on
saeed – financial Accounting
Get a plagiarism free paperJust from $13/Page
Order Essay

Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by Iman:

 

  1. Iman invested OMR. 600,000 in the business.
  2. Trucks were Purchased by business for OMR. 430,000.
  3. Equipment purchased on credit for OMR. 9,000.
  4. A bill of OMR.7,200 for transporting goods was sent to Mr. Ashraf Abbasi, a customer.
  5. Cash of OMR 6,000 is received from the customer who was billed in d. 
  6. Received OMR 22,300 is cash for transporting goods.
  7. A payment of OMR 5,000 was made on the equipment purchased in c. 
  8. Paid expenses of different types for OMR 1,700 in cash.
  9. Equipment of OMR 1,200 was withdrawn from business for Iman’s personal use.

 

 

Required: 

  1. Arrange the Assets, Liabilities and Owner’s Equity accounts in an Accounting Equation, using the following account titles: Cash, Trucks, Equipment, Account Receivables, Account Payable and Owner’s Equity                                                                                     (9 marks)
  2. Prepare the following T Accounts (3 marks)
  3. Cash account
  4. Accounts Receivable
  5. Accounts Payable

 

 

 

 

 

Task 3                                                                                                               (16 Marks)

 

The importance of accounting concepts and conventions can be seen in preparing the financial statements in assessing the financial viability of the company, where accountants prepares the financial statement and provides the appropriate financial report for the management of any company.

However, accounting concepts and conventions are rarely disclosed in the financial statements because they are generally recognized as being the activity of the periodic preparation and presentation of the financial statements; but if the basic concepts and conventions are not followed when preparing and presenting the financial statement, difficulties will be faced during the analysis, interpretation, and reporting of financial statements. Therefore, it is necessary to understand that the earnest interpretation and analysis of financial statements must be taken into account constantly these concepts, assumptions, principles and conventions used in the preparation.

 

Required:                                                                               (4 marks X 4 = 16 marks)

  1. To define if the accounting concepts and conventions function as a guidance in preparing financial statement.

 

  1. To ascertain if accounting concepts and conventions assist in proving useful information for economic decision-making.

 

  1. To ascertain if accounting concepts and convention assists in recognizing in how accounting transactions are looked into.

 

  1. To define if accounting concepts and conventions leads in producing more meaningful and reliable financial reports.

 

 

 

 

Task 4                                                                                                               (10 Marks)

Accounting performs an essential part in operation of business administration because it assists you in tracking income and expenses, ensure legal compliance, and supply shareholders, managers, and government authorities with the quantifiable financial information, which then are used for business decision making purpose.

There are three main components that are generated by the records, of which the financial statement is made-up:

  • The income statement, which delivers information about the profit and loss of company
  • The balance sheet, which provides a clear picture on the financial position of company as on a specific date.
  • The cash flow statement, which is a bridge between the income statement and balance sheet and provides information about the cash inflow and outflow during a certain phase of time.

 

It is extremely important to keep your financial records solid and up-to-date if you wish to retain your company’s financial position robust.

You are required to:                                                                                     (10 marks)

Explain the reasons why Accounting is important for your business, regardless if it is small or large.

                                                                                                                

Homework Valley
Calculate your paper price
Pages (550 words)
Approximate price: -

Our Advantages

Plagiarism Free Papers

All our papers are original and written from scratch. We will email you a plagiarism report alongside your completed paper once done.

Free Revisions

All papers are submitted ahead of time. We do this to allow you time to point out any area you would need revision on, and help you for free.

Title-page

A title page preceeds all your paper content. Here, you put all your personal information and this we give out for free.

Bibliography

Without a reference/bibliography page, any academic paper is incomplete and doesnt qualify for grading. We also offer this for free.

Originality & Security

At Homework Valley, we take confidentiality seriously and all your personal information is stored safely and do not share it with third parties for any reasons whatsoever. Our work is original and we send plagiarism reports alongside every paper.

24/7 Customer Support

Our agents are online 24/7. Feel free to contact us through email or talk to our live agents.

Try it now!

Calculate the price of your order

We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

We work around the clock to see best customer experience.

Pricing

Flexible Pricing

Our prices are pocket friendly and you can do partial payments. When that is not enough, we have a free enquiry service.

Communication

Admission help & Client-Writer Contact

When you need to elaborate something further to your writer, we provide that button.

Deadlines

Paper Submission

We take deadlines seriously and our papers are submitted ahead of time. We are happy to assist you in case of any adjustments needed.

Reviews

Customer Feedback

Your feedback, good or bad is of great concern to us and we take it very seriously. We are, therefore, constantly adjusting our policies to ensure best customer/writer experience.