Q1.Choose any 3 Terms in both Income statement and Balance sheet and explain
with an example each.
Q2. Select any one business in Oman and write about the internal control issue
procedures followed in that business related to Inventory management system
in detail.
Q3. Describe any 4 books of original entry followed in business and write with
your own example by using the specific format
Q4. Oman Oasis Company provided the following information for the year ended
31st December 2017.
Inventory- RO 56,000 Long term debt – RO 74,500 Good will – RO 25,000
Account receivables – RO 38,400 Account payable – RO 47,800 Machinery – RO 67,000
Deferred income taxes – RO 14,500 Fixtures and fittings – RO 26,000 Cash – RO 12,500
Shareholder’s equity – RO 90,000 Short term debt – RO 5,600 Other current assets – RO 7,500
Analyze the above information and prepare the Balance sheet of Oman Oasis Company for the year ended 31st December 2017.