Assume you are a newly appoint

Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. 
II. Discussion : 
a. As an accountant of the Al Rahim clothing Company, prepare a report of the Income Statement and Balance Sheet.
b. Discuss the differences between the Straight Line Method of Depreciation and Diminishing Balance Method of Depreciation. Give examples.

Assume you are a newly appoint

Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. 

 a. Explain the meaning of Accounting Standards and discuss its main objectives.

b. Discuss the difference between Financial Accounting and Management Accounting.

c. Discuss the differences between the Straight Line Method of Depreciation and Diminishing Balance Method of Depreciation. Give examples.

Assume you are a newly appoint

Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. 
II. Discussion : 
a. Discuss the accounting conventions and concepts relating to matching and dual aspect principle.
b. Explain the objectives of preparing a comprehensive income statement and statement of financial position represent Al Rahim clothing Company.
c. Briefly discuss what is contained in the Income Statement and Balance Sheet of Al Rahim clothing Company. Give examples with the Pro-forma template of trial balance.
d. As an accountant of the Al Rahim clothing Company, prepare a report of the Income Statement and Balance Sheet.
e. Discuss the differences between the Straight Line Method of Depreciation and Diminishing Balance Method of Depreciation. Give examples.
 

Assume you are a newly appoint

 

Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. 
II. Discussion : 
a. Discuss the accounting conventions and concepts relating to matching and dual aspect principle.
b. Explain the objectives of preparing a comprehensive income statement and statement of financial position represent Al Rahim clothing Company.
c. Briefly discuss what is contained in the Income Statement and Balance Sheet of Al Rahim clothing Company. Give examples with the Pro-forma template of trial balance.

Assume you are a newly appoint

Question

Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. 

 a. As an accountant of the Al Rahim clothing Company, prepare a report of the Income Statement and Balance Sheet.

b. Compute the Company’s key financial ratios for the evaluation of Profitability and Liquidity.

c. Analyze and interpret the Company’s financial performance based on the ratios prepared.

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