Cost of Inventory

1. Brief introduction about the company?

Company Name : No. of Employees :

Established : No. of Omani Employees :

Principle activities : No. of Non – Omani Employees :

Branches : Head office Location:

2. List various items (only account heads, no need for figures) appear under the following

categories:

Category Account Names

a)

List of Assets

b)

List of Liabilities

c)

Owners’ Equity

d)

List of Revenues

e)

List of Expenses

3. Calculate “Net Profit” of the company for the year 2015 & 2016 by using the “Simple

Income Statement” format which you learned in the class?

4. “Company’s net income appears directly on the income statement and the owner’s

equity statements, and it is included indirectly in the company’s balance sheet”. Do you

agree? Explain how the net income is shown in Balance Sheet.

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5. What is a total assets value of the company during 2015 and 2016? Provide calculation

6. What is a total Liability value of the company during 2015 and 2016? Provide

calculation

7. What is a total Owner’s Equity value of the company during 2015 and 2016? Provide

calculation )

8. What is the accounting period of the company?

9. Which method (periodic or perpetual) the company has used to calculate the Cost of

Inventory? Explain briefly.

(if the company is service organization, then explain both methods briefly)

10. Which method the company has used to compute depreciation for depreciable assets?

Explain briefly.

(if you don’t find the method , then explain all methods briefly)