1. Brief introduction about the company? Company Name Oman Cement Company (S.A.O.G) Established No. 1978 Principle activities:...

Fantastic news! We've Found the answer you've been seeking!

Question:

1. Brief introduction about the company? Company Name Oman Cement Company (S.A.O.G) Established No. 1978 Principle activities: Cement industry Branches No. of Employees: No. of Omani Employees No. of Non - Omani Employees. Head office Location Muscat, Ruwi

2. List various items (only account heads, no need write figures) appear under the following categories: (1.5 Marks) Category Account Names

a) List of Assets Non - current assets

• Property, plant, and equipment

• Right - of - use asset

• Intangible assets

• Investment in an associate

• Investments at fair value through other

• comprehensive Income

• Investment at amortized cost

• Bank deposits Current assets • Investments at fair value through profit or loss • Investment at amortized cost

• Inventories

• Accounts and other receivables

• Cash and bank balances

• Bank deposit

b) List of Liabilities Non - current liabilities: Non - current portion of term loans Non - current portion of lease liability Employees' end of service benefits Deferred tax liability Current liabilities:

• Account and other payables

• Current portion of term loans

• Current portion of lease liability

• Taxation

c) Owners 'Equity

• Share capital.

• share premium.

• Legal reserve

• Voluntary reserve

• Fair value reserve

• Retained earning

d)List of Revenues Revenue

e) List of Expenses EXPENSES and General and administration

3. Develop a basic "accounting equation" (Assets = Liability + Owner's Equity) for the year 2018 & 2019. (1 mark) 2018 2019 Assets = 185766259 Liability = 29973607 Owner's Equity = 155792652 Assets = Liability + Owner's Equity 185766259 = 29973607+155792652 185766259 = 185766259 Assets = 173571180 Liability =25251865 Owner's Equity =148319315 Assets = Liability + Owner's Equity 173571180 = 25251865+ 148319315 173571180 = 173571180

4. Calculate a "Net Profit" of the company for the year 2018 & 2019 by using the "Simple Income" Statement "format which you learned in the class? (1.5 Mark)

particular 2018 2019 Sales Less: COGS Gross profit Less: Operating expenses Operating profit Other operating income Net finance income Net investment income Profit before taxation Less: Taxation Profit for the year 50809483 (39717396) 11092087 (4101222) 6990865 473685 577178 330079 8371807 (1057204) 7314603 48129376 (417732333) 6356143 (3478595) 2877548 555953 498809 756509 4688819 (675707) 4013112

5. "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. (1.5 Marks)

6. What is a total assets value of the company during 2018 and 2019?

Provide calculation 1.5 Mark) 2018 2019 Total Assets = Non - current assets +current assets =143909167+ 41857092 = 185766259 Total Assets = Non - current assets +current assets = 130319892 +43251288 =173571180

7. What is a total Liability value of the company during 2018 and 2019?

Provide calculation (1.5 Mark) 2018 2019 Total liabilities = Non - current liabilities+ current liabilities. =15885055 +14088552 = 29973607 Total liabilities = Non - current liabilities+ current liabilities. = 11617743 + 13634122 = 25251865

8. What is a total Owner's Equity value of the company during 2018 and 2019?

Provide calculation (1 Mark) 2018 2019 total Owner's Equity = Share capital + share premium + Legal reserve +Voluntary reserve +Fair value reserve +Retained earning = 33087271 + 6724145 + 11029090 + 16543635 + 867421 + 87541090 =155792652 total Owner's Equity = Share capital + share premium + Legal reserve +Voluntary reserve +Fair value reserve +Retained earning = 33087271 + 6724145 +11029090 +16543635 – 692847 + 81628021 = 148319315

9. What is the accounting period of the company? (1/2 Mark)

10. 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)