Assignment Question(s) (Allotted Marks: 15) Q1. Choose any 3 types of Intangible asset and explain them....

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Assignment Question(s) (Allotted Marks: 15) Q1. Choose any 3 types of Intangible asset and explain them. Differentiate between goodwill and trademark & tradename (any 4). Write about the procedure for patent rights followed by companies in Oman. (6 Marks) Q2. Cost flow assumption/Inventory valuation methods are important for any business to find the inventory and cost of goods sold balance. Ibri SAOG company provided the following inventory information for the month of March 2020. Units Cost (OMR) Amount (OMR) 13,200 12,600 10,880 30,800 13,440 33,280 March 1- Beginning inventory 550 24 5- Purchases 450 28 340 32 700 44 280 48 640 52 14- Purchases 8 - Sales 19- Purchases 26- Sales a) Determine the cost of goods sold and ending inventory by using i) FIFO and ii) Weighted average method. b) Suggest the best method from the above two and write the reasons. (6 Marks) Q3. Explain about objectives, scope and the revaluation model described as per IAS 16, examples if necessary. (3 Marks) Assignment Question(s) (Allotted Marks: 15) Q1. Choose any 3 types of Intangible asset and explain them. Differentiate between goodwill and trademark & tradename (any 4). Write about the procedure for patent rights followed by companies in Oman. (6 Marks) Q2. Cost flow assumption/Inventory valuation methods are important for any business to find the inventory and cost of goods sold balance. Ibri SAOG company provided the following inventory information for the month of March 2020. Units Cost (OMR) Amount (OMR) 13,200 12,600 10,880 30,800 13,440 33,280 March 1- Beginning inventory 550 24 5- Purchases 450 28 340 32 700 44 280 48 640 52 14- Purchases 8 - Sales 19- Purchases 26- Sales a) Determine the cost of goods sold and ending inventory by using i) FIFO and ii) Weighted average method. b) Suggest the best method from the above two and write the reasons. (6 Marks) Q3. Explain about objectives, scope and the revaluation model described as per IAS 16, examples if necessary. (3 Marks)

Answer rating: 100% (QA)

Q1 Intangible assets are nonphysical assets that have a certain financial value to a company Examples of intangible assets include patents copyrights trademarks goodwill and intellectual property Good... View the full answer