(Objectives of this case study) To understand the application of accounting principles in recording of financial...

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(Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Casel. The image given below shows one of the basic concept in accounting. Identify the concept related and answer the following questions in your own words. Financial Statements Acquated Trial Balance Clie Your Books Identy Tractions ACCOUNTING CYCLE Adjusted Entries Unactuated Trial Danc Record Jouma Pot Ledger Entries Answer the following Questions (1 mark each) a. Which of the steps in accounting cycle cannot be done by computer software's? b. If you do posting to a wrong side of the correct account, how it will affect the business? c. What are the basic objectives of recording transactions in journal and posting to ledger? d. Which are the most important financial statements approved by IAS? e. Write any two functions of each of the stages in accounting cycle. Case 2. Suppose you are the accountant of Al Hosni Group, the Company has consulting project with a large client Sohar Transport, the client billed OMR 90000 to Oman Cable for the year 2019. Since the agreement only allows for billing at the end of the project. The payment received for the year 2019 was only OMR 26000. The balance OMR 64000 will be received in 2020. What is the accounting treatments in 2019? Answer the following Questions (1 mark each) a. Name the adjusting entry related to this transaction and pass entry to record the transaction? b. How will you define this adjusting entry in a single sentence? c. Which accounting concept is most applicable to this adjusting entry? d. How this amount is to be shown in balance sheet/ Income statement e. How it will affect the financial statements if this entry is not passed? (Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Casel. The image given below shows one of the basic concept in accounting. Identify the concept related and answer the following questions in your own words. Financial Statements Acquated Trial Balance Clie Your Books Identy Tractions ACCOUNTING CYCLE Adjusted Entries Unactuated Trial Danc Record Jouma Pot Ledger Entries Answer the following Questions (1 mark each) a. Which of the steps in accounting cycle cannot be done by computer software's? b. If you do posting to a wrong side of the correct account, how it will affect the business? c. What are the basic objectives of recording transactions in journal and posting to ledger? d. Which are the most important financial statements approved by IAS? e. Write any two functions of each of the stages in accounting cycle. Case 2. Suppose you are the accountant of Al Hosni Group, the Company has consulting project with a large client Sohar Transport, the client billed OMR 90000 to Oman Cable for the year 2019. Since the agreement only allows for billing at the end of the project. The payment received for the year 2019 was only OMR 26000. The balance OMR 64000 will be received in 2020. What is the accounting treatments in 2019? Answer the following Questions (1 mark each) a. Name the adjusting entry related to this transaction and pass entry to record the transaction? b. How will you define this adjusting entry in a single sentence? c. Which accounting concept is most applicable to this adjusting entry? d. How this amount is to be shown in balance sheet/ Income statement e. How it will affect the financial statements if this entry is not passed?

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Part 1 A What is the accounting cycle The accounting cycle is a standardized eightstep process that companies use to recordanalyzeand report their financial transactionsIt begins when a transaction oc... View the full answer