Step -1: Choose any one company Example: Raysut Cements and get its published financial statement for the financial period 2017-2018 from the Muscat Securities Market (MSM) Website ), where you find “Financial Reports” icon at the bottom of screen.
Step -2: Using the financial report answer the following questions:Brief introduction about the company?
( 1 Mark )List various items (only account heads, no need for figures) appear under the following categories: (1.5 Marks)Company Name :No. of Employees :Established :No. of Omani Employees :Principle activities :No. of Non – Omani Employees : Branches :Head office Location:
Category List of Assets List of Liabilities Owners’ Equity List of Revenues List of Expenses Account Names a) b) c) d) e)Develop a basic “accounting equation” (Assets= Liability + Owner’s Equity) for the year 2017 & 2018. (1 mark) Calculate “Net Profit” of the company for the year 2017 & 2018 by using the “Simple Income Statement” format which you learned in the class? (1.5 Mark)Page | 1″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 )What is a total assets value of the company during 2017 and 2018? Provide calculation ( 1.5 Mark )What is a total Liability value of the company during 2017 and 2018? Provide calculation ( 1.5 Mark )What is a total Owner’s Equity value of the company during 2017 and 2018? Provide calculation ( 1 Mark )What is the accounting period of the company?
( 1/2 Mark )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) (1 Mark)Important Instructions: It is an individual assignment.§ Total marks: 15 (12 marks for report§ & 3 marks for interview/ viva-voce by teacher).
Better to choose Manufacturing Company rather than servicing company.§ Attach the copy of the “Financial Reports” (Income Statement§ & Balance Sheet) along with your completed assignment. Hand written Assignments are preferable.§ Register name and company which you have chosen for assignment with your teacher§during week 3, same company cannot be taken by more than one student.