Al Mamari LLC is one of the oldest businesses in Oman. Till now they were using a very simple method of maintaining accounts and generating some sort of financial statements for a review. Imagine that you have just finished your bachelor's degree in accounting and from now you are taking care of all accounting information of the company. Upon looking you found that there was no conceptual framework being followed and because of that__ problems were there. O a. The effect of transaction on balance sheet is more than income statement O b. It also creates problem in implementing rule-based accounting O c. All of the options O d. There was no consistency in the results of the company
Al Mamari LLC is one of the oldest businesses in Oman. Till now they were using a very simple method of maintaining accounts and generating some sort of financial statements for a review. Imagine that you have just finished your bachelor's degree in accounting and from now you are taking care of all accounting information of the company. Upon looking you found that there was no conceptual framework being followed and because of that__ problems were there. O a. The effect of transaction on balance sheet is more than income statement O b. It also creates problem in implementing rule-based accounting O c. All of the options O d. There was no consistency in the results of the company
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Al Mamari LLC is one of the oldest businesses in Oman. Till now they were using a very simple method of maintaining accounts and generating some sort of financial statements for a review. Imagine that you have just finished your bachelor's degree in accounting and from now you are taking care of all accounting information of the company. Upon looking you found that there was no conceptual framework being followed and because of that__ problems were there.
O a. The effect of transaction on balance sheet is more than income statement
O b. It also creates problem in implementing rule-based accounting
O c. All of the options
O d. There was no consistency in the results of the company
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