Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company. a. Explain the meaning of Accounting Standards and discuss its main objectives. b. Discuss the difference between Financial Accounting and Management Accounting. c. Discuss the differences between the Straight Line Method of Depreciation and Diminishing Balance Method of Depreciation. Give examples.
Assume you are a newly appointed accountant in a local fashion Company named Al Rahim clothing Company based in Oman. Currently, the Company has five different departments include Accounting and Finance, Marketing, Human Resources, Information Technology and Sales & Distribution. Managers in each department are given the authority regarding operational decisions, and their performance is measured on the Company’s profit, and all the other employees receive the fixed salary package. You have been asked to answer the following tasks in preparation for the assignment that you will perform internally for the Company.
a. Explain the meaning of Accounting Standards and discuss its main objectives.
b. Discuss the difference between Financial
c. Discuss the differences between the
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