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- ABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company purchased different types of Electronics and Home appliances products from a Manufacturer and sells across Oman. Assuming that you have been appointed as an Accountant in the business. Your duty is record day to day transactions and finalize the accounts at the end of the year. Required: a) Explain in detail different types of documentation that the business would expect to change hands in purchase, sales, purchase returns and sales returns ete. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.घ On Section III of the loan application, what should be entered for the number of dependents and the dependent's ages? O Two dependents, ages 2 and 9 O Three dependents, ages 2, 9, and 18 O Four dependents, age 2, 9, 18, and 22 O Five dependents, ages 2, 9, 18, 22, and 39When a lender refuses to grant credit in substantially the amount or on substantially the terms requested in an application, which of the following actions must be issued? A) Denial form B) Adverse action C) Termination notice D) Application denial action
- What are the penalties for non-compliance with the provisions of the Gratuity Act?On January 1, 20X4, Gold Company purchased a computer with an expected economic life of five years. On January 1, 20X6, Gold sold the computer to TLK Corporation and recorded the following entry Consolidation Worksheet Entries Cash Accumulated Depreciation Computer Equipment Gain on Sale of Equipment Debit 39,000 Credit 16,000 40,000 15,000 TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of $ 45,000 including the gain on the sale of equipment, and TLK reported income from its own operations of $ 85,000 for 20x6. There is no change in the estimated economic life of the equipment as a result of the intercompany transfer. In the preparation of the 20X6 consolidated balance sheet, computer equipment will be Multiple Choice Credited for $24,000. O Debited for $1,000. Debited for $15,000 Debited for $ 40,000Identify the strengths and weaknesses of each term and their impact. Terms: Financial accounting system, Termination policies, and legal principles
- Draft a memo from general manager to the finance officer of fair&lovely cosmetics private limited on the subject of purchase of beauty chemicals.Fully explain ten types of cheques in business operation.50 questions remaining Which one (1) of the following situations may have an effect upon the premium charged for a Homeowners Comprehensive policy/ A) Theft coverage on unscheduled jewellery up to a $2,000 limit. B) The house is unoccupied for three (3) months during the winter. DC) The insured installs a wood burning stove. D) The insured's mother-in-law moves into the house.
- These facts will be used for questions 1 - 10. A, an individual, transfers land with an adjusted basis of 40 and fair market value of 100, to Newco in exchange for 50 Newco shares, fair market value of 100. B, an individual, transfers equipment with an adjusted basis of 70 and fair market value of 110 to Newco in exchange for 50 Newco shares, fair market value 100, plus GM (General Motors) stock with a fair market value of 10. 1. What is A's realized gain or loss? a loss 10 30 O 60 none of the above What is A's recognized gain or loss? Oa loss 10 30 O 60 none of the above What is B's realized gain or loss? a loss 10 O 30 60 none of the aboveWhat legal obligations does a business have in terms of taxation, including income tax, sales tax, payroll tax, and compliance with tax reporting and payment deadlines?Properties, things and receivables having certain value owned by business are called: Assets Goods Liabilities None of the above