Mr. Hamed Al Busaidi a leading a used furniture trader in Oman. He buys used furnitures from various trader and re-sells directly to the customer who need used furniture. At the end of one month he sold 10 numbers of office chairs for the value of OMR 100. Which of the following accounting treatment will be correct for the amount of OMR 100? a. It is treated as sales revenue for the business b. It is treated as Non current asset for the business c. It is treated as current liability for the business d. It is treated as expenses for the business
Mr. Hamed Al Busaidi a leading a used furniture trader in Oman. He buys used furnitures from various trader and re-sells directly to the customer who need used furniture. At the end of one month he sold 10 numbers of office chairs for the value of OMR 100. Which of the following accounting treatment will be correct for the amount of OMR 100? a. It is treated as sales revenue for the business b. It is treated as Non current asset for the business c. It is treated as current liability for the business d. It is treated as expenses for the business
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mr. Hamed Al Busaidi a leading a used furniture trader in Oman. He buys used furnitures from various trader and re-sells directly to the customer who need used furniture. At the end of one month he sold 10 numbers of office chairs for the value of OMR 100. Which of the following accounting treatment will be correct for the amount of OMR 100?
a.
It is treated as sales revenue for the business
b.
It is treated as Non current asset for the business
c.
It is treated as current liability for the business
d.
It is treated as expenses for the business
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