Case 1. The Image given below shows one of the basic principle of accounting (Full Disclosure principle) Identify the concept related and answer following questions in your own words. Answer the following questions :

A. Briefly explain the above accounting concept in your own words.

B. Discuss any three example to explain the accounting concept.

C. How the concept is important for users of accounting.

D. How this concept of accounting related to contingent assets, liabilities.

E. Name any three example for contingent assets, liabilities.

Question No 3: (5+5 = 10 Marks) (Objectives of this case study) To understand the application of accounting principles in recording of financial transactions To analyze the treatment of adjustment entries in the preparation of final accounts Case 1. The image given below shows one of the basic principles of accounting. Identify the concept related and answer the following questions in your own words. Yo] Full Disclosure Principle Answer the following Questions (1 mark each) a. Briefly explain the above accounting concept in your own words b. Discuss any three examples to explain the accounting concept. c. How the concept is important for users of accounting? d. How this concept of accounting related to contingent assets, liabilities? e. Name any three examples for contingent assets, liabilities. Case 2. Suppose you are the accountant of Apex Media, Oman, the Company has consulting project with a large client Al Shams Productions, the client owes OMR 80,000 to ABC for the year 2019. Since the agreement only allows for billing at the end of the project. The payment will be received in 2020. What is the accounting treatments in 2019? Answer the following Questions ( 1 mark each) a. Name the adjusting entry related to this transaction and pass entry to record the transaction? b. How will you define this adjusting entry in a single sentence? c. Which accounting concept is most applicable to this adjusting entry? d. How this amount is to be shown in balance sheet/ Income statement? e. How it will affect the financial statements if this entry is not passed? 5 Page 0/0