Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Case Scenario: 3 AbdulSalam LLC's financial position as of 30 September 2020 is as follows: Statement of Finanancial Position Equity and Liabilities OMR Assets OMR

image text in transcribed
image text in transcribed
Case Scenario: 3 AbdulSalam LLC's financial position as of 30 September 2020 is as follows: Statement of Finanancial Position Equity and Liabilities OMR Assets OMR Share capital 5.260,000 Inventory : Raw Materials 2.500,000 Debentures 1,540,000 Inventory: Finish goods 3,000,000 Net Profits 2.500,000 Other assets 3.800,000 9,300,000 9,300,000 The company management has been decided the following 'creative accounting' measures: a) Inventory: Raw Materials - Increase the raw material inventory by OMR 300,000 to represent low provision for obsolete raw materials. b) Inventory: Finish goods - Decrease the finish good inventory by OMR 100,000 to represent damaged finish goods. Task (3) Redraft the Statement of Financial Position as of 30th September 2020 to reflect the above Creative Accounting measures. (6 marks) Task (4) Comment on the findings of task (3) above and make relevant recommendations referring to the below mentioned teaching nexus. (4 marks: Word count- 300-400) The Practice of Creative Accounting on the Jordanian Banking Sector: A Case Study in the Northern Region (Al- Dalabih, 2017) (Total 20 Marks) The end 1 Page Task (3) Redraft the Statement of Financial Position as of 30th September 2020 to reflect the above Creative Accounting measures. (6 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Susan V. Crosson, Belverd E. Needles

8th Edition

9780618777174, 618777180, 618777172, 978-0618777181

More Books

Students also viewed these Accounting questions