in OMAN PACKAGING company in 2018

1. Identify the basis (standards & regulations) of preparing the financial statements of the company (1 Mark) 2. Identify the type of financial statement used by the company Consolidated, Unconsolidated or combined and briefly discuss (1 Mark) 3. According to the conceptual framework, the basic measurements to recognize/report the elements in the financial statements are Historical cost and current value. Which measurement method is used to determine the cost of Property, Plant & Equipment accounts? (2 Mark) 4. What is the CASH amount reported in the Balance Sheet and what are the components? (1 Mark) 5. Identify the depreciation method and time periods (useful life) used by the organization on arriving at the Net Book Value of its Non-Current Assets (2 Mark) 6. How to determine Fixed Assets cost (what is included in the calculation of the cost of Fixed Assets?) Mark) 7. What is the book value of each Fixed Assets at the end of the year? Compare it with the Book Value of previous year. (2 Mark) 8. Check if the Fair Value Method is used by your companies. If yes, when and what it is used for? (2 Mark) 9. According to the company policies, when Property, Plant & Equipment are derecognized? (1 Mark) 10. What are the types of inventory and their respective amount? (2 Mark) 11. Inventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The most widely used methods are FIFO, and average cost method. You are required to find out the inventory system applied and the method of inventory valuation used. (2 Mark) 12. How Trade Receivable provision (allowance) is estimated? (1 Mark) 13. How much is the Net Trade Receivable (Net Realizable value)? (I Mark) 14. What type of Payable Accounts (current liability) your company has? (1 Mark) 1. Identify the basis (standards & regulations) of preparing the financial statements of the company (1 Mark) 2. Identify the type of financial statement used by the company Consolidated, Unconsolidated or combined and briefly discuss (1 Mark) 3. According to the conceptual framework, the basic measurements to recognize/report the elements in the financial statements are Historical cost and current value. Which measurement method is used to determine the cost of Property, Plant & Equipment accounts? (2 Mark) 4. What is the CASH amount reported in the Balance Sheet and what are the components? (1 Mark) 5. Identify the depreciation method and time periods (useful life) used by the organization on arriving at the Net Book Value of its Non-Current Assets (2 Mark) 6. How to determine Fixed Assets cost (what is included in the calculation of the cost of Fixed Assets?) Mark) 7. What is the book value of each Fixed Assets at the end of the year? Compare it with the Book Value of previous year. (2 Mark) 8. Check if the Fair Value Method is used by your companies. If yes, when and what it is used for? (2 Mark) 9. According to the company policies, when Property, Plant & Equipment are derecognized? (1 Mark) 10. What are the types of inventory and their respective amount? (2 Mark) 11. Inventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The most widely used methods are FIFO, and average cost method. You are required to find out the inventory system applied and the method of inventory valuation used. (2 Mark) 12. How Trade Receivable provision (allowance) is estimated? (1 Mark) 13. How much is the Net Trade Receivable (Net Realizable value)? (I Mark) 14. What type of Payable Accounts (current liability) your company has? (1 Mark)