Q1. Differentiate between Perpetual inventory system and Periodic inventory system

Q2. Why FIFO Inventory method is better than the LIFO Inventory method, used in merchandising business? Analyze this and write any 4 reasons. And write the company name in Oman which is following perpetual inventory  system.                                                                                         

Q3. Select any 5 terms which are used in multi- step income statement and describe them with your own examples.

Q4. Explain the term book of prime entry. Write any 3 books of prime entry used in merchandising business, explain with suitable examples based on the format used.