Question 13 Not yet answered Marked out of 1.00 Flag question In FOB shipping point: None of these Title of the ownership is transferred to the buyer during transit title of ownership remains with seller during transit Seller will pay all the shipping/transportation cost Question 14 Not yet answered Marked out of 1.00 Which of the following is an example of tangible asset with unlimited useful life? Flag question (1 Mark) Patent Building Land Copyrights (1 Mark) Question 15 Not yet answered Marked out of 1.00 Flag question On 2nd October, 2015 Oman Communications borrows OMR 16,000 from the bank at 8 % for a period of 75 days. The company signs a note with a face value equal to the amount borrowed. Calculate the interest to be paid on the date of maturity assuming there are 360 days in a year. (1 Mark) OMR 320 None of these OMR 266.67 Question 16 Not yet OMR 1280 OMR 2,000 to one of its employee for 9 months along with 8 % interest per year against notes receivable. Identify the correct Question 16 Not yet answered Marked out of 1.00 Flag question A company gives loan OMR 2,000 to one of its employee for 9 months along with 8 % interest per year against notes receivable. Identify the correct journal entry in the books of the company at the time of issuance of note (1Mark) Question 17 How inventory records are updated under periodic inventory system? Notes receivable will be debited and cash will be credited Loan will be debited and cash will be credited Notes receivable will be debited and loan will be credit Accounts receivable will be debited and cash will be credited