Question No 1 Salim and Rashid want to start a Furniture shop at Sohar . How can you help them by explaining different forms of business and its benefits and limitations ?

*Long Answer*

Question No 2 Assume that you are going to start a Business after graduation . Describe 10 transactions that the business might undertake by using your own idea with the following assumptions : 1-Started business with cash . 2-Goods purchase for cash 3-Goods purchased on credit 4-Any asset purchased and paid cash 5-Any asset purchase on credit 6-Sold goods for cash 7-Sold goods on credit 8-Paid any bill 9-Paid salary to staff 10-Cash withdraw from business for personal use Based on your own 10 transactions , prepare : 1. Accounting Equation 2. Journal 3. Ledger 4. Trail Balance 5. Financial statement