This assignment aims to: Apply and develop your knowledge and understanding of the financial statements Improve your research and analytical skills. Improve your written and explanatory skills. Muscat security market listed 118 companies which divided into three sectors, financial services and industrial. The students are required to choose one company from industrial sector and get a copy the financial statements (Income Statement, Owners Equity Statement and Balance Sheet) of 2020. The students are required to answer the following questions by using the financial statements and by checking the integrated notes from the financial report: 1. General Appearance introduction, financial reports and conclusion). (1 mark) 2. In brief define the role of accounting in any organization. (1 mark) 3. List all the financial statements and explain briefly the purpose of each statement. (1 mark) 4. Which format of Income statement is used, single step or multi-step income statement? Briefly discuss the difference between the two type of Income statement. (2 marks) 5. What is the breakup of operating expenses? (1 mark) 6. List down the amounts of Beginning Retained Earning, Net Profits, Dividends paid and Ending Retained Earning. (2 marks) 7. Inventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The most widely used methods are LIFO, FIFO and average cost method. You are required to find out the inventory system applied, the method of inventory valuation used, and what does inventory consists of with their respective amount? (2 marks) The financial statements of the companies are available in the annual report of the listed companies in the Muscat Security Market (MSM) website. Follow the below steps: 1. Enter Msm2.gov.om website 2. Press Securities 3. Choose Companies 4. Choose a company from Industrial sector only. 5. Press the Financial report 6. Choose the annual report for 2020 in English language Terms and conditions: 1. Team of 2 2. Each team will choose one company from Muscat Security Market(MSM), industry sector. Repetition is not allowed. 3. Only the financial statements (Income Statement, owners' Equity and Balance Sheet,) needs to be attached to the report. 4. To answer most of the questions, you will need to use the Financial Notes. Hence you are required to give the notes number along with your answer. 5. Assignment is to be forwarded computer-printed with pages duly numbered in the right sequence. The submission should be via Turnitin by one of the team member. 6. The writing font shall be of size 14 and the writing type shall be Arial. 7. The assignment submission deadline is 25 June 2021. 8. Assignments should be submitted along with the copy of the required attachments (Income statement, Owner's Equity and Balance Sheet) 9. General Appearance: the assignment should include the following parts: A. Introduction: brief about the company nature and type of business. B. The question and answer C. Financial statements (Income Statement, owners' Equity and Balance Sheet) ** End of Assignment ** This assignment aims to: Apply and develop your knowledge and understanding of the financial statements Improve your research and analytical skills. Improve your written and explanatory skills. Muscat security market listed 118 companies which divided into three sectors, financial services and industrial. The students are required to choose one company from industrial sector and get a copy the financial statements (Income Statement, Owners Equity Statement and Balance Sheet) of 2020. The students are required to answer the following questions by using the financial statements and by checking the integrated notes from the financial report: 1. General Appearance introduction, financial reports and conclusion). (1 mark) 2. In brief define the role of accounting in any organization. (1 mark) 3. List all the financial statements and explain briefly the purpose of each statement. (1 mark) 4. Which format of Income statement is used, single step or multi-step income statement? Briefly discuss the difference between the two type of Income statement. (2 marks) 5. What is the breakup of operating expenses? (1 mark) 6. List down the amounts of Beginning Retained Earning, Net Profits, Dividends paid and Ending Retained Earning. (2 marks) 7. Inventory valuation is used to calculate the cost of goods sold and cost of ending inventory. The most widely used methods are LIFO, FIFO and average cost method. You are required to find out the inventory system applied, the method of inventory valuation used, and what does inventory consists of with their respective amount? (2 marks) The financial statements of the companies are available in the annual report of the listed companies in the Muscat Security Market (MSM) website. Follow the below steps: 1. Enter Msm2.gov.om website 2. Press Securities 3. Choose Companies 4. Choose a company from Industrial sector only. 5. Press the Financial report 6. Choose the annual report for 2020 in English language Terms and conditions: 1. Team of 2 2. Each team will choose one company from Muscat Security Market(MSM), industry sector. Repetition is not allowed. 3. Only the financial statements (Income Statement, owners' Equity and Balance Sheet,) needs to be attached to the report. 4. To answer most of the questions, you will need to use the Financial Notes. Hence you are required to give the notes number along with your answer. 5. Assignment is to be forwarded computer-printed with pages duly numbered in the right sequence. The submission should be via Turnitin by one of the team member. 6. The writing font shall be of size 14 and the writing type shall be Arial. 7. The assignment submission deadline is 25 June 2021. 8. Assignments should be submitted along with the copy of the required attachments (Income statement, Owner's Equity and Balance Sheet) 9. General Appearance: the assignment should include the following parts: A. Introduction: brief about the company nature and type of business. B. The question and answer C. Financial statements (Income Statement, owners' Equity and Balance Sheet) ** End of Assignment **