ABC Electronics and Home Appliances LLC started business in Oman in the year 2015. The company purchased different types of Electronics and Home appliances products from a Manufacturer and sells across Oman. Assuming that you have been appointed as an Accountant in the business. Your duty is record day to day transactions and finalize the accounts at the end of the year. Required: a) Explain in detail different types of documentation that the business would expect to change hands in purchase, sales, purchase returns and sales returns etc. b) Show the model of atleast one Credit Sales invoice, Purchase invoice, Debit note and Credit note. (you can use imaginary figure) c) What are policies for trade discount/cash discount, Is there any products are subject to trade discount and why? Explain the terms and conditions in detail.

Gamestop Corp. said the following about its gift card sales in its most recent (2019) annual report:“We establish a liability upon the issuance of merchandise credits and the sale of gift cards. Revenue is subsequently recognized when the credits and gift cards are redeemed.”When Gamestop sells merchandise to a customer who is using a Gamestop gift card to purchase the merchandise, what is the impact on Gamestop’s financial statements? (Ignore any inventory effects)     Liabilities decrease and cash decreases     Liabilities increase and the Income Statement decreases     Liabilities decrease and the Income Statement increases     Liabilities decrease and cash decreases     No effect because the transaction was already booked when the customer purchased the gift card

The company uses the allowance method to account for uncollectible receivables. Allowance for doubtful account had 1.500 TL credit balance and account receivable account had 12.000 TL debit balance at the beginning of year. During the year bad debt expense was recorded for 2.000 TL and wrote off bad receivables for 2.500. a. what is the balance of allowance for doubtful account at the year - end? b. what is the net realizable value of account receivable at the vear - end?

What is the main reason lenders pay borrowers' property taxes through a pre-paid escrow account? It prevents a tax lien from being applied to the home. The tax lien would be senior to the mortgage lien. It prevents the borrower from refinancing with another lender because they would lose all of their escrow funds. It allows the lender to earn interest on the pre- paid tax money as itsits in the account. It allows the lender to take advantage of corporate tax deductions.

Entries for bonds payable and installment note transactionsThe following transactions were completed by Winklevoss Inc., whosefiscal year is the calendar year   Instructions1. Journalize the entries to record the foregoing transactions. Round allamounts to the nearest dollar.2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2.3. Determine the carrying amount of the bonds as of December 31, Year2.

Jack, a stockbroker, was an inexperienced in tax. He has sought the advice of an independent designated tax professional to advise him on tax planning and tax shelter that he needs. Simon, who is a designated accountant who specialized in those areas, advised Jack to invest in a number of multiple unit residential building (MURBs), a real estate investment project as tax shelter, by the conventional wisdom, were safe and conservative. When the value of MURBs fell during a decline in the real estate market, Jack lost heavily in his investment. Though the advice was perfectly sound at the time it was given, but unknown to Jack, Simon was also acting as adviser for developers in restructuring the MURBs and did not disclose that fact to Jack. In the context of breach of contract, is Jack liable for the loss of investment? In the context of breach of fiduciary duty, is Jack liable as well? Does ethics issue involve? Please state your reasons. Mr. Hunt, who has just retired, set up an…

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The following is a partial audit program for the audit of salestransactions.1. Foot the sales journal for one month and trace the postings to the general ledger.2. Review the sales journal for any large or unusual transactions.3. Examine sales order for evidence of credit approval prior to shipment.4. Vouch entries in sales journal to sales invoice and shipping document.5. Examine evidence on sales invoice that the prices were agreed to the approvedprice list.6. Recompute extensions of price and quantities on the sales invoice.7. Trace entries in sales journal to entry in accounts receivable master file.a. Identify which audit procedures can be tested by using attributes sampling.b. What is the appropriate sampling unit for the tests in part a.?c. List the attributes for testing in part a.d. Assume an ARO of 5% and a TER of 6% for tests of controls and 5% for substantivetests of transactions. The EPER for tests of controls is 1.0%, and for substantive testsof transactions it is 0.5%.…

82) Which of the following is an example of an action done by a firm to conduct structuring? a) Stock buy-back b) Leveraged buy-out c) Either A and B d) Neither A nor b

The board of directors of Megacorp Berhad, a public listed company comprises of executive directors as well as independent and non-executive directors. The Chief Executive Officer (CEO) is also the chairperson of the board of directors. A study shows that the lack of separation of the CEO and the chairmanship of the board of directors has led to the board being aligned to the management rather than the shareholders despite the presence of the independent non-executive directors. In addition, the study also shows that companies which have CEO duality are likely to have lower shareholder returns. The independent non-executive directors of the company subscribe to the view that directors have a legally mandated fiduciary duty to their shareholders to maximize the profit of the company. Thus, to them, ethical standards are less important than legal standards in the pursuit of making profit.   (a)  Describe the specific contributions that independent non-executive directors could make to…