USF Accounting Standards Money Market Fund and Finance Income Worksheet

Assignment Question

Q1. Assume that you have attended an interview for the post of Accountant in Oman Drydock Company S.A.O.C. The first round of the interview is written test and the following questions has been asked in the test. Being an interviewee how will you answer the question?

i) What did you understand about conceptual frame work? What is the purpose of conceptual frame work? Write overview and History of conceptual framework.

ii) Write a brief explanation on following given negotiable instrument.

a) Money orders

b) Certified checks

c) Cashiers’ checks

d) Personal checks

e) Bank drafts

f) Money market fund

Q2. Download the statement of position and statement of financial performance of any company and identify the values of flowing elements from the downloaded statement for the years 2017 and 2018. Kindly ensure that your answer should be in the following given format. Elements 2017 (OMR) 2018 (OMR)

Elements to identify from the downloaded statement of financial position are;

a) Cash and cash equivalent

b) Accounts receivables

c) Accounts payables

d) Equity

e) Sales revenue

f) Net profit.

Compare the net profit of the company with the years 2017 and 2018 and explain the effect of increase or decrease the in the sales revenue and expenditure on the net profit of the company.