Discuss the following statement: (Omani Commercial Law binds the trader to keep the day-book and the...

Discuss the following statement: (Omani Commercial Law binds the trader to keep the day-book and the general ledger book for ten years).

Expert Solution

This stateent is correct,

As per the requirements of the Oman Commercial Law, all commercial entities must maintain proper accounting records for 10 years and in accordance with International Financial Reporting Standards. Furthermore, all Joint Stock Companies and Limited Liability Companies are required to have annual statutory audits.

Method of accounting and maintenance of records Financial Statements shall be prepared in accordance with International Financial Reporting Standards. All records and documents shall be maintained for a minimum period of ten years following the end of the accounting period to which the books and records relate. Accounts should be maintained in Omani Rials and advance permission shall be sought from the tax department if the accounts are maintained in any other currency. The tax authorities are authorized to conduct an examination of the records maintained by the entity at its premises after giving notice to the tax payer of such examination in advance.

ekkarill92 answered 2 years ago

LQU Company SAOG (the "Company") is an Omani joint stock company registered under the Commercial Companies Law of the Sultanate of Oman.

Case Study 1:LQU Company SAOG (the "Company") is an Omani joint stock company registered under the Commercial Companies Law of the Sultanate of Oman. The registered address, principal office and the manufacturing facility is located at Muscat, Sultanate of Oman. The Company's shares are listed in the Muscat Securities Market. The principal activities of the company are the manufacture and sale of shipping equipment including associated works.The given below are the details of the balances as at the end of...

The following trial balance has been extracted by the book-keeper of Saif, who sells Omani Halwa,...

The following trial balance has been extracted by the book-keeper of Saif, who sells Omani Halwa, as at 31 December 2019 Particulars Debit Credit $ $ Debtors 39,800 Creditors 30,640 Discount Received 4,280 Bank 12,040 Capital 49,500 Purchases and Sales 188,136 292,920 Returns 3,300 5700 Stock at 1 January 2019 32,020 Wages and salaries 37,030 Rent and rates 11,200 Motor Vehicles 20,000 Provision for depreciation on motor vehicles 4,000 Machinery 10,000 Provision for depreciation on Machinery 1,000 Office expenses 5,424...

Discuss the following statement: ‘The sharp increase in cab fares on a snowy day in New...

Discuss the following statement: ‘The sharp increase in cab fares on a snowy day in New York led to severe criticism of Uber on social media, but a sharp increase in the price of gold has no such effect.’

Define and discuss the following: Commercial paper.

Which of the following is a statement of Hess's law?

Which of the following is a statement of Hess's law? A) If a reaction is carried out in a series of steps, the AH for the reaction will equal the sum of the enthalpy changes for the individual steps. B) If a reaction is carried out in a series of steps, the AH for the reaction will equal the product of the enthalpy changes for the individual steps. C) The AH for a process in the forward direction is equal in magnitude and...

Differentiate between good faith and commercial reasonableness. Discuss the need for such terms in law. What...

Differentiate between good faith and commercial reasonableness. Discuss the need for such terms in law. What are prepayment and acceleration clauses? How do these clauses help the borrower?

A law firm proposed the following table to keep track the information about cases and the...

A law firm proposed the following table to keep track the information about cases and the lawyers who handle the cases: CASE (caseNumber, caseDescription, lawyerInCharge, caseAssistant, beginningdate, endingDate, lawyerRate, accumulatedHours, clientsName., clientPhone, clientAdress, clientType, laywerPhone, caseResultDescription, clientCurrentPayment, paymentMethod, salary, bonus) Among above attributes, caseNumber, is the ID of the case lawyerInCharge is the name of the lawyer (a single person) who in charge of the case. NOTE : There may be also several staffs in the firm serve as the...

Model a book Draw a class diagram representing a book defined by the following statement: “A...

Model a book Draw a class diagram representing a book defined by the following statement: “A book is composed of a number of parts, which in turn are composed of a number of chapters. Chapters are composed of sections.” First, focus only on classes and associations. Add multiplicity to the class diagram you produced. Refine the class diagram to include the following attributes: • Book includes a publisher, publication date, and an ISBN • Part includes a title and a...

‘Only those acts criminalized by the law are worthy of study’.Discuss this statement with reference to...

‘Only those acts criminalized by the law are worthy of study’.Discuss this statement with reference to the different perspectives relating to this issue.

QUESTION 11 Which of the following is a statement of the principle of Hess's law? If...

QUESTION 11 Which of the following is a statement of the principle of Hess's law? If a reaction is carried out in a series of steps, the ΔH for the reaction will equal the product of the enthalpy changes for the individual steps - that is the multiplication of the enthalpy changes for the individual reactions you have manipulated. The ΔH for a process in the forward direction is equal to the ΔH for the process in the reverse direction....

Question