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Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts is estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information.

a. OMR 30000

b. None of the given options

c. OMR 25000

d. OMR 20000

________________is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried in the statement of financial position and statement of profit or loss and other comprehensive income.

a. Measurement

b. Relevance

c. None of the given options

d. Verifiability

In _____________________ system/s, the profitability can be determined only at the end of the accounting period.

a. Perpetual inventory

b. None of the given options

c. Periodic inventory

d. Both periodic and perpetual inventory system

The cost of fixed intangible assets, which has been used is called _______________.

a. Amortization

b. Depletion

c. All the given options

d. Depreciation

____________________are reductions in the selling price for goods sold to customers, perhaps due to damaged goods that the customer is willing to keep if the sales price is reduced sufficiently.

a. Sales commission

b. Sales discount

c. Sales returns

d. Sales allowances

Companies value and report short-term receivables at __________________________(the net amount they expect to receive in cash.)

a. Sales allowance

b. Notes payables

c. Net Realizable Value (NRV)

d. Sales Discount

Reporting financial information imposes costs and obviously these costs should be justified by the __________________of reporting that information.

a. Timeliness

b. Quality

c. Benefits

d. Availability

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