Principle of accounting

Suppose you arc the accountant of Salalah Transport. the Company has consulting project with a large
client Shell production. the client owes ()MR 120.000 to Salalah Transpon for the out 2019. Since the
agreement only allows for billing at the end of the project The payment will be recened in 2020. how do
you show the figures in financial statements of 2019″
Answer the following Questions (I mark each)
a. Name the adjusting entry related to this transaction and pass entry to record the transaction b. How will
you dctinc this adjusting entn in a single sentence? c. Which accounting concept is most applicable to this
adjusting entry? d. How this amount is to he shown In balance sheet. Income statement? e. How it will
affect the financial statements if this entry is not passed?

Sample Solution

History of the Oscars

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Hollywood produces handfuls, if not hundreds, of films yearly. Albeit a huge piece of them is implied exclusively for amusement and have next to zero masterful worth, there are likewise motion pictures in which on-screen characters’ exhibition, plot, camera work, air, and different segments are splendid to the point that they have the right to be granted. In the start of the twentieth century, such an honor had been set up; these days known as the Oscar Award, it has become a mass culture occasion step by step all through very nearly a century.

The Oscar Awards service was started by the Academy of Motion Picture Arts and Sciences (AMPAS), framed in 1927 with the objective to respect capable entertainers, executives, cameramen, and others associated with the film business. The main leader of the Academy was Douglas Fairbanks, Sr., an acclaimed on-screen character in those days, and the primary function of granting was hung on May, 1929 at the Hollywood Roosevelt Hotel. Shockingly, the underlying service was a fairly private occasion, with just a little over a hundred people being welcomed, and with the cost for tickets approaching just $5. Initially, there were 12 classes and two uncommon distinctions, and there was no interest in the function itself: the names of the considerable number of victors were reported ahead of time, and the function itself served uniquely for distributing the honors and for the meal. The main entertainer who got an Oscar sculpture was the German on-screen character Emil Jannings; the primary best on-screen character was Janet Gaynor, who acted in such movies as “Dawn,” “Unparalleled paradise,” and “Road Angel” (Awards and Shows).

The honor itself—which means the sculpture, which the Oscar occasion is typically connected with—doesn’t look great. To begin with, its name isn’t Oscar; formally it is classified “The Academy Award of Merit,” and “Oscar” is a moniker. It is 13.5 inches tall, and weighs about 8.5 pounds. The sculpture remains on five spokes, which represent the essentials of the Academy: screenplay scholars, makers, specialists, on-screen characters, and executives. At first, the statuettes were made of strong gold-plated bronze, and somewhat later, from the amalgam of nickel, copper, and 24-karat gold, known as britannia metal; during the long periods of World War II, statuettes were even made of painted mortar, yet this just went on for a long time. These days, the Oscar is customarily made of gold-secured metal (Oscars.org)

Simultaneously, regardless of its social worth, an Oscar sculpture is unfathomably modest—it costs just $1. In the event that an entertainer or another honor chosen one needed, for reasons unknown, to sell their Oscar statuette, they are obliged to sell it just to the Academy, at the assessed cost of $1. Such practice has been empowered since 1950, and each champ declares whether the person in question needs to keep or to sell the statuette. In 1989, the beneficiaries of a maker Mike Todd needed to sell the Oscar statuette he got for his film “Far and wide in 80 Days,” however the Academy effectively hindered the arrangement. Nonetheless, those Oscars that were granted before 1950 can be sold and purchased openly; for instance, the statuette got by Orson Welles for “Resident Kane” was sold in 2011 for $861,542 (The Hollywood Reporter).

The Academy Award of Merit, frequently alluded to as an Oscar, is an indication of affirmation of on-screen characters, chiefs, and others identified with the way toward creating a film, for their commitments and abilities. The service began in 1927, when it was a private occasion for the picked not many; in any case, it has step by step become one of the fundamental yearly occasions in world culture. The sculpture itself is made of gold-plated metal, and notwithstanding its social worth, it very well may be sold for just $1 because of the principles built up by the Academy. Notwithstanding this selling value, the Oscar is the most profoundly perceived honor in film.

Works Cited

“Oscar History.” Awards and Shows. N.p., n.d. Web. 29 Feb. 2016.

“Oscar Statuette.” Oscars.org. N.p., 25 July 2014. Web. 29 Feb. 2016.

“Oscars Statuettes: 5 Things You Didn’t Know about ‘the Man'” The Hollywood Reporter. N.p., n.d. Web. 29 Feb. 2016.

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