۷:۱۲ م ]1%۸۳ 36 7. 2. 36 X 1,{ K/s O مستند بلا عنوان....do تم الحفظ على الجهاز Х ilyUULILEIL. Answer All the Questions Question 1: The conceptual framework for financial reporting identifies and defines the main elements of financial statements. An element can be recognized in the financial statements as asset, liabilities, equity, income or expense. Required: a) Explain the circumstances in which an element should be recognized as an income in the financial statements with the help of five examples. (5 Marks, Word Limit 150-300) b) Explain the circumstances in which an element should be recognized as an expense in the financial statements with the help of five examples (5 Marks, Word Limit 150-300) Answer: Question 2: EL Question 2: Read the following news: Oman convicts 16 in landmark fraud, embezzlement case In a major judgment involving senior Omani government officials and well-placed expatriates, the Criminal Court, the country's highest, has convicted 16 people for forgery, fraud and embezzlement, sentencing them to various jail terms. (https://gulfnews.com/uae/oman-convicts-16-in-landmark-fr aud-embezzlement-case 1.417439) “In every company, good control system of cash receipts and disbursement helps to prevent loss due to employee fraud and accounting errors”. Required: a) Illustrate the operation of a petty cash fund taking the example of a Hotel with at least 7 different expenses with appropriate amounts. (7 Marks) b) Discuss how establishment of a petty cash fund could help a company to enhance control over the receipt and disbursement of cash. (3 Marks, Word Limit 100-200) Answer:
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