Assignment on Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by

Selected Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by

Iman:

Task-prepare final accounts.

Task-3

Accounting Conventions are guideline that is used by the company to determine the records of the business transaction that are not only recorded according to the business standards or accounting standards. These principles are legally bound by the generally accepted accounting body, such as Gaap. Accounting conventions are based on different for concepts such as convertism, Consistency, Full disclosure and materiality.

Conservative playing a save and accounting principal role of a convention and tells a content about that errors and the affair asserts liabilities mistakes that could determine in the financial statements of the company. Consistency is used to apply the principle of the accounting in a sequence and on the routine basis. Full disclosure is concept that is used to get information that is considered important and relevant to the accounts to determine in the company. Materiality is like Full disclosure and urges the company to give different tables and materials about the important disclosure of the assets (Ullah., 2011).

Accounting concept and the conventions are used to disclose on the financial statement because there are different aspects that could be accepted by the company as a project. Handling and preparation of different presentation offer financial statements. The basic concept and conventions are not followed by the problems that increase the analysis of the reporting financial statements. Therefore, it is necessary to understand the interpretation and meaningful analysis of the financial statement and the basic concepts of the assumptions and the principle of the convention that is used to prepare in the project or for financial statement of the company (Onaolapo & Olaoye., 2013).

These accounting concepts and conventions are used to assist with the. The management of the company to get the goals and objectives of the business or to looked into the transactions of the accounting, accounting decision making and the financial transaction that are made to be to get benefits of the company. Management used to analyze the long term analysis of the company and take on the results that could be evaluated after the analysis.

Task-4: Accounting is very common, and especially using in the different session of taxation and business transactions. It plays a vital role in the running of business because it has to track the income and expense that are made by the business in a financial year. With the help of analysis of accounting prepared by the business, it could help the management to take decision about the long term. It helps to evaluate the performance of the business as well as to reflect the financial position of small business as well as or large organizations. In short, it has to understand what is going on in the business and what expenses and incomes are generated from the activities of the business. It ensures the compliances of a statutory business and such as it liabilities, sale, tax value, added tax and other aspects of the business. It helps to create budget and future projector estimations based on the current business working. It helps to file the taxation statement of the financial income (Egwumah & Inah., 2015).

References of Transactions from Al-Mukhaini Transport Services began on June 1, 2019 by

Egwumah, F. A., & Inah., E. A. (2015). Economic impotance of flying visitors: migratory birds.". Journal of Research in Forestry, Wildlife and Environment , 7 (1), 102-123.

Onaolapo, A. R., & Olaoye., F. O. (2013). Appraisal of the Factors Contributing Disparity in Budget Proposal and Implementation. Arabian Journal of Business and Management Review (OMAN Chapter) , 2 (1), 1.

Ullah., M. K. (2011). A Geoinformatics Approach for Spatial Water Accounting and Irrigation Demand Forecasting for a Gravity Irrigation System. . Charles Sturt University.