حل واجب الجامعة العربية المفتوحة

الفصل الدراسي الأول 2016 -2017

TMA

BE210

Introduction to Financial Accounting

The TMA Questions

Kuwait Food Company (Al Americana)

Kuwait Food Company (Al Americana) is a Kuwaiti Public Shareholding Company (the Parent Company) incorporated in the State of Kuwait on 29 December 1963. (Al Americana, Annual Report 2015).

Instructions:

Use the annual report to answer the following questions:

1. What are the main components of Al Americana’s “Consolidated Financial Statements 2015”? [10 marks]
2. What are the standards and requirements that govern the preparation of the consolidated financial statements 2015? [5 marks]
3. Kuwait Food Company (Al Americana) is a Kuwaiti Public Shareholding Company (the Parent Company), what is the principal activities of the Parent Company and its subsidiaries? [5 marks]
4. What are the subsidiaries of the Group included in these consolidated financial statements? [5 marks]
5. Go through the “Independent Auditors’ Report to the Shareholders” and answer the following questions:
   1. Who is responsible for the preparation and fair presentation of these consolidated financial statements?
   2.  What are the names of the independent auditors, what is their responsibility, and what are the standards that govern their audit?  [15 marks]
6. What are Al Americana’s total assets at 31 December 2014 and at 31 December 2015? Write Al Americana’s accounting equation at 31 December 2015, by filling “Assets=Liabilities Stockholders’ Equity”.   [10 marks]
7. Identify Revenues (Sales) for the years 2015 and 2014. Did Revenues (Sales) increase or decrease in 2015 compared with 2014? Comment. [15 marks]
8. Identify Net Profit (Net Income) attributable to shareholders of the parent company for the years 2015 and 2014. Did Net Profit Increase or decrease in 2015 compared with 2014. Based on this, was the year 2015 better or worse than the year 2014? Comment. [15 marks]

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