The following questions are based on the annual report of Birzeit Pharmaceutical Company for the year ended December 31, 2021. Note that your answers should be pertinent to the year 2021.
1. What are the financial statements issued by Birzeit Pharmaceutical Company? Further, the issuance of these statements is mandatory or voluntary.
2. Are the notes accompanying the financial statements are part of the financial statements? Show evidence as to your answer?
3. Did the company report minority interests on its financial statements? If yes, by how much amounts?
4. Refer to the course textbook, and determine which method used to present the Comprehensive Income statement?
5. Which GAAP the Company has used to prepare its financial statements?
6. What are the items that have been measured and reported according to fair value basis?
7. Which costing method used for inventory?
8. What is the least depreciate rate used to calculate depreciation expense?
9. Why "Investment Property" item has not been reported as part of "Property, Plant and Equipment" category in the Balance Sheet of the Company?