Kuwait Telecommunications Company (VIVA) Kuwait Telecommunications Company (VIVA) is Kuwaiti Shareholding Company incorporated pursuant to Amiri Decree No. 187 on 22 July 2008 to operate and manage a mobile phone network in Kuwait as per Law no. 2 of 2007. Accordingly, VIVA was launched in December 2008 and was listed on Kuwait Stock Exchange during December 2014. You can download the 2017 annual report for Kuwait Telecommunications Company (VIVA) directly from the following web page: https://www.viva.com.kw/viva-publish-1.0/pdf/VIVA_Annual_Report_2017_EN_UPDATED.pdf Instructions: Use the 2017 annual report to answer the following questions:
1- What are the financial statements of Kuwait Telecommunications Company (VIVA)? [10 marks]
2- What is the basis of preparation of the financial statements 2017? [5 marks]
3- List five business activities of Kuwait Telecommunications Company (VIVA)? [5 marks]
4- What is the name of the Parent Company of Kuwait Telecommunications Company (VIVA)? [5 marks]
5- Go through the “INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS” and answer the following questions:
a. Who is responsible for the preparation and fair presentation of the financial statements?
b. What is the name of the independent auditors?
c. What is the basis for opinion of the independent auditor, and determine the auditor’s responsibilities for the audit of the financial statements? [15 marks]
6- What are the total assets of Kuwait Telecommunications Company (VIVA) at December 31, 2017 and at December 31, 2016? Write Kuwait Telecommunications Company (VIVA)’ accounting equation at December 31, 2017 & December 31, 2016, by filling “Assets=Liabilities + Stockholders’ Equity”. [10 marks]
7- Identify Revenue for the years 2017 and 2016. Did Revenue increase or decrease in 2017 compared with 2016? Comment. [15 marks]
8- Identify Net Profit (Net Income) for the years 2017 and 2016. Did Net Profit increase or decrease in 2017 compared with 2016. Based on this, was the year 2017 better or worse than the year 2016? Comment. [15 marks]
9- Compute Kuwait Telecommunications Company (VIVA)’ current ratio at December 31, 2017 and December 31, 2016. Did the company’s ability to pay current debts improve or deteriorate or did it remain the same. Comment briefly on your findings. [10 marks] 10- Compute the debt ratio for Kuwait Telecommunications Company (VIVA) as of December 31 2017 and December 31, 2016. Comment on your answer. [10 marks]
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