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Q. Analyzing how well the company is performing?
The classified income statement illustrates important relationships that help in analyzing how well the company is performing. For instance by deducting cost of goods sold from operating revenues you are able to determine by what amount sales revenues exceed the cost of items being sold. If this margin called gross margin is lower than desired a company may requires increasing its selling prices and/or decreasing its cost of goods sold. The classified income statement subdivides operating expenses into administrative and selling expenses. Therefore statement users are able to see how much expense is incurred in selling the product and how much in administering the business. Statement users can as well make comparisons with other years' data for the same business and with other businesses. Non operating revenues as well as expenses appear at the bottom of the income statement because they are less significant in assessing the profitability of the business.
State about the Balance Sheet columns of worksheet Balance Sheet columns of worksheet would comprise the amounts from Adjusted Trial Balance columns which are assets, capital,
what is the implication of applying accounting concepts wrongly
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Q. Completing the accounting cycle? Subsequent to studying this chapter you should be able to - Recapitulate the steps in the accounting cycle. - Organize a work sheet fo
In accounting we create a distinction between business and the owner. All the records are maintained from the viewpoint of the business, quite than from that of the owner. An enter
trial balance as at may 31 19*6 dr cr sales 400000 purchases 350000 sales return 5000 purchases return
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Q. What do you mean by single proprietorship? A single proprietorship is a non incorporated business owned by an individual and often managed by that same person. Single propri
What is articulation
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