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THE INCOME STATEMENTIt shows the financial performance of the company during the given financial period. It discloses the income and expenses and thus the net profit for the period.IAS 1 recommends that the income statement can be presented in 2 ways or formats:a) By classifying by function:Under this format, the expenses of the company are classified into 5 major categories i.e. Cost of sales, Distribution costs, Administration expenses, Other expenses, Finance cost.b) Classifying expenses by nature:Under this format, expenses are not classified by their nature i.e. referred to specifically according to their type and the major categories of expenses
Consider the following 2008 data for Newark General Hospitals (in millions of dollars Simple Budget_______Flexible Budget_ Actual Budget__ Revenue______$4.7$____4.8_____$4.5_
Much of the supply-side, fiscally conservative economic policies of Margaret Thatcher, Ronald Reagan, and even Mike Harris in Ontario were predicated on the belief that high income
Given the information that follows, draw a cash budget for the XYZ Store for the first six months of 2012. Every prices and costs remain constant. Sales are 80% for credit
Comparison with Sector Averages Any conclusion relating to the signs of overtrading needs to be put in the context of the normal values of accounting ratios indicated by the se
who to prepar a financial statement
#what are the limitations or disadvantages of accounting concept?
Activity-Based Costing (ABC) An accounting method that assigns identifiable costs and allocates common costs to definite product lines or business fragments Also known as pro
An item of plant was purchased for $100,000 on 1 January 2009. At that time its estimated residual value was $5,000. At 31 December 2009 prices, the residual value was estimated at
Write the advantages and drawbacks of both the structured and object-oriented (OO) paradigm in programming. Describe the perceived preference of OO languages over the more structu
The statement of comprehensive income for the year ended 31 December 2009 and its comparative is shown below: 2009 2008 $m
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