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Classified income statement
It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections:
1. Revenue
2. Cost of Goods Sold
3. Operating Expenses
4. Income from Operations
5. Other Income and Expenses
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how we can do tds audit
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Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare
Creditors: this may be short or long-term lenders. Short-term creditors comprise suppliers of materials, services or goods. They are generally termed as trade creditors. Long-term
Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei
Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y
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Explain any two concepts of accounting with examples
Q. Objective of Recording business transactions? - Use the account as the essential classifying and storage unit for accounting information. - Articulate the effects of busi
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