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Q. Explain about Classified income statement?
An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divides both revenues and expenses into operating and non operating items. The statement as well separates operating expenses into selling and administrative expenses. A classified income statement is as well called a multiple-step income statement. We demonstrate a classified income statement for Hanlon Retail Food Store. This statement use the previously presented data on sales Exhibit 35 and cost of goods sold Exhibit 38 together with additional assumed data on operating expenses and other expenses and revenues. Note in Exhibit 39 that a classify income statement has the following four main sections
- Operating revenues.
- Cost of goods sold.
- Operating expenses.
- Non operating revenues and expenses (other revenues and other expenses).
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Q. Explain Interest revenue? Interest revenue Savings accounts exactly earn interest moment by moment. Hardly ever is payment of the interest made on the last day of the accoun
How many kind of Assets?
Determine about the revenue section Revenue section provides a figure for net sales, which is balance of the Sales account, less the balances of contra sales accounts. (Sales -
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
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Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
Shareholders and Investors: as shareholders and the other investors have invested their wealth in a business activity, they are interested in understanding periodically regarding
what the accounts maintained in retail business
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