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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).
Explain in detail about the MERCHANDISE INVENTORY Cost of merchandise purchased during an accounting period is debited to Purchases account. To determine VALUE of the goods on
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
Oligopoly is a market where the supply is controlled by a little group of companies. In this condition, the actions of single company will have a material effect on the entire mark
RATIO ANALYSIS
Payroll implies with paying your employees (having seeing that the government gets the monies they require you to withhold from the employees and the payroll taxes they needs you t
Assume we had given tour advance to party how to treat entry and which head have to given expenditure? Ans) Cash/Bank a/c DR To Party(name)a/c (Advance Paid For Tour)
The Greenwood Company purchased equipment costing $900. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction
PROFIT AND LOSS ACCOUNT CONCEPTS: The initial point in accepting the profit and loss account is to be clear about the Significance of "profit". Profit is the return for taki
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A career in taxation is by no signifies limited to public accounting. for the reason that there are so many types of taxes impacting so many aspects of our lives tax specialists ac
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