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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).
Q. Explain about financial statement? The income statement is the statement of retained earnings the balance sheet and the statement of cash flows of Metro Courier Inc demonstr
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Q. Example of adjusting entries? Regulate entries bring the amounts in the general ledger accounts to their proper balances before the company prepares its financial statements
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Question 1 Write a short note on the following with example a. Activating budgets b. Reversing journals c. Memorandum vouchers d. Optional vouchers e. Creating Bill of Materials
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What is the relationship of accounting and biology?
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