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Classifying expenses by natureUnder this format, expenses are not classified by their nature i.e. referred to specifically according to their type and the major categories of expenses are:-
NOTE: Classification of expenses by function is the most common format used and classification of expenses by nature is more appropriate for manufacturing firms.There are certain types of incomes and expenses that do not face within the trading activities of the business but are within the ordinary activities of the firm. E.g. disposal of property, plant and equipment and other non-current assets.The standard requires that if the above incomes and expenses are material, they can either be classified as part of the other expenses or shown separtely on the face of the income statement.The company should give additional information about such items in the notes to the accounts.
1. Jepsen Corp had the following transactions relating to shares of stock: • Issued 1,000 shares • Purchased 100 shares • Re-issued 50 shares • Declared and distributed a 2-1 stock
Company conversion features If the formation costs are to be bourne by the company then the profit or loss on realization will be the same as the company then the new company (
Van Aalst Company's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet
Comprehensive Basis of Accounting (OCBOA) - Consistent accounting basis other than GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) used for financial reporting. Illustrations compr
Please I need assistance with steps to prepare amalgamation
State the Benefits of accounting information Benefits of accounting information ultimately decline. Cost of providing information, though, will rise with every additional piec
On May 15, 2010, Your Corporation acquired an airplane (5 year recovery period, 6 year class life) for $1,450,000. Its qualified business use is 54%. Determine the maximum cost rec
Suppose that the risk-free rate is 7% and that the market risk premium is 7%. What is the needed rate of return on a stock with a beta of 1.2? What is the needed rate of retu
How to calculate fair value of long-lived asset when the information about fair value is not available?
A classmate is considering dropping his or her accounting class because he or she cannot understand the rules of debits and credits. Explain the rules of debits and credits in a wa
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