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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.
Illustration of Accounting treatment of deferred tax A Ltd., bought an item of plant at a cost of £100,000 in year 2000. The estimated useful life of the plant was 5 years and
Q. What do you mean by suspense account? How are errors in accounting classified? Suspense account: A suspense account is an account, which is opened when the trail balance does
Property, plant and equipment Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
Sheridon Corporation is investigating automating a process by purchasing a new machine for $515,000 that would have a 10 year useful life and no salvage value. By automating the pr
Permanent accounts would not include a interest expense b wage payable c prepaid rent d unearned revenues
DUTIES OF TRUSTEES 1) Not to profit from the trust : A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the
Question 1 a. Contractual liability may be discharged in certain circumstances. Discuss. b. "An aggrieved party in a breach of contract is entitled to claim for damages"
What is bargain purchase? Financial assets acquired for less than FMV. In a bargain purchase BC, a corporate entity is acquired by another for an amount that is less than the
Independent research of the key topics available on the website of professional accounting bodies
under gaap, are proceeds from capital lease obligation reported in the statement of cash flow and why
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