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THE BALANCE SHEET It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should be classifi
are the notes to the financial statements part of the financial reporting
Q1. what are the roles and objective of FASB and IASB? Q2.what are the main reason for the joint project undertaken by the FASB and IASB? Q3.state some critics by individual and th
1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause. A) the net income for the period to be un
Q. Given the following data, what is net income? (Note: Not all items shown below will be included in income.) Cost of Goods Sold 8 Accoun
Q. Draw neat sketches showing recommended formation width for bank and cutting for concrete sleeper track on B.G. as per latest guidelines of the Railway Board for double line. Sid
Disclaimer The liquidator may disclaim onerous property consisting of: 1. Land burdened with onerous covenants; 2. Stocks and shares; 3. Unprofitable contracts, or 4.
When a company sells a product for cash, it generally recognize the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.
Items reducing the deficit: Items reducing the deficit would include: (a) Profits from trading; (b) Estimated profit on the realisation of assets. Notes: (a) Whe
Q. Example on investment appraisal method ? Contribution per unit = 3·00 - 1·65 = $1·35 per unit Total annual contribution = 20000 × 1·35 = $27000 per year Annual cash fl
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