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THE INCOME STATEMENTIt shows the financial performance of the company during the given financial period. It discloses the income and expenses and thus the net profit for the period.IAS 1 recommends that the income statement can be presented in 2 ways or formats:a) By classifying by function:Under this format, the expenses of the company are classified into 5 major categories i.e. Cost of sales, Distribution costs, Administration expenses, Other expenses, Finance cost.b) Classifying expenses by nature:Under this format, expenses are not classified by their nature i.e. referred to specifically according to their type and the major categories of expenses
what are the effects of failure to adjust entries
ABC Corportation purchased $15,000 of office furniture by putting down $7000 soqn in cash and the rest on accout
During it's first year of operations, Rosa Corp has these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share July 1 Issued 60,000 sh
Q. Calculate infant mortality rate? Mid year population 440000 Late fatal death 29 No. of live birth 5200 No. of infant death 423 No. of mate
Will you please summarize this mission statement of AICPA'S "The AICPA's mission is to provide members with resources, information and leadership that enable them to provide val
A sound foundation is necessary for success in any task from building a house to putting on make up. In terms of U.S Accounting standards it is necessary to have a sound foundation
What is implication of applying accounting concepts wrongly.
Investment of accumulated income The income accumulations must be invested from time to time and the investments earmarked as being on Accumulations Account. The income aris
Cumulative and substitutional legacies and devises Where a will makes two gifts of unequal amounts to the same person, they are assumed, in the absence of a contrary indication
New Rules SEC i) Effective for years after December 15, 2006 ii) New Disclosures mandated (1) Fair value of options on grant date (2) Value of grant per 123R (3) Cl
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