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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
notes on Gaap principles
SECRET TRUSTS The initial basis of the doctrine of secret trusts was the refusal of equity to permit a statute to be used as an engine of fraud (e.g. Bannister v Bannister). Cer
#what are the limitations or disadvantages of accounting concept?
HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL
During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of $
UNREALIZED PROFIT ON CLOSING INVENTORY Where one company has bought goods from another company in the group and part of these goods are included in the closing inventory, then t
The company incurs a payroll payable of $645 per weekday of operations. The mondays of january are the 3rd, 10th, 17th, 24th, and the 31st. Paydays are every other Friday with payd
Q. What do you mean by Auditors Report? Auditors' Report - Written communication issued by an independent CERTIFIED PUBLIC ACCOUNTANT (CPA) describing the character of her or h
Rescission of receiving order The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in
what type of control procedures were ignored at daiwa
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