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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
Q. What is Permanent Negotiating Machinery? Two Federation of Union All Indian Railway men's federation (AIRF) & National Federation of Indian Railway (NFIR) men have been reco
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On January 1, 2011, Doty Co. redeemed its 15-year bonds of $2,500,000 par value for 102. They were originally issued on January 1, 1999 at 98 with a maturity date of January 1, 201
Q. If a corporation declares a 10% stock dividend on its common stock, the account to be debited on the date of declaration is a. Common Stock Dividends Distributable. b. Common St
define the term of pre-acquisition diviend
DO ACCOUNTANTS EVER REALLY MAKE IMPORTANT DESIONS?
How should I handle Booking an invoice in one month for Raw material that has not been received until the following month?
Entity theory method: Golden Bells Inc. is a foreign subsidiary of Northern Bells Ltd., a Canadian company. Northern Bells had purchased 90% of the outstanding shares of Gold
In Section we had established an association among the effective and nominal rate of interest where compounding arise n times a year that is as given: r = (1 + k/m ) m - 1
Lower of Cost or Market - Valuing ASSETS for financial reporting purposes. Normally‘cost' is the purchase price of the asset and ‘market' refers to its current replacement cost. GE
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