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Describe the role and format of the balance sheet

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Q1. Describe the role and format of the balance sheet.

Q2. The sub-division of assets and liabilities in the balance sheet into current and non-current is easy to remember, but what is its significance? Explain

Q3. Why is it important for entities to disclose an allowance for doubtful debts in their balance sheets?

Q4. There are three main depreciation methods that may be applied to non-current assets: straight line, reducing balance and units of production. Each method reduces the reported value of the non-current asset over its life by subtracting 'Accumulated Depreciation' from the asset in the balance sheet. Explain the pattern of each of the three methods, and the effect you would see in the balance sheet over time.

Q5. Why should entities be allowed to choose between depreciation methods if such choice hampers comparability of their financial statements?

Reference no: EM132621086

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