User Account

All Pages

Explain the difference between profit and profitability

Assignment Help Accounting Basics
Reference no: EM132542293

Question - As a professional accountant who is concerned about the qualitative characteristics of preparing financial statements. (a) You are required to:

(i) Explain five (5) qualitative characteristics of IFRS that is used to prepare financial statements to your colleagues at the meeting.

(ii) Explain the difference between profit and profitability.

(iii) Explain the concept of going concern and the implication of revocation of going concern assumption when financial statements are prepared.

Reference no: EM132542293

Questions Cloud

Describe a list of what is needed to work in the country : Your new employee is going to be moving overseas! Develop a cultural information paper that will help them understand how to make the transition.
Danger of disruption or overthrow : What laws have been enacted in the United States to protect the government from the clear and present (or probable) danger of disruption or overthrow?
Study of genetics in criminology : What are some of the major findings of early research into the study of genetics in criminology?
How were you recruited for each position : List at least three jobs and research the organizations' recruiting practices. The jobs could be positions you have held or of those you want to hold.
Explain the difference between profit and profitability : Explain five (5) qualitative characteristics of IFRS that is used to prepare financial statements to your colleagues at the meeting
What is the amount of the firms net fixed assets : Current liabilities are $910, sales are $6,430, profit margin is 9.5 percent, and ROE is 18.5 percent. What is the amount of the firm's net fixed assets
Explain what recruiting is and why it is important : Assess the opening case study from Chapter 6: "Amazon is Hiring...Big Time!" In a three- to five-page paper (not including the title and references pages).
Which stage in life course process of gang involvement : Which stage in the life course process of gang involvement do you think is the most dangerous?
Describe the key hr functional areas : Specifically focus on the key HR functional areas. Now, select any 3 of the functional areas that would be your first, second, and third choices.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the present value of this investment

What is the Present Value (PV) of this investment (at 12%)? What is the NET Present Value of this investment? If you need 12% should you buy the equipment?

  Prepare the adjusting entry to show the securities at fair

on december 31 2011 walden owned the following securities that are held as a long-term investment. the securities are

  Comparability of accounting income numbers

What are the implications of this in terms of a conceptual framework project, specific accounting standards, and comparability of accounting income numbers?

  The december 31 2007 balance sheet of butterfly wings

the december 31 2007 balance sheet of butterfly wings inc.showed 150000 in the common stock account and 2.9 million in

  Describe the type of cost accumulation system that was used

Identify and describe the type of cost accumulation system that was used. Explain how the system was used and, specifically, how overhead was allocated.

  Wissota co applies overhead based on direct labor hours the

wissota co. applies overhead based on direct labor hours. the variable overhead standard is 4 hours at 6 per hour.

  Last year mr james was involved in an automobile accident

last year mr. james was involved in an automobile accident severely injured his legs. as part of a long-term

  Paul and paula petroceli were trying to decide whether to

paul and paula petroceli were trying to decide whether to go to the symphony or to the baseball game. they already have

  Problem related to the furniture

ABC Company manufactures furniture, including tables. Selected costs are given below: The tables are made of wood that costs Br.100 per table.

  Assuming no other errors in recording or posting

The Accounts Payable and Cash columns in the cash payments journal were unknowingly overstated by $900 at the end of the month.

  What will be the effect on net income

Garner has sufficient unused capacity to produce the 3,000 scales. If the special order is accepted, what will be the effect on net income

  Calculation of deferred tax asset and liability at the end

Machinery was acquired in January for $300,000. Straight-line depreciation over a ten-year life (no salvage value) is used. For tax purposes, accelerated depreciation is used and Orkin may deduct 14% for 2012.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd