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Classifying expenses by natureUnder this format, expenses are not classified by their nature i.e. referred to specifically according to their type and the major categories of expenses are:-
NOTE: Classification of expenses by function is the most common format used and classification of expenses by nature is more appropriate for manufacturing firms.There are certain types of incomes and expenses that do not face within the trading activities of the business but are within the ordinary activities of the firm. E.g. disposal of property, plant and equipment and other non-current assets.The standard requires that if the above incomes and expenses are material, they can either be classified as part of the other expenses or shown separtely on the face of the income statement.The company should give additional information about such items in the notes to the accounts.
Before nominations for a board position should the annual report be available
Change in profit sharing ratio When there is a change in profit sharing ratio, it means that some of the partners will get higher profits based on the new ratios in the future wh
Trade credit creates accounts or debtors receivables. Trade credit is utilized as a marketing tool to expand competitive advantage over trade rivals. A firm's investment in account
Differences between estates and trusts Note particularly the following differences between estates and trusts:— 1. Estate: on the death of a testator or an intestate, all
A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800. The village accepted the shipment and th
MAINTENANCE Trustees may pay to the parent or guardian out of income of a fund held on the trust for an infacnt reasonable sums for his maintenance and education, having regard
The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor $85,000 Administrative expenses $59,0
how long does it take to make an assignment
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statemnents. Let's start by getting an understanding of w
Using CAPM's formula, Return on equity = Risk-free rate + Beta*(Expected market return - risk-free rate) With the given information, Return on equity = 1% + 0.55*(8% - 1%)
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