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THE NOTES TO THE ACCOUNTSThe notes to the accounts provide additional information on the a/c policies that the company has adopted the make-up of some of the items appearing on the face of the financial accounts and additional information on items not provided for in the accounts.
IAS 1 does not give the standard format of the notes to the accounts and that this would vary from one company to another. However, the standard requires the following approach to be used when presenting the notes to the accounts.1. The company should state the basis of financial statement (most cases historical basis of accounting)2. The company should present the significant policies adopted3. The make-up of some of the items appearing on the face of the final accounts e.g. PPE and inventory.4. Explanation of items not provided for in the final accounts (e.g. Dividends)An example of the notes to the accounts examined within the scope.
Short-term Creditors: Bankers and another short-term creditor have an interest same to those of the debenture holders and equity shareholders who are interested in the profitabil
Financials Investments, a group of financial advisors and retirement planners, has been requested to provide advice on how to invest $200,000 for one of its clients. The client has
The following accounts and balances have been taken from the general ledger trial balance of Daiton Repairs Limited as at October 31, 19×2, after its first year of operation. Adjus
Given the following cash flows for projects A and B: Year Project A Project B 0 -100,000 -150,000 (Project Cost) 1 25,000
INTER-COMPANY TRANSACTIONS AND BALANCES As the associate company is not consolidated, care should be taken when there are trading transactions and inter-company balances between
Do liabilities fall under debtors
Financial Accounting An accounting technique that records, interprets, and reports the historical cost transaction of an organization. An organization records these transaction
Recognition of PPE
Illustration of double entry The balances on the current accounts of a head office and branch were Ksh 698,000, before the transactions listed below: Normal 0
The IRS is conducting a transfer pricing examination of USAco, a wholly-owned U.S. subsidiary of FORco. USAco purchases widgets from FORco for resale in the United States. The IRS
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