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Uses of the Profit and Loss Account
1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise if the information is imprecise, either through lack of skill or deliberate fraud.
2) One time the profit (loss) has been precisely calculated, this can then be used for evaluation or judging how well the business is doing contrast to itself in the past, contrast to the managers' plans and compared to further businesses.
Q. Illustrate about corporation? A corporation is an incorporated business under the laws of a state and owned by a few stockholders or thousands of stockholders. Approximately
Money owed by a business enterprise for merchandise bought on open account. It is also known as "A/R" or just "Receivables". Accounts Receivable is the quantity owed to a company
Balance Sheet Classi?cations and Relationships Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . . $
even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?
Q. Define Non-operating revenues? Non-operating revenues or other revenues and non-operating expenses or other expenses are revenues and expenses not related to the sale of pro
Q. Analyzing how well the company is performing? The classified income statement illustrates important relationships that help in analyzing how well the company is performing.
Ower invested cash in the company along with equipment at market value, the amount is considered part of capital or revenues?
Assorted fund, a U.K.-based globally diversified equity mutual fund, is considering adding Talisman Energy Inc. (Toronto Stock Exchange: TLM) to its portfolio. Talisman is an indep
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
Q. Example of Adjustments for deferred items? A real physical inventory a count of the supplies on hand at the end of the month showed only USD 900 of supplies on hand. Therefo
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