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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. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
Q. What is dividend? One idea of the statement of retained earnings is to connect the income statement and the balance sheet. The statement of retained earnings describes the c
Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued reven
Q. Explain about Accountants record expenditures? Accountants record expenditures on physical resources such like buildings, land and equipment that benefit future periods as a
Meranda Corporation purchases a machine for $125,000. It has an estimated salvage value of $10,000 an is expected to produce 50,000 units in its lifetime. During the first year of
What is the typical time span for long-range plans? A. More than 1 year C. 3-5 years B. 2-3 years D. About 25 years
State the term- Purchases Returns and Allowances Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of mercha
Based on the financial statements for Jackson Enterprises (income statement, statement of owner's equity, and balance sheet) shown below, prepare the following financial ratios. Al
Q. Illustrate a sales cycle of company? When exploratory a company's management, sales cycle and users of financial data must be aware of any seasonal changes that may affect i
Question 1: Briefly explain the following costs terms: Variable costs and fixed costs Semi- variable costs and semi-fixed costs Past costs and future costs.
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