Subjective exam intermediate accounting essay

When a company sells goods on credit, it creates a current asset by the name of accounts receivable and books the corresponding revenue. This is due to the fact that all significant risks and rewards resulting from ownership of the asset are transferred IAS 17p They will therefore examine the financial position and stability.

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The elements of the financial statements are also explained in the framework. Macroeconomics is concerned with unemployment, inflation, and the business cycle. He will therefore demand information pertaining to the activities of the company. Hence, it is classified as a current liability in the Balance Sheet. A difference is outlined between the present obligations and future commitments that are inbound to exceed one year. Explanation: Net sales revenue is the amount left after deducting sales discounts and sales returns and allowances from gross sales revenue. Indeed the annual financial statements act as a financial report that portrays the stewardship of management in managing the resources entrusted to them International Accounting Standards , p Cost of goods sold is deducted from net sales revenue to arrive at gross profit. For the next question - click here 5. Our Websites. However, the framework recognizes the fact there are other forms that encompass an outflow of economic benefits for a present obligation International Accounting Standards , p The principle of civil control of the military remained intact, the true legacy of Colonial policing after the Revolutionary War. Profitability is another important matter that shows the corporation tax liability of the company International Accounting Standards , p

Sheriff, Constable, Coroner and the Justice of the Peace. All answers must be written in blue or black ink.

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The correct answer is C. They recognize and explain the three main elements of the Balance Sheet, which are assets, liabilities and equities.

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Explanation: Working capital consists of current assets and current liabilities. For the next question - click here 5.

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Indeed the annual financial statements act as a financial report that portrays the stewardship of management in managing the resources entrusted to them International Accounting Standardsp Customers, especially those who purchase goods that need after sales service are also interested in the going concern of the firm.

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