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conceptual framework,

conceptual framework,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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megamore farming pty Ltd is a private company in Groblersdal that trade in the supply of cattle for slaughtering to the local market. The cattle are fed in a feedlot and then delivered to the abattoi. During the annual church bazaar in october, Nefaoree donated 10 cattle for making meat packets. The cost of the donatoon amount to 20000. The company's financial tear end is 31 october 2016 and the company has adopted the perpetual inventory system. By referring to the conceptual framework, discuss the definition of the element which relates to the statement of financial position as well as the application of the information in the scenario on the criteria
Transcribed Image Text:megamore farming pty Ltd is a private company in Groblersdal that trade in the supply of cattle for slaughtering to the local market. The cattle are fed in a feedlot and then delivered to the abattoi. During the annual church bazaar in october, Nefaoree donated 10 cattle for making meat packets. The cost of the donatoon amount to 20000. The company's financial tear end is 31 october 2016 and the company has adopted the perpetual inventory system. By referring to the conceptual framework, discuss the definition of the element which relates to the statement of financial position as well as the application of the information in the scenario on the criteria
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