Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities Revenues
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A:
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- Which of the following is reported in profit or loss in accordance with PAS 1?I. Sales revenue II. Impairment lossIII. Interest income IV. Re-measurement loss on defined benefit plans Group of answer choices I and II only III and IV only II, III and IV only I, II, and III only I, II, III and IVExplain the following basic principles in cost management:a. profitsb. life cycle costsc. tangible cost and benefitsd. intangible costs and benefitse. direct and indirect costsf. reservesoperation. AA, BB, and CC agree to sell construction tools for a period of one month. AA agrees to construct a stand on the front lawn of CC. CC will be paid P3,000 for cleaning up the lawn after the one-month selling period. AA, BB, and CC decide that net income, if any will be allocated first to the P3,000 payment to CC and then by a 40% commission on individual sales. The balance will be distributed 75% to AA and 25% to BB. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be out-of-pocket and the responsibility of the to be at cost, except individual. Sales to AA, BB, and CC are that the ending inventory may be purchased at 50% of cost. All other sales are to be made at 100% markup on cost. The activity of the joint operation is as follows: a. AA constructed the stand cost of P12,000; b. AA pays for P120,000 P6,000 for permit to on the front lawn at a for various construction tools. operate the concession or business;…
- Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. 20View Policies Current Attempt in Progress Which of the following does not belong on a multi-step income statement? O Gross profit. O Net sales, Operating expenses. O Unearned revenue. Attempts: 0 of 1 used Submi Save for LaterClassify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Cost of sales