Required State whether each item is reported: 1. in the statement of financial position 2. in profit or loss in the statement of profit or loss and other comprehensive income 3. as other comprehensive income in the statement of profit or loss and other comprehensive income 4. in the statement of changes in equity 5. in the notes to the financial statements. Item How item is reported in financial statements (a) contingent liabilities (b) the effect on retained earnings of the correction of a prior period error (c) cash and cash equivalents (d) capital contributed during the year (e) revaluation gain on land (not reversing any previous revaluation) (f) judgements that management has made in classifying financial assets (g) income tax expense (h) Provisions
Required State whether each item is reported: 1. in the statement of financial position 2. in profit or loss in the statement of profit or loss and other comprehensive income 3. as other comprehensive income in the statement of profit or loss and other comprehensive income 4. in the statement of changes in equity 5. in the notes to the financial statements. Item How item is reported in financial statements (a) contingent liabilities (b) the effect on retained earnings of the correction of a prior period error (c) cash and cash equivalents (d) capital contributed during the year (e) revaluation gain on land (not reversing any previous revaluation) (f) judgements that management has made in classifying financial assets (g) income tax expense (h) Provisions
Required State whether each item is reported: 1. in the statement of financial position 2. in profit or loss in the statement of profit or loss and other comprehensive income 3. as other comprehensive income in the statement of profit or loss and other comprehensive income 4. in the statement of changes in equity 5. in the notes to the financial statements. Item How item is reported in financial statements (a) contingent liabilities (b) the effect on retained earnings of the correction of a prior period error (c) cash and cash equivalents (d) capital contributed during the year (e) revaluation gain on land (not reversing any previous revaluation) (f) judgements that management has made in classifying financial assets (g) income tax expense (h) Provisions
. Required State whether each item is reported: 1. in the statement of financial position 2. in profit or loss in the statement of profit or loss and other comprehensive income 3. as other comprehensive income in the statement of profit or loss and other comprehensive income 4. in the statement of changes in equity 5. in the notes to the financial statements. Item How item is reported in financial statements (a) contingent liabilities (b) the effect on retained earnings of the correction of a prior period error (c) cash and cash equivalents (d) capital contributed during the year (e) revaluation gain on land (not reversing any previous revaluation) (f) judgements that management has made in classifying financial assets (g) income tax expense (h) Provisions
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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