(a)
Revenue:
Revenue is the earnings from operations of a business. The operating activities are sale of goods and services, and rent revenue.
Generally Accepted Accounting Principles (GAAP):
They are commonly known as GAAP. It is a collection of generally practiced and followed rules and standards of accounting. GAAP provides global guidelines for preparation and disclosure of financial statements of public companies. It is created and developed by International Accounting Standards Board (IASB).
To explain: The meaning of ‘turnover’ reported in the consolidated income statement.
(b)
To explain: The differences in the presentation of income statement of Group U and MJ International
(c)
To explain: The presentation of net finance costs’ subtotal at the top of the column than that would be presented under GAAP
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Chapter 13MJ Solutions
Bundle: Financial & Managerial Accounting, Loose-Leaf Version, 13th + CengageNOWv2, 2 terms Printed Access Card
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Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,