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Accounting (Text Only)
26th Edition
ISBN: 9781285743615
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 15FSI, Problem 1IFRS
(a)
To determine
Revenue: Revenue is the earnings from operations of a business. The operating activities are sale of goods and services, and rent revenue.
To explain: The meaning of ‘turnover’ reported in the consolidated income statement
(b)
To determine
To explain: The differences in the presentation of income statement of Group U and MJ International
(c)
To determine
Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.
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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How To Analyze an Income Statement; Author: Daniel Pronk;https://www.youtube.com/watch?v=uVHGgSXtQmE;License: Standard Youtube License