(a)
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 explain: The differences in the presentation of income statement of Group U and MJ International
(c)
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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Chapter 15FSI Solutions
Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
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