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Ugo [173]
2 years ago
12

Why do they say Accounting Equation is the basis for the preparation of statement of financial position in accordance to IFRS fi

nancial statement presentation ?​
Business
1 answer:
Luda [366]2 years ago
3 0

Answer:

The Statement of Financial Position (SFP) or Balance Sheet, shows the assets of the company on one side and then the way the funding that enabled these assets to be acquired on the other.

This is the basis of the Accounting equation which is:

Assets = Equity + Liability

One one side of the (SFP), you have the assets shown. These assets are added up to find the Net Total Assets.

The other side of the (SFP) will have the Equity and the liabilities listed. These are then added up too and they are to be equivalent to the amount of Assets.

This would therefore prove the equation that when you add up Equity and Liabilities, you get Assets.

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agricultural workers and industrial laborers were almost the same number a) during 1850 b) during 1880 c) during 1890 d) during
Leni [432]

Answer:

I'm not 100% but I strongly believe it is A. as after the Civil War post 1860's the Industrial Revolution took over the nation and a majority of laborers/workers were doing Industrial work.

Explanation:

7 0
3 years ago
The following revenue and expense account balances were taken from the ledger of Guardian Health Services Co. after the accounts
vekshin1

Answer:

                             Guardian Health Services Co.

           Income Statement for the year ended February 28, 20Y0

                                                                        $                        $

Sales

      Service Revenue                                                          334,100

Cost of Goods sold

      Supplies Expense                                                         <u>    4,180</u>

Gross Profit                                                                          329,920

Operating expense

      Utilities Expense                                   26,800

      Wages Expense                                  262,700

      Depreciation Expense                            17,400

      Insurance Expense                                  8,530

      Miscellaneous Expense                           6,790

      Rent Expense                                         70,300

                                                                                         <u>   392,520</u>

Net profit/(loss)                                                                    (62,600)

Explanation:

The income statement is a statement that shows the net profit or loss of a business for a period end. It shows the income made and expenses incurred in the course of a given period.

7 0
2 years ago
For a bank, when a person deposits money into the bank, this: a creates a liability and an asset for the bank. b creates a liabi
Blizzard [7]

Answer:

The answer is A.

Explanation:

Bank deposits from customers create both a liability and an asset for the bank.

1. As a liability: The deposit is the customer's money. The bank is keeping the money for the customer. The customer can withdraw the fund any time.

2. As an asset: The money deposited by the customer can be used by the bank to generate revenue pending when the customer withdraws the money. The money not yet withdrawn by customers is still in the possession of the bank and the bank controls it.

8 0
2 years ago
1. Nhận định nào sau đây không chính xác:
Lisa [10]
Yuh going down omg shawty thinks she omg I’m shawty thinks she’s omg
Going down and it’s going down omg shawty thinks omg hey
4 0
3 years ago
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The compan
miss Akunina [59]

Answer:

Check the explanation

Explanation:

Particulars                                                      Amt

Opening Cash                                               51907

Add: Cash Received (13400+4500)            17900

Less: Payment to supplier                            5500

Less: Operating Expenses Paid                   48950

Closing Cash Balance                                  15357

8 0
3 years ago
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