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Financial Statements

A financial statement is a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.

5,576 Questions

Should school subjects like science and mathematics and biology be capitalised?

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Asked by Wiki User

Yes, when specifically referring to the names of the subjects, such as "Science," "Mathematics," and "Biology," they should be capitalized.

What is the difference between 1M and 1MM?

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Asked by Davidgehm

1M typically represents one million, while 1MM can either represent one million or one thousand depending on the context. It is important to clarify the unit of measure when using these abbreviations to avoid confusion.

What factors related to the industry must be considered in the preparation of prospective financial business statements?

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Asked by EncofBizandFinance

Factors related to the industry that must be considered in the preparation of prospective financial business statements include industry-specific accounting standards and guidelines, market trends and conditions, competitive dynamics, regulatory requirements, and technological advancements that may impact financial performance. Additionally, understanding the business model, revenue recognition practices, inventory valuation methods, and costs associated with production and distribution are crucial for accurately reflecting the financial position and performance of the business.

What factors must be considered in the preparation of prospective financial statements?

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Asked by EncofBizandFinance

When preparing prospective financial statements, factors to consider include current economic conditions, industry trends, market competition, regulatory environment, internal capabilities, management expertise, and potential risks. It is also important to review historical financial data, make realistic assumptions about future performance, and ensure that the statements comply with relevant accounting standards and guidelines. Additionally, sensitivity analysis and scenario planning can help assess the impact of different variables on the financial projections.

What are the qualifications to join a university in Kenya?

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Asked by Wiki User

To join a university in Kenya, you typically need to have completed secondary education and passed the Kenya Certificate of Secondary Education (KCSE) examination. You will also need to meet the specific entry requirements set by the university and potentially pass an entrance exam or interview depending on the program. International students may need to provide additional documentation such as proof of English proficiency and academic transcripts.

Cost-volume-profit CVP analysis is based entirely on unit costs?

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Asked by Wiki User

Cost-volume-profit (CVP) analysis not only considers unit costs but also looks at total costs, sales volumes, and selling prices to determine the break-even point and profit levels. It helps in understanding the relationship between costs, volume, and profits to make informed business decisions. Unit costs are just one component in a broader analysis of how changes in various factors impact a company's financial performance.

What does 000 mean?

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Asked by Wiki User

In the horseshoeing trade (farrier) it means double aught. This is a standard size shoe for a lot of horses. The shoe can be made of steel, aluminum, or even titanium. The farrier shapes the shoe to fit the horses foot and it is either nailed or glued. I should know, I am a farrier.

Why is a Science Journal used to record data?

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Asked by Wiki User

A science journal is used to record data because it provides a systematic way to organize observations, experimental results, and findings. It helps scientists document their methods, track progress, and communicate their work to others in a clear and organized manner. The journal also serves as a reference for future research and ensures the reproducibility of experiments.

What general rule of revenue recognition does percentage of completion violate?

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Asked by Wiki User

Percentage of completion violates the general rule of revenue recognition by recognizing revenue as work progresses, rather than when it is earned and realized. This method may overstate revenue and profitability before the project is complete, leading to potential distortions in financial reporting.

If the volume goes up what happens to the fixed cost and profit?

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Asked by Wiki User

If the volume goes up, fixed costs remain constant while profit usually increases. This is due to the fixed costs being spread out over a larger number of units, leading to an increase in profit as long as revenue exceeds variable costs.

Why did your ancestors create measurement standards?

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Asked by Wiki User

Measurement standards were created by our ancestors to ensure consistency and accuracy in trade, construction, and other activities that required precise measurements. Having standardized units of measurement allowed for easier communication and comparison of quantities across different regions and time periods.

Which is the best Tax Accountant near Toronto area?

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Asked by Aura Finance

Personal Tax Accountants near Toronto area

Welcome to Aura Finance, your premier destination for top-tier tax accountants in the Ontario area. Our seasoned professionals are dedicated to navigating the complexities of taxation with unparalleled precision and expertise.

At Aura Finance, we recognize the diverse financial landscapes our clients traverse, and our adept tax accountants in Toronto are poised to deliver tailored solutions for optimal results.

With a wealth of experience, we guarantee accuracy, compliance, and personalized attention to cater to your individual needs. Our committed team is here to guide both individuals and businesses through the intricate world of taxation, ensuring seamless navigation and maximum benefits.

In addition to our exceptional tax accounting services, we also offer comprehensive bookkeeping services in Toronto. Our meticulous approach and attention to detail ensure that your financial records are maintained with precision and clarity, enabling you to make informed decisions with confidence.

Choose Aura Finance for unparalleled expertise and excellence in tax accounting and bookkeeping services. Let our dedicated team empower you to confidently navigate the realm of taxation and achieve your financial goals.

How is profit calculated?

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Asked by Wiki User

Profit is a positive value for revenue minus costs. (A negative difference is a loss.)

The easiest and most basic way is to take the total revenue of the business and minus the total cost of the business. Hence, Profit = TR - TC. From my understanding, this simple equation have different interpretations based on different subjects. The total revenue or TR, is calculated from the price of a good multiplied with the quantity of good sold. While the total cost, or TC, is the sum of fixed cost and variable cost incurred. Hence, now the equation becomes . . . Profit = P.Q - ( Fixed Cost + Variable Cost ). This equation can change further, depending on what discipline you are looking from. If you are looking from the Economics perspectives, the total cost should be included with the opportunity cost. While from the Accounting perspectives, the opportunity cost is ignored.

What statements about the subcintinent are accurate?

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Asked by Wiki User

Some accurate statements about the Indian subcontinent are that it is home to diverse cultures, languages, and religions, including Hinduism, Islam, Sikhism, and Buddhism. The region also has a rich history dating back thousands of years, with significant contributions to art, science, and philosophy. Additionally, the subcontinent has a varied landscape, from the Himalayas in the north to the Indian Ocean in the south.

Are the names of food groups capitalised?

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Asked by Wiki User

Yes, the names of food groups are typically capitalized, such as Protein, Dairy, Fruits, Vegetables, and Grains.

Is opera capitalised?

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Asked by Wiki User

Yes, the word "opera" is typically capitalized when referring to the specific musical art form. However, if used in a general sense to refer to any type of performance or entertainment, it is not capitalized.

Is quadricycle capitalised?

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Asked by Wiki User

No, "quadricycle" is not capitalized unless it is at the beginning of a sentence or part of a title.

Do you capitalise grandfather?

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Asked by Wiki User

Yes, "grandfather" is usually capitalized when used as a title preceding a name or as a proper noun, such as "Grandfather Smith."

Do you capitalise senior citizens?

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Asked by Wiki User

No, "senior citizens" is not usually capitalized unless it is part of a formal title or specific program name.

Do you capitalise 'to' in a title?

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Asked by Wiki User

It depends on the style guide you are following. In APA style, prepositions with fewer than five letters (such as "to") are not capitalized in titles unless they are the first or last word. However, in other style guides like MLA or Chicago, all words in a title are typically capitalized.

What names should be capitalised?

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Asked by Wiki User

Names which are proper nouns, that is they refer to individual people, places etc.

I saw Mary, but I saw a girl.

I live in England, but the horse is in a field.

Another place you will see them is on brand names:

His favorite biscuit was an Oreo.

Another is in individual names given to objects:

John's house is called The Gables.

James T. Kirk was the captain of the starship Enterprise.

Is slavery capitalised in a sentence?

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Asked by Wiki User

You would not capitalize slavery unless it is part of a proper noun phrase. For example:

In the book, Slavery of Our Sons, the main character reflected on his father's influences in abolishing slavery.

Do you capitalise the word Autism?

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Asked by Wiki User

Yes, when referring to autism as an identity you capitalize - for example Autistic person, Autistic child, Autistic community. In general you don't capitalize autism, for example when talking about autism as a condition or autistic resources.

Is Good News capitalised?

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Asked by Wiki User

In most Christian religions, they expect it to be capitalized. But otherwise, no.

I received good news today.


His new job was good news.


The preacher spoke about the Good News of Jesus Christ.

Should afternoon tea be capitalised?

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Asked by Wiki User

No, because it is not a proper noun. In the same way, you would not capitalise the first letter of breakfast, lunch, or dinner. However, if the word "afternoon tea" was the name of a specific title for an event, eg Mad Hatter's Afternoon Tea, you may capitalise the first letters of each word.