Financial Statements

90 million

Current asset

Income Statement , Position Statement and Cash Flow Statement correctly states the economic premise of a company

Unconventional cash flow occurs when money is spent and received at sporadic time increments and amounts over the course of a project. Conventional cash flow has a steady pattern of receivables and payables.

Sundry is a category in general accounting that is used to describe a miscellaneous group of vendors. These vendors are often smaller or infrequent relationships that do not require their own entry. If the vendor currently owes the parent company money, then they are considered a sundry debit. On the other hand, if they have provided goods or services for which the parent company owes them for, they are considered a sundry credit.

Fixed assets do not appear on the income statement. They are shown on the balance sheet (statement of financial position).

False

Go to this link. It belongs to 7-elevens corporate offices. Go down to payroll and click on the link to Money Portal. It will take you to the page.

http://corp.7-eleven.com/ContactUs/tabid/184/Default.aspx

It should be deducted from operating activities and should be included in investing activities as dealing with assets is a part of investing activities.

Contribution income statement highlights the variable expenses as well fixed expenses incurred by company for selling goods or services.

Indicates the effect on income if LIFO were not used.

yes

Need more clarification:

i = interest? (if expense: shown in income statement, under expenses. if revenue: shown in income statement, under revenues)

i = investment? (is an asset, showin in the asset section of the balance sheet)

i = income? ( shown in the income statement)

As Working Capital means Current Assets Minus Current Liabilities, and out of that it meets day-to-day expenses. AS Current Assets and Current Liabilities is an important part of balance sheet so we can't ignore it and if we write as working capital in the assets side it cannot be wrong . But most important to note that at the time of balance sheet is current ratio indicate 2:1 , means that whether current assets is 2 times more than curent liabilities .

Yes it is a fixed cost. Reason being that a fixed cost remains unchanged in total as the level of activity increases or decreases. Example of fixed costs include depreciation of plant and equipment, cost of council rates and rent.

Accrued intrest is liability, accourding to ''IAS'' all expense should be recognise when they are occured and all revenue/income should be considered for the year in which they are belong.For example A usually get intrest on every 31st Dec of $1000 from x. it's year end 2007.

x paid $2000 in the year 2007. in the year $1000 is accured intrest.

Budgeted income statement is that income statement which is prepared before the actual income statement based on standard measurement and amounts in planning stage to foresee the future of business and which is used for controlling purpose as well.

Commission received will appear on the credit

Importance of financial ratio analysis on investment decision making?

General Ledger

eliminate any cost which has previously been incurred so that it can be omitted from the analysis of the project

Accounting Theory:

Accounting theory helps us in understanding the basic concepts about the accounting and practises.

Accounting Standards:

Accounting standards describes us that how books of accounts should be prepared and also how particular accounting transection should be dealt in standard way so that every body in the world should follow and prepare books of accounts in same way which will be very helpful for anybody for comparison purpose.

Common stock

US treasury bills can be either an asset or a liability. They can be a safe way to hold money because the funds are backed by the US government. Alternatively, the interest return on these is low.