Financial Statements

Classified balance sheet is that one in which different sections like current assets, fixed assets, other assets, liabilities and capital is shown.

Balance Sheet- Noon Current Asset- intangable Asset

yes

Debit accounts receivable
Credit sales revenue

These are set of guidelines & principles formulated by an authorised body for preparation & presentation of Financial statements.

AS are the detailed guides for interpretations of issues,terms,Accounting treatments of specific items on uniform base to be used by organisations,accounting people and auditors.

TRUE. A characteristic of an asset is that it is tangible, which means they have a physical substance.An item with a physical substance is considered to be an asset if: * It is probable that the items future economic benefits will flow to the entity; and * the cost of the item can be measured reliably

In the profit and loss account of a business you should accrue for what bonus you expect to pay out over the period it is earned. Obviously if your expected bonus payout fluctuates through the year then the rate of accrual should adjust. For example if a company expects to pay out £120k of bonuses for 2009 which will be paid out in early 2010 then you need to accrue £10k per month during 2009 resulting in a year end accrual of £120k.

In general, a motor vehicle is considered a fixed asset for a company if (1) it is owned by the company and (2) it is used by the company for generating revenue.

Many companies; however, choose not to own vehicles outright and select leases because they (a) do not want to carry additional assets on their balance sheets or (b) want to better relate the majority of vehicle costs (including usage) to revenue generation (if they stop producing, they will stop paying to lease the car).

debit certificate of deposit
credit cash / bank

why was the adoption of the IFRs seen as an incentive for multinationals and local enterprises to register on the local stock market in fiji

Net Income:
Net Income is a part of owner's equity as it is form of owner's equity earned by the owners in current fiscal year and that;s why comes under capital portion of balance sheet to show the clear picture of performance of company.

Every financial year. Sometimes a company may shorten or increase their financial year for various reasons so it wouldn't be correct to say every calendar year.

Wiki will not help you cheat. You need to work this out yourself.

Income Statement Credit and Balance Sheet Debit columns.

Income statements contain more data that can be extrapolate and inferred from by investors than the balance sheet does. For more accurate extrapolations, the SEC requires 1 more year of information for the income statement.

Why do you think it is necessary to do reconciliation for the cash flow from operations?

If a piece of machinery (a fixed asset) costs $100,000, and the machine has an expected useful life of ten years, then, using the straight-line depreciation method, the machine depreciates at a rate of $10,000 a year. (100,000 divided by 10 is 10,000)

At the end of the first year, the fixed asset account will show the original cost, but the depreciation account will show $10,000. To know the net value of the asset, the original cost of $100,000 is offset by the $10,000 depreciation, giving a net asset value of $90,000 dollars.

At the end of the second year, the fixed asset account will still show the original cost, but the depreciation account will now show $20,000, being the accumulated total of (a) the first year's depreciation, and (b) the second year's depreciation. As the net value of the fixed asset is calculated by deducting the accumulated depreciation from the original cost, the net value will now be $80,000. i.e. $100,00 minus (offset by) the $20,000 accumulated depreciation.

As the machine gets older it will be worth less. It's decreasing value, and its decreased value at any point is accounted for by deducting accumulated depreciation to date from the original cost of the fixed asset.

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Total variable cost is typically the sum of all variable labor, variable materials, and variable overhead expenses.

Incresea of revenue increases the equity only if business earn profit but if rising revenues are also backed by rising expenses and in the end if company earning loss then it will cause in decrease in equity.

In terms of real estate, a capital improvement is a permanent structural improvement added to the interior, exterior or landscaping of a property that will increase its overall value or prolong its life and durability.

Capital improvements can also apply to tools, machines, and other major investments. The same principle applies in regard to definition.