How are accounts payable treated to compute the net worth of abusiness entity
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How are accounts payable treated to compute the net worth of abusiness entity
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- Discuss the significance of the following assumptions in the preparation of an entity’s financial statements: Entity assumption Accrual basis assumption Going concern assumption Period assumptionRevenues, gains, and investments by owners are allincreases in net assets. What are the distinctions amongthem?How does this following assumptions relevant in the preparation of an entity’s financial statements: Accounting Entity Assumption Accural basis Assumption
- What is a financial assets held for trading?It is measurement still applicable? explainThe worksheet of Entity A shows the following amount. How much is the net income/(net loss)?Depending on the business model for managing financial assets, an entity shall classify financial assets subsequent to initial recognition at a. fair value through profit or lossb. Amortized costc. Fair value through other comprehensive incomed. all of these are used in measuring financial assets