Answered: Required State whether each item is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

. Required
State whether each item is reported:
1. in the statement of financial position
2. in profit or loss in the statement of profit or loss and other comprehensive income
3. as other comprehensive income in the statement of profit or loss and other
comprehensive income
4. in the statement of changes in equity
5. in the notes to the financial statements.
Item How item is reported in financial
statements
(a) contingent liabilities
(b) the effect on retained earnings of the
correction of a prior period error
(c) cash and cash equivalents
(d) capital contributed during the year
(e) revaluation gain on land (not reversing
any previous revaluation)
(f) judgements that management has made
in classifying financial assets
(g) income tax expense
(h) Provisions

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions