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Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124
Textbook Problem
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If a functional expense classification is used for the statement of comprehensive income, what must also be disclosed?

To determine

Indicate the disclosure requirements which are necessary, when an expense is classified by function on the statement of comprehensive income

Explanation

Expenses: The costs that are incurred to earn revenues in the process of operating activities of the business are referred to as expenses.

Functional expense: The expense is classified by function when the expense is related to its purpose. Some examples are administration expenses, marketing expenses, selling expenses, distribution expenses...

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