Although the income statement is a record of past achievement, the calculations required for certain expenses involve

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‘Although the income statement is a record of past achievement, the calculations required for certain expenses involve estimates of the future.’ What does this statement mean? Can you think of examples where estimates of the future are used?

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Financial Accounting for Decision Makers

ISBN: 978-0273763451

6th Edition

Authors: Peter Atrill, Eddie McLaney

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Question Posted: Sep 18, 2018 01:29 PM

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Although the income statement is a record of past achievement, the calculations required for certain expenses involve

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At the time of preparing the income statement it is not always possible to determine ...View the full answer

Financial Accounting for Decision Makers

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