Question: 1- Why do Corporations need financial reporting Standards? Explain the two major standard Setters 2- What do you understand by deferrals and accruals in adjusting

1- Why do Corporations need financial reporting Standards? Explain the two major standard Setters

2- What do you understand by deferrals and accruals in adjusting entries? Give numerical examples on how such adjusting entries are made

3-

Fill in the blanks (1 Mark)

Sales Revenue

- Cost of goods sold

= Gross Profit

- Operating expenses

=Net Profit

500,000

?

175,000

?

76,500

?

305,800

?

115,750

65,250

4- What do you understand by allocation to non-controlling interest and discontinued operations? Explain how to report them in the income statement.

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