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Classification of items in FS

Classification of items in FS - Revenue When you earn a...

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MGCR 211 – Chapter 1 Additional Explanation of Concept Statement of Profit & Loss and Statement of Financial Position When you look at a financial statement item, you must classify it as one of the following 4 actions: Income Statement / Statement of Profit and Loss Balance Sheet / Statement of Financial Position Consume Owe Earn Own Expense: When you consume a resource in a given period
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Unformatted text preview: Revenue: When you earn a resource in a given period Asset: When you own a resource at a given date Liability: When you owe a resource at a given date Other possible classification of an item Shareholder’s Equity Share capital, accumulated OCI and retained earnings of the company are shown in this section of the Statement of Financial Position....
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