The Income Statement & Statement of Changes in Equity
6 important questions on The Income Statement & Statement of Changes in Equity
The revenue recognition principle states that ...
revenue should be recognized when it is earned
The function of expense method states that ...
expenses shuold be grouped into functional categories and reported expenses for selling and marketing expenses and administrative expenses.
The estimated value of shares is calculated by:
Estimated annual income in the future / investment capitalization rate.
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There are three types of accounting changes that are relevant for us:
1. Changes due to new accounting standards or pronouncements.
2. Changes in accounting estimates include changing the estimated life of a building or equipment and the collectability of receivables.
3. Changes in accounting principles include most changes in accounting methods, such as from FIFO to average costs.
How to record income tax expenses?
Debit Income tax expense
Credit Income tax payable
The statement of changes in equity has 7 lines, namely:
- The beginning balance
- Net income
- Other comprehensive income
- Dividends
- Issuance of shares
- Cancellation of shares
- Other equity transactions.
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