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answer structure: definition, explanationdefinition: I/S tells you what happened throughout the year, B/S is a snapshot of financial position of a firm at a specific dateexplanation: bottom line on I/S (n...

There are 2 ways in calculating depreciation: Straight Line method and Reducing Balance method. Straight Line method is simple to calculate ( (cost of the asset - Residual value) / Useful life ). When cal...

• At shareholder meetings, a company agrees on the number of total shares authorised. This is the maximum number of shares the company can issue; key because it dilutes other shareholders, affects the fun...

1. Income Statement (Profit or Loss Account)2) Balance Sheet (Statement of Financial Position3) Statement of Cash flows

An IAS is an international accounting standard and is set up by the Accounting Association, which provides a set of standards that every business should comply with. This allows consistency, easy comparis...