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..ll Ooredoo 9:34 pm 67% Done Zakia 2_77fb388f932d5d1f3... the revenue, the difference would be a loss. 3.0. Current Assets & Current Liabilities: Those assets that

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..ll Ooredoo 9:34 pm 67% Done Zakia 2_77fb388f932d5d1f3... the revenue, the difference would be a loss. 3.0. Current Assets & Current Liabilities: Those assets that can be liquidated within the duration of twelve months are classified as current assets. For example, Accounts receivable, prepaid expenses, stock, cash on hand etc. Current liabilities are the obligations of business that are expected to be paid within 12 months in a given accounting period. For example, bills payable, bank overdraft, accounts payable etc. 3.1. Intangible Assets: The assets that have no physical evidence and significance. These can be definite & indefinite. Definite are those intangibles that are owned under certain agreements such as patents. Indefinite are those that stay with the company as long as company is operated such as brand name. 4.0. Single vs multiple step Income statement: Single-Step 1. It is prepared only through one step. 2. Only Net Income is declared. 3. Excludes Cost of Goods sold. Multiple-Step 1. It includes detailed accounts and subtotals to conclude net income 2. It is prepared through three steps. 3. There is a Gross profit head. 4. Includes Cost of Goods Sold. 5.0. General Criteria for revenue recognition: these two criteria's are:- 1- The earning process is complete i.e. the revenue is earned no matter if the cash is received or not. 2- There is reasonable certainty that this earning/revenue will be collected in the future. lancial Accounting |(1) Question 1 Not yet answered Marked out of 2.00 Major Co reported 2013 income of $215000 from continuing operations before income taxes and a before tax loss from discontinued operations of $76000. All income is subject to a 35% tax rate. In the 2013 income statement Major Co. would show the following line-item amount for net income P Flag question Fin Next page

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