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7- The purpose of the income statement may differ depending on the user. 8- Vertical...

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Accounting

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7- The purpose of the income statement may differ depending on the user. 8- Vertical with costs analyzed according to Function e.g. raw materials, employee benefits expenses, operating expenses and depreciation 9- Accrual method does not recognize accounts receivable or accounts payable. 10- Financial Asse is a contractual agreement conveying ownership of certain property from one party to another party. 11- The estimated fair value of the assets at the end of the lease term is known as residual value. True False 12- The concept of deferred revenue expenditure is included in the Income Tax Act True False

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