Prepare a process documentation that is prepared in a professional manner. is in the form of a...

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Accounting

Prepare a process documentation that
is prepared in a professional manner.
is in the form of a memorandum or as a numbered listing ofitems, depending on your individual preference.
includes the following elements:
a definition and description of the specific sections of theincome statement
a description of the different methods of preparing incomestatements
an explanation of the conceptual guidelines for reportingincome
how to handle the special types of income statement items

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Answer Specific Sections of Income Statements The following will generally form part of income statement Revenue from operations Other Income Total income i ii Cost of goods soldCost of material consumed Specific general and Admin expenses Depreciation and Amortization Finance costs Tax expenses Profit after tax Methods of preparing income statements There are two methods in which income statement can be prepared See Answer

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