None of the above is a characteristic of a partnership. Totals of various column

Question

None of the above is a characteristic of a partnership. Totals of various column from the work sheet are shown below. what is net income or loss? Net loss of $2,700 Net income of $4,700 Net income of $2,700 Net loss of $6,800 which of the following bodies has the responsibility to issue international financial reporting standards (IFRS)? The international Financial Reporting interpretations Committee The international standards Advisory Council The IASC Foundation The international Accounting Standards Board which one of the following individuals is not counted as un employed? A recent college graduate currently without any employment and looking for her first full-time job

Explanation / Answer

29.Option (C) - Results in net income of $2700 = 9500-6800. since the total of credit exceeds the total of debit. in an income statement all the expenses or losses are debited and all the incomes or gains are credited .

30. Option (D) -International Financial Reporting Standards are a set of accounting standards developed by the International Accounting Standards Board (IASB) that is becoming the global standard for the preparation of public company financial statements.

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