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Acc501 GDB 1 Solution Spring 2022

Acc501 GDB 1 Solution Spring 2022: If we think of the balance sheet as a snapshot then we can think of income statement as a video recording covering before and after the picture. The income statement measures performance over a specific period of time. Product cost include such things as raw materials, direct labor and manufacturing overhead and are reported on the income statement as the cost of goods sold, but they include both fixed and variable costs. Period costs include selling, general, and administrative expenses which may be fixed as well as variable.

One of the largest cash outflows that a Corporate firm experiences. The size of tax is determined through the tax schedule issued by the Central Board of Revenue. Taxes for partnerships and proprietorship are computed using the personal income tax schedules.

To calculate cash flow from operations, start with net income, add back noncash items like depreciation and adjust for changes in current assets and liabilities other than cash.

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One of the largest cash outflows that a Corporate firm experiences. The size of tax is determined through the tax schedule issued by the Central Board of Revenue. Taxes for partnerships and proprietorship are computed using the personal income tax schedules.

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