Which of the following would NOT be shown in the Statement of Profitor Loss?Expired portion of insuranceWithdrawal of supplies by the ownerDepreciation of fixed assets for the periodServices rendered to a customer on account

Income statement shows the income earned and loss incurred by the organization in the financial…

Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of insurance Withdrawal of supplies by the ow Depreciation of fixed assets for the period owner Services rendered to a customer on account

Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of insurance Withdrawal of supplies by the ow Depreciation of fixed assets for the period owner Services rendered to a customer on account

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 24GI

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

Which of the following would NOT be shown in the Statement of Profit
or Loss?
Expired portion of insurance
Withdrawal of supplies by the owner
Depreciation of fixed assets for the period
Services rendered to a customer on account

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Accounting for Current liabilities, Provisions and Contingencies

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