In Establishing the Classification of Items in the Statement of Profit

question 42

True/False

In establishing the classification of items in the statement of profit and loss,the size of an item is an appropriate basis for establishing a separate classification (by nature or function)for it.

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Definitions:

Dodge Durango

A model of SUV (Sport Utility Vehicle) produced by the American automobile manufacturer Dodge.

Marketing Manager

A professional responsible for developing, implementing, and executing strategic marketing plans for an entire organization or lines of business and brands within an organization.

Drive

An intrinsic motivation or internal push that leads an individual to pursue goals or engage in certain behaviors.

Goal

An aim or desired outcome that an individual, group, or organization strives to achieve, guiding behavior and effort.