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    Gracie Mae's Avatar
    Gracie Mae Posts: 1, Reputation: 1
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    #1

    Jun 3, 2009, 02:47 PM
    Explain why income statements are considered "classified"?
    Explain why income statements are "classified"?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Jun 4, 2009, 03:21 AM

    They are considered classified so that you can give them a better meaning as to what you really want to convey to others.
    There are quite a number of accounts that fall under this category, by classifying these
    Accounts you can obtain a better meaning.
    I am referring to:
    1) Financial Expenses.
    2) Selling Expenses.
    3) Administration Expenses.
    These sub-totals have definite meanings.
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