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TM1-1.1, Definition For Accounting: Accounting Is A Way of Recording, Analyzing and Summarizing Transactions (ACCA 1.1)
TM1-1.1, Definition For Accounting: Accounting Is A Way of Recording, Analyzing and Summarizing Transactions (ACCA 1.1)
Definition
Owners are holders of instruments (shares certificate) classified as equity. Profit or loss is the total of income less expenses, excluding the components of other comprehensive income. Reclassification adjustments are amounts reclassified to profit or loss in the current period that were recognised in other comprehensive income in the current or previous periods.