Methods be treated on the financial statements, Accounting Basics

Honesty AL, CPA, is compiling financial statement of significant accounting policies, Honesty AL discovers that the method used to value inventory in the past was stated as "inventory was valued by determining what amount would have the most advantageous tax advantage and then using the amount of the ending inventory balance. " Honesty AL proposes to Scranton that they switch to an inventory valuation method that falls under generally accepted accounting principles. If Scranton agrees to the change, how will the change in inventory methods be treated on the financial statements.

Posted Date: 3/14/2013 6:47:52 AM | Location : United States







Related Discussions:- Methods be treated on the financial statements, Assignment Help, Ask Question on Methods be treated on the financial statements, Get Answer, Expert's Help, Methods be treated on the financial statements Discussions

Write discussion on Methods be treated on the financial statements
Your posts are moderated
Related Questions
Explain about the payroll register This is a summary of gross earnings, deductions and net pay for all employees for a specific payroll period. Register illustrates all amounts

Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i

tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather

What is the implication of applying accounting concepts wrongly


Q. Example of Net purchases? Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanl

Management accountants may or mayn't be CPAs. If a management accountant passes an examination prepared and graded by the Institute of Certified Management Accountants (ICMA) and m

The balance sheet account as of July 31, 1995 for altona company are as follows: Capital: (fix lib)                  35,630 Office Equipment (ass)         16730 Delivery Truck

how do we credit debit cash received from owner

A part of Deeper Coral's income is earned from conducting diving lessons.  Level Lesson Type Fee per hour I Intro