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
Balance Sheet A balance sheet is a statement for presenting an organization financial position at a particular date, mostly at the end of an accounting period; also calle

Q. Define Auditing? Auditing A business in quest of a loan or attempting to have its securities traded on a stock exchange typically must provide financial statements to suppor

Q. Example of work sheet for a merchandising company? Lyons Company is a tiny sporting goods firm. The illustration for Lyons Company focuses on merchandise-related accounts. T

Discuss the considerations that management should take into account in determining the design of an accounting system which will satisfy both (i) its own information requirements a

why would a bank be interested in the investment ratios of its customer firms..

San Jose Company issued 5-year $200,000 face value bonds at 105 on January 1, 2012. The stated interest rate on these bonds is 9%. Use the straight line situation to complete the a

The owner's equity of Logan's company is equal to one quarter of the total assets. Liabilities equal $60,000. What is the amount of owner's equity?

#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3

In recent years, there has been a lot of media coverage about the funding status of pension plans for state employees. In many states, the amount of money invested in employee pens

Q. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays