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Q. Advantages and Disadvantages of FIFO?
FIFO: Advantages (a) FIFO is easy to apply (b) the assumed flow of costs habitually corresponds with the normal physical flow of goods (c) no manipulation of income is possible and (d) the balance sheet amount for inventory is likely to approximate the current market value.
Disadvantages (a) Recognizes paper profits and (b) tax burden is heavier if used for tax purposes when prices are rising.
exploration costs for mining companies are assets?.
Q. Example of Adjustments for accrued items? For instance assume Micro Train Company has some money in a savings account. On 2010 December 31 the cash on deposit has earned one
Explain in brief about the purchases account keeps a record of cost of merchandise purchased for resale during an accounting period. Assets are recorded as assets-not pu
Instructions: 1. Using the journal entry sheet provided, record the transactions for January. January is the first full month of operations. 2. After journalizing the transactio
Q. What is Perpetual inventory records? Perpetual inventory records Even though companies could apply perpetual inventory procedure by hand tracking units and dollars in and ou
what are the implications of applying accounting concepts wrongly
What should companies not show as non-current assets in their balance sheets? A plant bought on hire purchase B plant fully depreciated C plant held on finance leases D pla
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.”
Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage.
1. what is accounting ? 2. what should we/i do to know accounting 3. what are the basics of accounting? 4 is accounting is hard ?
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