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Q. Departures from cost basis of inventory measurement?
In general companies must use historical cost to value inventories and cost of goods sold. But some circumstances justify departures from historical cost. One of these circumstances is when the value or utility of inventory items is less than their cost. A decrease in the selling price of the goods or their replacement cost may indicate such a loss of utility. This section explains how accountants handle a few of these departures from the cost basis of inventory measurement.
Q. Explain FOB shipping point freight collect? FOB shipping point freight collect - Buyer both initially pays and incurs the freight chargers. The proper party (buyer) paid the
Accrual Concept The accrual concept makes a distinction among the receipt of cash, and the right to obtain it, and the payment of cash and the legal obligation for pay it. In
Q. Explain about Traditional accounting theory? Conventional accounting theory consists of underlying assumptions rules of measurement major principles and modifying convention
__________ accounts show the amount of money owed to the firm by customers. A. Supply B. Prepaid C. Receivables D. Payables
Q. What is FOB destination? FOB destination signifies free on board at destination. The seller ships the goods to their destination with no charge to the buyer. Therefore the s
Benchmarking A process by which a company reassesses its established business practices by comparing them with the best practices of other organizations. This process is desi
Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.
Q. Illustrating the recording of sales returns? Following are two instances illustrating the recording of sales returns in the Sales Returns and Allowances account - Suppose
The t/p bill for this month was 200,the company will pay it next month what is the journal entry for this?
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