Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. How to determine inventory cost?
To place the proper evaluation on inventory a business must answer the question: Which costs must be included in inventory cost? After that when the business purchases identical goods at different costs it must answer the question: Which cost must be assigned to the items sold? In this section you study how accountants answer these questions.
The costs incorporated in inventory depend on two variables such as quantity and price. To turn up at a current inventory figure companies should begin with an accurate physical count of inventory items. They multiply the quantity of inventory with the unit cost to compute the cost of ending inventory. This section discusses the taking of a physical inventory and the methods of costing the physical inventory under both periodic and perpetual inventory procedures. The remainder of the section discusses departures from the cost basis of inventory measurement.
As briefly described in section to take a physical inventory a company have to weigh, count, measure or estimate the physical quantities of the goods on hand. For illustration a clothing store may count its suits a hardware store may weigh washers, bolts and nails and a gasoline company may measure gasoline in storage tanks and a lumberyard may estimate quantities of coal, lumber or other bulky materials. During the taking of a physical inventory the goal should be accuracy.
Q. Explain Periodicity assumption of accounting? As-per to the periodicity (time periods) assumption accountants divide an entity's life into months or years to report its econ
Q. Explain about perpetual inventory procedure? When discussing inventory we require clarifying whether we are referring to the physical goods on hand or the Merchandise Invent
Q. Explain about Depreciation? Depreciation Just as prepaid rent and prepaid insurance indicate a gradual using up of a previously recorded asset thus does depreciation. But th
The following situations involve a possible violation of the MIA ByLaws (on professional ethics, conduct and practice). For each situation, (1) decide whether or not the Code has b
Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of
Illustrate the cases of financial accounting ?Enron, an energy-trading business which is based in Texas, and was accused of entering into complicated financial arrangements in
Jackson Corporation uses a standard cost system, concerned manufacturing overhead on the basis of machine hours. The company's overhead standards per unit are given below. Varia
Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,
This is due to every organization wants profit to operate, and as results the fmcg gods turn to have a moving market than that of the hardware goods, because the products does not
AL MASA a sole trader,decided to install a new machine to use within her sole trader business
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd