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Q. Illustrate lower-of-cost-or-market method?
Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around the world. Procter & Gamble's annotation in its Notes to Consolidated Financial Statements in its annual report illustrates that companies often disclose LCM in their notes to financial statements.
Inventories are valued at cost, which isn't in excess of current market price. Cost is primarily determined by also the average cost or the first-in first-out method. The replacement cost of last-in first-out inventories exceeds carrying value by approximately USD 169.
A company using periodic inventory procedure may perhaps estimate its inventory for any of the following reasons
- To acquire an inventory cost for use in monthly or quarterly financial statements without taking a physical inventory. The effort of taking a physical inventory is able to be very expensive and disrupts normal business operations; once a year is often enough.
- To evaluate with physical inventories to determine whether shortages exist.
- To verify the amount recoverable from an insurance company when fire has destroyed inventory or the inventory has been stolen.
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.
Users cannot access the simultaneous programs ( just like Forms) until unless the program is attached to a responsibility by a ?Request Group?. Therefore the responsibilities give
Q. Goal of financial reporting? The second goal of financial reporting is to provide information to help present and potential investors and creditors and other users in assess
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Q. What is FOB shipping point? FOB shipping point signifies free on board at shipping point. The buyer acquires all transportation costs after the merchandise has been loaded o
How To figure the discount using calculator 1. Be sure that decimal selector is on 2 decimal places 2. Key in amount of the sale 3. Multiply by percent (use the percent key)
Q. What is journal? In explaining the rules of credit and debit we recorded transactions directly in the accounts. Every ledger (general ledger) account shows only the increase
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What is Merchandise returns A Return is when a customer returns to the seller part or all items purchased. An Allowance occurs when seller grants a customer a price reductio
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