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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.
Q. Financial statements in European countries? In a few European countries the financial statements contain secret reserves. These secret reserves occur from a company not repo
Management accountants may or mayn't be CPAs. If a management accountant passes an examination prepared and graded by the Institute of Certified Management Accountants (ICMA) and m
what is the mission of the Accounting and Finance Functional Area
Note: All illegible answers will be marked incorrect, so please write legibly. If you type and submit the print out of your homework (not email), you will receive 5 points extra cr
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
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Definite the meaning of accounting equation
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Q. Principles of consolidation? The consolidated financial statements of the Company comprise the accounts of The Walt Disney Company and its subsidiaries after elimination of
Q. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i
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