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International Accounting Standard Committee ( I. A. S.C. ) Defines inventories as Tangible property)
a. Held for sale in the ordinary course of business.
b. In the process of production for such sale or.
c. To be consumed in the process of production of goods or services for sale.
The American Institute of Certified Public Account ( AICPS) defines inventory in the sense of tangible goods. Which are held for sale in process of production and available for ready consumption.
Inventory includes the followings things:
a. Raw materials
b. Work in progress
c. Consumables
d. Finished goods
e. Spares
Inventory means all the materials parts supplies expense tools and in process or finished products recorded on the books by an organization and kept in its stocks ware house or plant for some period of time.
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Explain in Details Return on Investment
Direct expenses comprise all those expenses incurred in bringing the goods to the place of business or trade or in-production process till the goods are placed in saleable places.
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We have a demonstration instrument that was paid for years ago. How do we get it back on our books as an asset?
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2. Now assume that you have been asked how to account for the destroyed drilling operation in the Gulf of Mexico in terms of the destroyed rig and lost natural resources. For the p
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The American Accounting Association is one of the accounting organizations discussed later in this Introduction it defines accounting as "the process of measuring, identifying, and
You have learned about the business and its proprietor is reacted as separate entities. It implies that separate accounts must be kept in the ledger for recording transactions amon
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