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Q. Advantages and disadvantages inventory procedure?
Advantages as well as disadvantages of specific identification Companies that utilize the specific identification method of inventory costing state their cost of goods sold and ending inventory at the actual cost of specific units sold and on hand. Some accountants disagree that this method provides the most precise matching of costs and revenues and is thus the most theoretically sound method. This statement is factual for some one-of-a-kind items such like autos or real estate. For these items utilize of any other method would seem illogical.
One disadvantage of the specific identification method is that it allows the manipulation of income. For instance assume that a company bought three identical units of a given product at different prices. One unit cost USD 2000 and the second cost USD 2100 and the third cost USD 2200. The company trade one unit for USD 2800. The units are similar so the customer doesn't care which of the identical units the company ships. But the gross margin on the sale could be either USD 800 USD 700 or USD 600 depending on which unit the company ships.
Q. Explain about accounting cycle? when an event is a measurable business transaction you require adequate proof of this transaction. After that you analyze the transaction's e
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Create an adjusted trial balance & journal entries Bank charges of $932.70 were not recorded in the books for 2014. These were credit card fees charged by the bank for Edwards
1. Carmen Santiago works for a number of businesses as a "consultant." She has helped design accounting systems, provided accounting services, and analyzed the financial stre
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Q. What is Depreciation? Depreciation -- an expense which is supposed to reflect the loss in value of a fixed asset. Forinstance if a machine will entirely wear out after ten y
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Accounting is frequently termed as the language of business. The fundamental function of any language is to function like a means of communication. In this circumstance, the reason
Identify and explain the two ratios that are used to assess the solvency of a business.
Q. Specific identification method of inventory? Specific identification- The specific identification method of inventory costing put together the actual cost to an identifiable
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