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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.
Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare
What process for excess payment to supplier I would like know without adjusting invoice that means how supplier will send back surplus amount how do in oracle apps? Ans
Though the results of the operations of an exact enterprise can be termed as precisely only after the business has ceased to control, its assets have been sold off and responsibili
Q. What is Working capital? Working capital -- current assets minus current liabilities. In most businesses majorcomponents of working capital are cash, accounts receivable and
Q. What do you mean by Liabilities? Liabilities are the debts outstanding by a business. Usually a business should pay its debts by certain dates. A business acquires many of i
Q. What is Managerial accounting information? A Managerial accounting information is for internal use and provides special information for the managers of a company. The inform
Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided
The accounting records of Nu-tonics Inc., include the following information for the year ended December 31, 2013: Materials Inventory as at 1 January 2013 $ 20,000 Materials
Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long term investment for $900,000. During the year, Paxton Corporation reported net income of $300,
Houston Corporation has the following stock outstanding: In 2012, Houston paid $330,000 in dividends. No dividends were paid in 2011 or 2010. Required : a)
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