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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.
Process for Calculating gross earnings These are employee's earnings before any amount is deducted by the employer. Earnings are calculated either by a standard monthly r
Its depends on the credit period of the company i.e. A company credit period 30 days 85 of the debtors collection should be recovered with in credit period. We can say the Effectiv
how to make adjusting entries
State the term- Liabilities Current Liability is a debt which is due for payment within one year. Long-term liability is one NOT paid in a year. OWNER'S EQUITY Also
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. Illustrate Periodic inventory procedure? Companies by means of periodic inventory procedure make no entries to the Merchandise Inventory account nor do they maintain unit re
The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a
Woodie Limited issues $5 million in convertible bonds on 1 July 2012. They are issued at the fair value and pay an interest rate of 4 percent. The interest is paid at the end of ea
Q. Learning objectives of trial balance? - The cash basis of accounting know revenues when cash is received and recognizes expenses when cash is paid out. - The accrual basi
How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280
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