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Q. Show Advantages and disadvantages of LIFO?
The advantages of the LIFO method are based on the fact that prices have risen almost constantly for decades. LIFO supporters claim this upward trend in prices leads to inventory, or paper, profits if the FIFO method is used. Inventory, or paper, profits are equal to the current replacement cost of a unit of inventory at the time of sale minus the unit's historical cost.
The measurement of expense Accountants measure largely assets used in operating a business by their historical costs. Consequently they measure a depreciation expense resulting fro
Balance Sheet Classi?cations and Relationships Shelley and Co. has the following balance sheet elements as of December 31, 2012. Land. . . . . . . . . . . . . . . . . . . . . . . $
Q. Show Purchase Returns and Allowances account? Both allowances and returns reduce the buyer's debt to the seller and decrease the cost of the goods purchased. The buyer may d
Definite the meaning of accounting equation
Two friends, Joe and Bill, both have carpentry skills and decide to go into business as partners together ?tting kitchen cabinets. Joe's uncle has agreed to provide £20,000 of capi
Hugo Company has a five-day workweek and pays salaries of $35,000 each Friday. 1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday. 2. Prep
Antidilution of Ownership The right of an investor is to continue the same percentage ownership of an organizations main stock in the event that the organization issues more s
Q. What do you mean by Breakeven point? Breakeven point -- the amount of revenue from sales that exactly equals the amount ofexpense. Breakeven point is generally expressed as
I''m trying to figure out how do do a journal entry. The question reads...a company purchased land worth $49,000 for an office by paying $6,300 in cash and signing a long term note
Explain the process involved in accounting
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