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Q. Advantages of Weighted-average?
Weighted-average: Advantages because of the averaging process the effects of year-end buying or not buying is lessened. Drawback Manipulation of income is possible.
- Perpetual inventory procedure needs an entry to Merchandise Inventory whenever goods are returned, sold, purchased or otherwise adjusted so that inventory records reflect actual units on hand at all times. Therefore an entry is required to record cost of goods sold for each sale.
- Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of an item less the estimated costs incurred in preparing the item for sale and selling it. Inventory items are written down to market value while the market value is less than the cost of the items. If market value is more than cost the increase in value isn't recognized. LCM may perhaps be applied to each inventory item every inventory class or total inventory.
Concept of Flow of Funds : It refers to the 'Change in Funds' or 'Change in Working Capital'. That is, any increase or decrease in Working Capital. In business, daily, numerous t
I want to learning Accouny basic
On January 1, 2012, Lexmark Company's Accounts receivable account had a debit balance of $10,000. During January, 2012, the company billed customers for services in the amount of
Q. Steps used in retail inventory method? The retail inventory method approximation the cost of the ending inventory by applying a cost/retail price ratio to ending inventory s
briefly explain the accounting concepts which guide the accountant at the recording stage
Tips to be keep in mind while preparing the Financial Statements : 1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjust
Periodic Review
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
The conventions and rules of accounting are commonly termed as the conceptual framework of accounting. Along with any discipline or body of knowledge, several underlying theoretica
Q. Explain about Period costs? Period costs are costs not noticeable to specific products and expensed in the period incurred. Administrative and Selling costs are period costs
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