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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.
Q. Responsibility of General Manager and salesperson? Upon promotion to manager Tracy will start the transformation from auditor to executive. She will manage numerous audits a
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la
beginning inventory,purchase,and sales data for commodity A are as follows november 1 inventory 1500units @k20.00 2 sold 5000unit @ 40.00 12 purchase 10000 units @22
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
Scott Manufacturing Co.'s static budget at 10,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 12,000 un
types of legancies
Q. Illustrate the Financial accounting process? In this section we describe the accounting equation as the framework for the entire accounting process. Then we demonstrate you
Q. What do you mean by Cross-indexing? Usually, accountants should check and trace the origin of their transactions so they provide cross indexing. Cross-indexing is the insert
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