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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. Income taxes payable? Taxes withheld from employees comprise federal income taxes, state income taxes and social security taxes withheld from employees' pay checks. The comp
how to account for the preference shares held by the investor
What is Internal control - Control of cash Internal control refers to procedures and methods a business uses to protect its assets. Checks are written for all transactio
How would you summarize Apple's cash flow position and what does this statement tell you about where the money is coming from and where it's going? What should Apple do to improv
Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets
office supplies on hand at year-end amounted to 3000.
Q. Explain sales return? A sales return is merchandise return by a buyer. Buyers and Sellers regard a sales return as a cancellation of a sale. Otherwise some customers keep un
Q. Show the company's Balance sheet? Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note tha
A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00
Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc
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