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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. How to determine inventory cost? To place the proper evaluation on inventory a business must answer the question: Which costs must be included in inventory cost? After that
Q. Define Expenses in terms of accounting? Expenses are outflows or else other using up of assets or incurrence of liabilities (or a combination of both) from rendering service
Q. Explain about Percentage of completion method? The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To ca
can a buyer still avail the 2% discount if he/she partially paid the accounts receivable at the 5th day and the full payment is on the 10th day of the given discount period in th
Pro forma Financial Statements In accounting, a financial statement in which the amounts begin are fully or partially estimates; from the Latin for "as a matter of form."
Q. Explain about Accounting transaction? An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabiliti
what are the limitations to errors?
The organization's name is Coffee Affectionardo Pty Ltd and the company imports and sell various types of coffee machines, grinders, filters and beans. The business has two dir
Q. Explain accounting cycle? Creditors, Investors as well as Managers use these statements in evaluating management's past decisions and as a basis for making future decisions.
the consequences of non-compliance of each of the accounting concepts.
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