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Q. Departures from cost basis of inventory measurement?
In general companies must use historical cost to value inventories and cost of goods sold. But some circumstances justify departures from historical cost. One of these circumstances is when the value or utility of inventory items is less than their cost. A decrease in the selling price of the goods or their replacement cost may indicate such a loss of utility. This section explains how accountants handle a few of these departures from the cost basis of inventory measurement.
what is the implication of applying accounting concepts wrongly
Q. General principles of accounting? Organizations that have contributed towards the development of the principles are the 1)American Institute of Certified Public Accountants
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
Split common stock 4 to 1 and reduced PAR from $80 to $20. After the split there were 600,000 shares.
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Q. Explain about Representational faithfulness? Representational faithfulness To increase insight into this quality considers a map. When it shows bridges and roads where roads
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