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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.
Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco
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State the term- Debits must always equal credits To help understand Temporary Owner's Equity accounts. All transactions which affect owner's equity could be recorded in one
On December 31, 2003, Jamfest Travel Inc. had 450,000 shares of no-par common stock issued and outstanding. All shares were sold for $7.50. On June 30, 2004, the firm issued an add
Q. Neutrality of accounting information? The Neutrality signifies that the accounting information must be free of measurement method bias. The primary concern must be relevance
Windsor Company will receive $100,000 in 7 years. If the appropriate interest rate is 10%, the present value of the $100,000 receipt is ? Answer: PV = FV (PVIF) = $100,000 x 0.5132
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
If a customer payment data was lost and needed to be reconstructed what are some of the ethical considerations the business owner would need to consider? This may include internal
Q. External users of accounting information? The external users of accounting information grouped into groups; everyone has different interests in the company and wants answers
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