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Q. Explain Weighted-average inventory?
Weighted-average: Ensuing inventory is priced using a weighted-average unit cost. In perpetual inventory procedure a new weighted-average is determined after each purchase. In periodic procedure the average is determined at the end of the accounting period by dividing the total number of units purchased plus those in beginning inventory into total cost of goods available for sale. In the determining of cost of goods sold this average unit cost is applied to each item. Under the weighted-average method in a period of increasing prices net income is usually higher than income under LIFO and lower than income under FIFO.
Recording Private Company Credit Card Sales Goes to the individual company-not a bank. Treated as a sale on account. Credit card Company is responsible for collection of
Q. Example of lower-of-cost-or-market method? A company may perhaps apply LCM to each inventory item such as Monopoly each inventory class (such as games) or total inventory. T
incomestatment
Q. Can you explain about Liabilities? Liabilities -- amounts owed by a company to others. Current liabilities are those amounts duewithin one year or less and generally include
The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount
A time of 12 consecutive months used by an organization to account for and report the results of its operations.
Q. Share-based payment transactions? The fair value accounting standard SFAS 157 applies to monetary assets of all publicly-traded companies in the US as of 2007 Nov. 15. It as
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What is the latest change taking place in the accounting world that will make a big difference to the way accountants prepare accounts?
Treasurer: He is the custodian arid manager of each cash and near-cash resources of the firm. The treasurer arranges credit reviews and sets policy for collecting receivables as d
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