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Q. First-in first-out inventory?
FIFO (first-in first-out): Ending inventory contains of the most recent purchases. FIFO presumes that the costs of the first goods purchased are those charged to cost of goods sold when goods are sold. During periods of inflation FIFO creates higher net income ever since the costs charged to cost of goods sold are lower.
Q. Modifying conventions on Materiality? The Materiality is a modifying convention that permits accountants to deal with immaterial (unimportant) items in an expedient however
Accountants frequently cite the going-concern assumption to justify using historical costs rather than market values in measuring assets. Market values are of less implication to a
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
help with paper on basic transaction processing fr Richard Simmons
partner investments, journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 o
Liz Marett is the chief financial officer for Fulton Restaurants. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5
Hi Team, I want to get an accounting assignment to be done according to NZ university standards. It''s from basic accounting (introduction to accounting). Need to be done by 10th
In November 2012, US based information technology Hewlett Packard recorded a write-down of around $8.8 billion related to its $11.3 billion acquisition of the UK based software mak
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
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
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