Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Q. In between FIFO and lifo which one is the correct method?
The differences for the four methods take place because the company paid different prices for goods purchased. No differences would take place if purchase prices were constant. Ever since a company's purchase prices are seldom constant inventory costing method affects cost of goods sold or inventory cost or gross margin and net income. Thus companies must disclose on their financial statements which inventory costing methods were used. Which one is the correct method? All four methods of inventory costing are satisfactory no single method is the merely correct method. Different methods are good under different conditions. If a company needs to match sales revenue with current cost of goods sold it would use LIFO. If a company look for to reduce its income taxes in a period of rising prices it would also use LIFO. On the other hand LIFO frequently charges against revenues the cost of goods not actually sold. As well LIFO may permit the company to manipulate net income by changing the timing of additional purchases.
The FIFO as well as specific identification methods results in a more precise matching of historical cost with revenue. Though, FIFO is able to give rise to paper profits while specific identification can give rise to income manipulation. The weighted-average method as well allows manipulation of income. Merely under FIFO is the manipulation of net income not possible.
Q. Preparing a separate trial balance? As an alternative of preparing a separate trial balance as accountants uses the Trial Balance columns on a work sheet. The numbers and ti
Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu
hi
Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp
the books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found later
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
The trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
Q. Example of work sheet for a merchandising company? Lyons Company is a tiny sporting goods firm. The illustration for Lyons Company focuses on merchandise-related accounts. T
Q. Show accounting deception situations? In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from
need to get assignment done, its corporate accounting.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd