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. What do you mean by Salaries? The recording of the payment of employee salaries typically involves a debit to an expense account and a credit to Cash. But for a company pays
Steps in recording business transactions Look at Exhibit 5 to observe the steps in recording and posting the effects of a business transaction. Note that a source document offe
Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership
what are special journals
Q. Show Advantages and disadvantages of weighted-average? Advantages and disadvantages of weighted-average when a company utilizes the weighted average method and prices are ri
go
Breakeven Analysis - I really need help calculating this. Our company's breakeven point occurs after the agency consecutively yields two months of positive net income. This a
procedure followed in government system of accounting in india
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
#What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?
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