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Q. Inventories and revenue recognition?
Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determine which method is the most meaningful and useful in representing economic results. Then it should use the selected method consistently.
The principal business of Kellwood Company is the merchandising, marketing and manufacturing of apparel primarily for women. Note in the following annotation from Kellwood's financial statements that it like other companies uses several costing methods within the same enterprise.
Inventories are stated at the lower of cost or else market. The first-in first-out (FIFO) method is utilized to determine the value of 46 per cent of the domestic inventories as well as the last-in first-out (LIFO) method is used to value the remaining domestic inventories. Inventories of foreign subsidiaries are valued utilizing the specific identification method. Sales are acknowledged when goods are shipped." In general companies use the inventory method that best fits their individual circumstances.
Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were
Q. Explain about Accrued assets? Accrued assets are assets such like interest receivable or accounts receivable that haven't been recorded by the end of an accounting period. T
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
Q. What is Purchase Discounts account? The buyer records the purchase discount merely when the invoice is paid within the discount period and the discount is taken. The Purchas
Q. Classes and types of adjusting entries? Adjusting entries plunge into two broad classes deferred meaning to postpone or delay items and accrued meaning to grow or accumulate
ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account. elaborate on the statement and explain why journal is neces
Q. Describe Retail inventory method? Retail stores often use the retail inventory method to estimate ending inventory at times other than year-end. Taking a physical inventory
State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume
BRS - Bank Reconciliation Statement A bank reconciliation statement is a declaration organized by organizations to reconcile the balance of cash at bank in a company's own rec
Perth Ltd acquired 80% of the share capital of Summer Ltd on 1 July 2011. The following equity balances appeared in the records of Summer Ltd at the date of acquisition: Share capi
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