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Q. Last-in first-out inventory?
LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first costs charged to cost of goods sold. Net income is typically lower under LIFO since the costs charged to cost of goods sold are higher due to inflation. The ending inventory may perhaps differ between perpetual and periodic inventory procedures.
Numerous accounting organizations have codes of ethics governing the behaviour of their members. For example both the American Institute of Certified Public Accountants and the Ins
on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). ap
Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%
Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
briefly explain management process
Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the
Q. What do you mean by Contingent liabilities? Contingent liabilities -- liabilities which are not recorded on a company's financial reports though whichmight become due. If a
Enumerate the fundamentals of financial accounting information Frame works and principles which have been developed try to address fundamental questions like: ?Who are user
I need help understanding and filling out an income statement packet!
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