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Under this system all stock levels are reviewed after fixed time duration, depending upon the significance of the item. Imported items may need a shorter review cycle, while slow moving items may need a longer review cycle. Throughout practice the review of stock items takes place at the end of the accounting period. While review time, orders are puts for additional stocking up to a pre-determined level. In this system the order point is not real found out but the time of review itself is an indication to place additional orders.
Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs
Effects of the appointment of the receiver Floating charges: these crystallise on the appointment of a receiver and become fixed on the assets then in the hands of the compan
Assume your grandparents have just given you $20,000 on the condition that you invest the money in the stock market. As you contemplate making your investment choices, what account
INTRA COMPANY ADJUSTMENTS In preparing the consolidated balance sheet, the following items may require adjustments:. 1 Goodwill 2 Unrealized profit on closing inventory 3
What is the relation of profit and matching principle? Do you have a form for this kind of assignment in writting Financial Accounting?
Members Voluntary Winding Up The company may be wound up by the members themselves without reference to the creditors, if the company is solvent. 1) Declaration of solvency
As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize
Partners F and G receive an interest allowance of $10,000 and $15,000, respectively, and divide the remaining profits and losses in a 3:1 ratio. If the company sustained a net loss
A lawn care company started business on January 1, 2012. The company billed clients $105,000 for lawn care services completed in 2012. By December 31, the company had received $84,
The following items represent liabilities on a firm's balance sheet: a. An amount of money owed to a supplier based on the terms 2/20, n/40, for which no note was executed. b. An a
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