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Q. What is Net realizable value?
Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of an item less the estimated costs that the company incurs in preparing the item for sale and selling it. Obsolete, Damaged or shopworn goods often have a net realizable value lower than their historical cost and must be written down to their net realizable value. But goods don't have to be obsolete, damaged or shopworn for this situation to occur.
Technological changes as well as increased competition have caused significant reductions in selling prices for such products as DVD players, computers, TVs and digital cameras.
Rosco Company purchased 35,000 shares of common stock of Paxton Corporation as a long term investment for $900,000. During the year, Paxton Corporation reported net income of $300,
Q. What is Accrued expenses? Accrued expenses, accruals -- an expense that has been incurred though not yet paid for.Salaries are a good instance. Employees earn or accrue salar
what are the activities in the business organization
Q. What are Accrued items explain with example? Delayed items consist of two types of adjusting entries asset/expense adjustments and liability/revenue adjustments. For instanc
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
Q. Common deductions from gross sales? Generally sales are for cash or on account when a sale is for cash the debit is to Cash and the credit is to Sales. While a sale is on ac
where dose inventory changes aper on the balance sheet
Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc
Q. Neutrality of accounting information? The Neutrality signifies that the accounting information must be free of measurement method bias. The primary concern must be relevance
A few account balances remain the same because no adjustments have affected them. For illustration the balance in Accounts Payable doesn't change and is simply extended to the Adju
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