Know how to apply the lower of cost or market rule know how

Assignment Help Accounting Basics

Reference no: EM13485938

Accounting Study Guide, need all subjects explained as much as possible

1. Know and understand the fundamental accounting concepts underlying financial reporting (matching, conservatism, etc.)

2. Know how common transactions affect the accounting equation

3. Know what inventory cost flow assumptions are available under US GAAP and IFRS and how they affect income, inventory, and taxes

4. Understand the effects of the cost flow assumptions on ending inventory, income and taxes

5. Understand the effect of inventory errors on two consecutive accounting periods

6. Understand the gross margin method for estimating ending inventory

7. Know how to apply the lower of cost or market rule. Know how it differs under IFRS with respect to the determination of market

8. Know how indices are used with dollar value LIFO

9. Understand the basic concepts underlying the conventional retail inventory method

10. Understand the rules for contingent liabilities

11. Understand the rules regarding contingent gains

12. Know the interpretation of the term "probable" under IFRS

13. Know how to apply the rules to the recognition of warranty related costs

14. Know how to classify items on the financial statements (balance sheets and income statement)

Reference no: EM13485938

Questions Cloud

The company purchased a piece of equipment that increased : xyz company sold 30000 units last month and sales totaled 1500000 usd. total variable monthly expenses were 600000 and

Emery inc had 5million gross income operating expenses : emery inc had 5million gross income operating expenses 1million paid 1million interest on 10million borrowed and paid a

I you deposit 10000 in a bank account that pays 10 : if you deposit 10000 in a bank account that pays 10 interest annually how mch will be in your account after 5

Dvon oil acquired the rights to various oil reserves at : devon oil acquired the rights to various oil reserves at 20000000 in march 1 2009. the estimated barrels of oil are

Know how to apply the lower of cost or market rule know how : accounting study guide need all subjects explained as much as possible1. know and understand the fundamental accounting

The standard deviation of the market return is 21 percent : the standard deviation of stock returns for stock a is 38 percent. the standard deviation of the market return is 21

You know that if she does not get the loan her business : tax preparation scenario summary you have a small tax accounting preparation and bookkeeping practice. a new client

20 percent in stock r 15 percent in stock s and 40 percent : calculation portfolio betas you own a stock portfolio invested 25 percent in stock q 20 percent in stock r 15 percent

Financial ratio analysis is conducted by three main groups : financial ratio analysis is conducted by three main groups of analysts credit analysts stock analysts and managers.

User Account

All Pages