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Why companies choose fifo method of accounting for gaap

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Reference no: EM132915154

Problem 1: Explain the two entries that must be made each time a sale is made

Problem 2: Explain why companies choose FIFO method of accounting for GAAP. Also, explain why companies choose LIFO method of accounting for tax purposes.

Problem 3: explain an internal control issue that you've observed with an employer. How would you fix it?

Problem 4: What type of account is the "Allowance for Doubtful Accounts" and where is it shown on the balance sheet?

Reference no: EM132915154

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