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A vendor reduces an item listed at $140 on July 1st by 20%, and then reduces it another 25% on September 1st. What is the sale price of the good after the last reduction? A. $77.00 B. $84.00 C. $92.00 D. $108.50
Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely
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what is the implication of applying accounting concept wrongly
Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.
UNITs UNIT COST UNIT SALE PRICE AUG 3 SALE 45 $ 83 8 PURCHASE 75 $ 52 21 SALE 70 $ 85 30 PURCHASE 10 $ 55 Decorative steel began August with 55 units of iron inventory th
Q. Understand how to account for transportation costs? FOB terms are particularly important at the end of an accounting period. Goods in transit after that belong to either the
Q. What do you mean by bookkeeping? Accounting is frequently confused with bookkeeping. Bookkeeping is a mechanical procedure that records the routine economic activities of a
Q. Starting inventory and net cost of purchases? Hanlon's start inventory (USD 24000) plus net cost of purchases (USD 166000) is equivalent to cost of goods available for sale
Q. What is depreciable amount? The dissimilarity between assets's cost and its estimated residual value is an asset's depreciable amount. To persuade the matching principle the
Example of net realizable value? To exemplify a necessary write-down in the cost of inventory presume that an automobile dealer has a demonstrator on hand. The dealer obtained
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