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Q. Advantages and Disadvantages of LIFO?
LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if used for tax purposes when prices are rising.
Disadvantages (a) habitually matches the cost of goods not sold against revenues (c) grossly understates inventory and (c) permits income manipulation.
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
#quest1. Use the general journal to journalize the following transactions completed during July of the current year. 2. Post from the general journal to the general ledger. Using
Invoice is a text which haves the under mentioned details compulsorily. 1. Invoice Number 2. Name and address of the person 3. Invoice date Name and address of someone
define accounting. Explain the accounting concepts which guide the accountant at the recording stage.
Discuss and give reasons why a business would act in a socially responsible manner. Part A: 'Two of the key accounting reports available to users of accounting informati
Fundamental of Accounting 1. Explain the concept of accrued income with the help of an example. 2. Explain the five disadvantages of Single Entry System? 3. Explain the s
1. My accountant has told me that my business made a profit of £100,000 last year. However over the same time period my bank balance has decreased and not increased as I expected.
Q. Fundamental manual accounting system? Those planning on a public accounting career must do more than just learn accounting. To develop the essential skills a broad education
A wholesaler lists a refrigerator model at a price of $850 and offers a chain discount of 20% and 10%. What is the net price? A. $476 B. $595 C. $612 D. $644
HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL100 words accepted#
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