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Q. Illustrate lower-of-cost-or-market method?
Procter & Gamble markets a broad range of paper, cleaning, beauty care, health care, food, laundry and beverage products around the world. Procter & Gamble's annotation in its Notes to Consolidated Financial Statements in its annual report illustrates that companies often disclose LCM in their notes to financial statements.
Inventories are valued at cost, which isn't in excess of current market price. Cost is primarily determined by also the average cost or the first-in first-out method. The replacement cost of last-in first-out inventories exceeds carrying value by approximately USD 169.
A company using periodic inventory procedure may perhaps estimate its inventory for any of the following reasons
- To acquire an inventory cost for use in monthly or quarterly financial statements without taking a physical inventory. The effort of taking a physical inventory is able to be very expensive and disrupts normal business operations; once a year is often enough.
- To evaluate with physical inventories to determine whether shortages exist.
- To verify the amount recoverable from an insurance company when fire has destroyed inventory or the inventory has been stolen.
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. $7
How the use of different accounting policies affect the financial performance of different entities operating within the same industry
2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515
A calculate of the wealth is earned by nations by economic activates all around the world. Gross National Income involves the total value of goods and services produced within a
Q. Complicated type of business? Your study of accounting began with service companies as instance because they are the least complicated type of business. You are at present r
Heww Inc., issued a $50,000, 10 year bond with a stated interest rate of 6%. Assume interest payments are made semi-annually. What is the selling price of the bond if the mark
Q. Concepts of accounting? - The major underlying assumptions or else concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) st
The major difference in the statement of retained earnings between a service business and a Merchandising business is A. that the retained earnings statement of a merchandisi
untangible assets
Function and scope of the Accounting Standards Board: The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up su
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