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Q. Inventories and revenue recognition?
Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determine which method is the most meaningful and useful in representing economic results. Then it should use the selected method consistently.
The principal business of Kellwood Company is the merchandising, marketing and manufacturing of apparel primarily for women. Note in the following annotation from Kellwood's financial statements that it like other companies uses several costing methods within the same enterprise.
Inventories are stated at the lower of cost or else market. The first-in first-out (FIFO) method is utilized to determine the value of 46 per cent of the domestic inventories as well as the last-in first-out (LIFO) method is used to value the remaining domestic inventories. Inventories of foreign subsidiaries are valued utilizing the specific identification method. Sales are acknowledged when goods are shipped." In general companies use the inventory method that best fits their individual circumstances.
Angel Individual investors which are often called angels, make capital investments in entrepreneurial ventures in return for equity (partial ownership) in the industry. These
An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
The Institute of Management Accountants previously the National Association of Accountants is an organization with approximately 70,000 members consisting of management accountants
Process Solutions provides a computer-based document processing service. The accountant has produced the following analysis. Standard Modifi
Q. Show Approximation of periodicity? Approximation and judgment because of periodicity To offer periodic financial information accountants must often estimate expected uncolle
Benefites of Management accounting information To obtain this benefit, businesses have become more 'customer driven' (which is, concerned with satisfying customer needs). This
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
Why it is important for independent auditor to be a member of a professional body?
Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $49,000 cash to start the business and received 4,000 shares of stock. The store completed its
"Periodic Review" is the suitable method of controlling stock in hotel bar.
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