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Q. Last-in first-out inventory?
LIFO (last-in first-out): Ending inventory contains of the oldest costs. LIFO presumes that the costs of the most recent purchases are the first costs charged to cost of goods sold. Net income is typically lower under LIFO since the costs charged to cost of goods sold are higher due to inflation. The ending inventory may perhaps differ between perpetual and periodic inventory procedures.
Q. Horizontal and vertical analysis? Management carry out horizontal and vertical analyses along with other forms of analysis to help evaluate the wisdom of its past decisions
Q. Explain about business entity concept? A business entity perhaps made up of several different legal entities. For example a large business such as General Motors Corporation
on 1 april,2007,X Ltd. makes an issu of 10,00,000 equity shares of rs.10 each payable as follows: on application-rs.3;allotment-rs.5;on first call rs.2(3 month after allotment). ap
how to do
1. Listed below are account balances taken from the adjusted trial balance of XYZ Inc. as of December 31, 2012. Credit Account
Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Q. What is Date column in journal? The first column on every journal page is for the date. Intended for the first journal entry on a page this column contains the year and mont
Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r
Q. General accepted accounting principles? In general accepted accounting principles (GAAP) set forth standards or methods for presenting financial accounting information. A
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