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Q. Learning objectives of inventory turnover ratio?
- Net income for an accounting period depends straight on the valuation of ending inventory.
- If the ending inventory is overstated cost of goods sold is understated resulting in an overstatement of net income, gross margin and retained earnings.
- When ending inventory is misstated in the current year companies take that misstatement forward into the next year.
- An error in the net income of one year caused by misstated ending inventory automatically causes an error in net income in the opposite direction in the next period for the reason that of the misstated beginning inventory.
- Inventory cost comprises all necessary outlays to obtain the goods get the goods ready to sell and have the goods in the desired location for sale to customers.
- Inventory cost includes
a. Seller's gross selling price less purchase discount.
b. Cost of insurance on the goods while in transit.
c. Transportation charges when borne by the buyer.
d. Handling costs such like the cost of pressing clothes wrinkled during shipment.
A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B) If total assets e
One or more phases in the operation cannot supply all the items it makes concurrently.
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what are the basics of accounting
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A user buys a new transponder for $20. What debit and credit entries would need to be made?
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explain the procidure followed in government system of accounting in india?
Investment banking is a is an instrument which is used by the financial organization to take a improved investment decision like issuing IPO stocks bond etc.
“Ledger is said to be the principal book entry and the transactions can even be directly entered into the ledger account.” Elaborate and explain why journal is necessary.
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