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Carrying amounts of merchandise materials as well as supplies inventories are generally determined on a moving average cost basis and are stated at the lower of cost or market.
Q. Explain business entity concept? Suppose for instance that you own two businesses 1) a physical fitness centre and 2) a horse stable. As per to the business entity concept y
Q. Explain about Representational faithfulness? Representational faithfulness To increase insight into this quality considers a map. When it shows bridges and roads where roads
Q. What do you mean by work sheet? The work sheet is a columnar sheet of a computer spreadsheet or a paper on which accountants summarize information needed to make the adjusti
Liquidity Ratios (Short Term Solvency Ratios): These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li
User account control is meant to allow users to run with standard user rights, as opposed to administrative rights. Administrative rights provide users the ability to read and chan
At the end of 2011 Samuda reported a balance in Account receivable of $620,000 and estimated that $12,400 of this account would likely be uncollectible. The allowance for doubtful
Q. What is accounting system? Accrual basis, system, or method -- an accounting system which records revenues andexpenses at the time when transaction takes place,not at the ti
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
How are gains from the sale of § 1244 stock treated? Gains on the sale of § 1244 stock is treated as
Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely
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