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Q. What is Net realizable value?
Companies must not carry goods in inventory at more than their net realizable value. Net realizable value is the approximate selling price of an item less the estimated costs that the company incurs in preparing the item for sale and selling it. Obsolete, Damaged or shopworn goods often have a net realizable value lower than their historical cost and must be written down to their net realizable value. But goods don't have to be obsolete, damaged or shopworn for this situation to occur.
Technological changes as well as increased competition have caused significant reductions in selling prices for such products as DVD players, computers, TVs and digital cameras.
Explain the term- CASH SHORT AND OVER This account is used to record both a shortage and overage of cash in cash drawer. When change is made during a business day, mistakes can
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
stpes to be taken prepaing for final accounts
does immaterial items have to be recorded
Bear Market Bear market is a market in which stock prices are expected to fall.
twhat is debit?
The magnitude of operating leverage for Perkins Corporation is 3.4 when sales are $100,000, if sales increase to $110,000, profits would be expected to increase by what percent?
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
Social Responsibility Accounting: Social responsibility accounting is a modern phase in the development of accounting and owes its birth to rising social awareness that has be
The industrial revolution in England presented a challenge to the development of accounting like a tool of industrial management. Costing techniques were urbanized as guides to man
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