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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.
Q. Define Gains and Losses? Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
#2, The comparative balance sheets and income statements of Worsley Ltd are shown below. Worsley Ltd. Statement of Financial Position as at December 31 Current Assets 20x3
Q. What do you mean by partnership? A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the bu
Explain the Recording employer's payroll taxes Debited to an expense account-Payroll Tax Expense. Credited to individual Tax Payable accounts These amounts are then sent
Assignment Comments – Debt-to-assets ratio: 50% Current Ratio: 1.8x Total assets turnover: 1.5x Days sales outstanding: 36.5 days* Gross profit margin
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Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider
Q. Responsibility of Senior accountant? As a senior accountant Tracy will be accountable for the day-to-day management of several audit engagements during the year. She will pl
Personal accounts --> Debit the benefit receiver, credit the benefit giver Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses
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