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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. What is Instance financial reporting? For instance financial reporting should - Provide information concerning an enterprise's past performance because such information i
Q. What is Timeliness? The Timeliness requires accountants to provide accounting information at a time when it perhaps considered in reaching a decision. Usefulness of informat
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Taxes are affected by the level of economic activity: When output increases, tax revenues typically increase, when output falls, tax revenues fall. Suppose a balanced- budget amend
when creating a trial balance, which account balances carry over from previous months
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Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
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What do you recognize by Open Item Managed Account? Ans) Open item management make sures that all items that have not yet been cleared are available in the system. Only after ea
what is the implications of applying accounting concepts wrongly
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