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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. Financial statements of business organizations? Business entities may perhaps have many objectives and goals. For instance one of your objectives in owning a physical fitnes
Illustrate Sales returns.
There are over 5,000 banks in the United States-more than 10 times the number per person than in other industrialized countries. A recent study suggests that the long-run average c
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Q. Consistency in accounting principle? Consistency necessitates that a company use the same accounting principles and reporting practices through time. Consistency makes possi
current and non current liabilties
Cross indexing is made up
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Which accounting policies demonstrate the matching principle? 1 charging depreciation on non-current assets 2 revaluing non-current assets on a irregular basis 3 using the re
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