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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.
What steps would you take before approving an invoice for payment? Ans) Following steps should be taken.. ? Certify the invoice once it is matched for checking any holds..
Accounting is a significant service activity in business and is concerned along with collecting, evaluating, communicating and recording the results of past events. The history of
on 1st july,2008,machinery purchased rs10,000 for cash from bhim.give journal entry and prepare ledger accounts.
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Cross indexing is made up
Revenues emerge in the Income Statement credit column of the work sheet. The two revenue accounts in the Income Statement are credit column for Micro Train Company are service reve
what does office stationery at year end classify as? asset or expense?
All relevant information and explanations about a business have been included in its financial reports
What is the implication of applying accounting concepts wrongly
Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener
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