How is the LIFO method used to calculate inventories? Is this permissible according to GAAP?

Q: What is residual value or salvage value? Why and how is it calculated in accounting?

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: describe uses and limitations of the balance sheet in fi nancial analysis;

A: Introduction: The balance sheet provides users with information on the firm’s assets, liabilities…

Q: Which assets are included in the definition of current assets?

A: Current asset refers to the asset which can be easily converted to cash with a year. Current assets…

Q: name for the amount

A:

Q: Describe about concept of the GOODS ON CONSIGNMENT?

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: What are the valuing inventories?

A: Cost:   It is the economic value incurred by an organization to manufacture a product or to render a…

Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?

A: An asset is a resource of economic value which is own by an individual and a company and provides…

Q: Which would be translated the same under both the current rate and temporal methods? Equipment…

A: Temporal method:- It is considered as the one of the main method of translating a local currency to…

Q: In accordance with IAS 2 Inventories define the terms "inventories" and "net realisable value”.…

A: Inventories as the name states is one the asset to the company or any business which comes under the…

Q: what should be reported as total assets

A: In a Merger, The purchasing entity acquires all the assets and liabilities of the dispersing…

Q: What are the various current assets? Name them.

A: Current assets are assets which are expected to be realised or converted to cash within one year…

Q: What IF function can be used to determine whether or not an amount in a certain cell should be a…

A: A journal entry is the first step in including a transaction into the books of accounts. Under the…

Q: Since AssetID is a number identifying assets in a fixed asset ledger, it would be considered to be…

A: Asset refers to any economic value resource for an individual, corporation or a country. It…

Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?

A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to…

Q: What is function of expense method?

A: Organisations can opt for either of the options to prepare and report the income statement. They are…

Q: d.  Record the entry for reclassifying the net assets.

A: As per the requirement  the entry for reclassifying the net assets has been recorded in the next…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.