Intermediate Accounting (2nd Edition)
2nd Edition
ISBN: 9780134730370
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 3.6E
Authoritative Literature. To what entity types does ASC 330-10: Inventory - Overall not apply? Provide the Codification reference.
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Which inventory method is least likely to be used under IFRS? C . Weighted average.
Research the IFRS authoritative literature and provide answers to the following questions.Paragraph citations are to be provided with answers where applicable.1. State the authoritative literature that governs inventory. 2. Identify three (3) types of assets that are classified as inventory.
3. What inventories are specifically excluded from this standard? 4. How is the term ‘net realizable value’ defined as used in the acronym LCNRV.
Explain the difference between perpetual inventory system and periodic inventory system. (pg 144-146)
Chapter 3 Solutions
Intermediate Accounting (2nd Edition)
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Does U.S. GAAP require that companies disclose...Ch. 3 - Does IFRS require that companies disclose...Ch. 3 - Prob. 3.5QCh. 3 - Does IFRS require that companies disclose their...Ch. 3 - Prob. 3.7QCh. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Prob. 3.10Q
Ch. 3 - Prob. 3.11QCh. 3 - What is the Basis for Conclusions and where can...Ch. 3 - Prob. 3.13QCh. 3 - Prob. 3.14QCh. 3 - Prob. 3.1BECh. 3 - Judgment in Accounting for Plant and Equipment....Ch. 3 - Match Each Cognitive Bias Below with its...Ch. 3 - Prob. 3.4BECh. 3 - Prob. 3.5BECh. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Codification Research. Referencing Appendix A,...Ch. 3 - Prob. 3.9BECh. 3 - Prob. 3.10BECh. 3 - Exercises E3-1. Accounting Policy Disclosures. To...Ch. 3 - Cognitive Bias. A team of accounting students is...Ch. 3 - Cognitive Bias. A team of accounting students is...Ch. 3 - Authoritative Literature. Provide the reference to...Ch. 3 - Authoritative Literature. Provide the reference to...Ch. 3 - Authoritative Literature. To what entity types...Ch. 3 - Authoritative Literature. How does FASB define...Ch. 3 - Prob. 3.8ECh. 3 - Prob. 1JCCh. 3 - Prob. 2JCCh. 3 - Prob. 1SSCCh. 3 - Surfing the Standards Case 2: Inventory...Ch. 3 - Basis for Conclusions Case 1: Judgment and...Ch. 3 - Basis for Conclusions Case 2: Income Statement or...
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- Do you apply the LCNRV method to each individual item, to a category, or to the total of the inventory? Explain.arrow_forwardWhich of the following, if compared to the other methods for valuing inventory, has a material difference? A. LIFO B: FIFO C: Weighted Average D: Specific Identification.arrow_forwardUnder which type of inventory system is an inventory sub-sidiary ledger maintained?arrow_forward
- IFRSarrow_forwardAccording to the Conceptual Framework, physical count of inventory is an example of * direct verification. indirect verification. timeliness. relevance.arrow_forwardGive a detailed definition of "inventory', based on IAS2, Inventories. Use suitable examples to explain the following terms with regards to IAS 2, Inventories: i. Cost ii. cost of purchase iii. cost of conversionarrow_forward
- block A/2018/2 What is meant by a permanent inventory ? Is this form of inventory permissible in relation to aHGB financial statement to be prepared?arrow_forwardUnder IFRS, which of the following methods is not acceptable for the valuation of inventory? a. LIFO. b. FIFO. c. Average cost. d. Specific identificationarrow_forwardwhat is FIFO inventory method?arrow_forward
- Under ASC Topic 606 for revenue recognition, which of the following factors is not an indicator of the principal/agent determination? A. Inventory risk. B. Credit risk. C. Shipping terms.arrow_forwardExplain whether the physical inventory should be equal to the amount indicated by theinventory record under the perpetual inventory system.arrow_forwardWhat is the main distinction between perpetual and periodic inventory systems? Which type of system providesbetter internal control over inventory? Explain why.arrow_forward
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