Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory. To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

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Chapter 6, Problem 8Q

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Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

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Please provide the answer to this general accounting question using the right approach.

A trial balance includes:A. Only revenue and expense accountsB. All accounts with balancesC. Only permanent accountsD. Only assets and liabilities

The matching principle helps ensure:A. Revenues are equal to expensesB. Revenues and related expenses are recorded in the same periodC. Cash is matched to liabilitiesD. Accounts match physical inventoryneed help

Answer 2

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Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

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Answer 3

Question

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

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Answer 4

Question

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

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Answer 5

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

Answer 6

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

Answer 7

Chapter 6, Problem 8Q

To determine

Specific Identification: Specific identification method can be said as identifying the items precisely which are being sold and those which are being stored as closing inventory. The companies are required to keep perfect records of the original cost of each and every individual items of the inventory.

To Describe: The major advantage and disadvantage of specific identification method of inventory costing.

Answer 8

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Answer 9

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Answer 11

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