Explain how the matching principle is applied to the valuation of inventories?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
The accounting for inventory is a classic example of the matching c...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas
Question Posted:
Students also viewed these Accounting questions
-
Explain how the matching principle is applied when amortizing the acquisi tion differential.
-
The Fara Littlebear Society is an NFPO funded by government grants and private donations. It was established in Year 5 by the friends of Fara Littlebear to encourage and promote the work of Native...
-
Jims Bike Shop purchased a $2,400 air compressor four years ago. The compressor was estimated to have a four-year useful life and no salvage value . The compressor is now fully depreciated with a...
-
Question 7: The owner of a small social services management consulting firm wants to minimize the total number of hours it will take to complete four projects for a new client. Accordingly, she has...
-
Refer to the data in Exercise 10-10. Assume that instead of producing 2,500 bottles of Whim during the month, the company produced only 2,000 bottles using 16,000 ounces of material. (The rest of the...
-
Yangzi International, Inc. uses the aging of accounts receivable method to account for uncollectible accounts at the end of each year. All of its customers are on account with the credit terms 2/10,...
-
Political expectations, inflation, and unemployment Consider a country with two political parties, Democrats and Republicans. Democrats care more about unemployment than Republicans, and Republicans...
-
Crackling Fried Chicken bought equipment on January 2, 2016, for $21,000. The equipment was expected to remain in service for four years and to perform 3,600 fry jobs. At the end of the equipments...
-
Assumethe following attributes :A, B, C, D, E, F and Gwiththe candidate key :Aand Cand the following functional dependencies : A--> B, F A, C-->D, E F --> G a. Draw the 1NF relational model and...
-
In Deep Water: Boardroom Tussle at Asia Water Technology Case Overview Listed on the Singapore Exchange in March 2005 , Asia Water Technology Ltd (AWT) faced problems such as rapidly deteriorating...
-
S. Bullock, a farmer, makes up his financial statements to 31 March each year. The trial balance extracted from his books as at 31 March 20X3 was as follows: On 31 March 20X3: Included in the...
-
Explain the circumstances in which inventories might be shown in the financial statements at a value different from their historical cost?
-
Describe some characteristics of an ionic compound such as KF that would distinguish it from a covalent compound such as benzene (C6H6).
-
New probabilities that have been found using Bayes theorem are called a. prior probabilities. b. posterior probabilities. c. Bayesian probabilities. d. joint probabilities.
-
Explain how a major hub-and-spoke carrier might drive a small new entrant carrier from its new route to the major carriers hub city (for example, Frontier Airlines begins service from Los Angeles to...
-
How to build a linear model from a nonlinear relationship?
-
Why did airlines offer Internet-only fares?
-
In assessing utility values, a. the worst outcome is given a utility of -1. b. the best outcome is given a utility of 0. c. the worst outcome is given a utility of 0. d. the best outcome is given a...
-
Parisian Imports buys furniture and dcor items from France and sells them to retailers. Erin Moreland is the general manager of the company. Moreland employs two other people in the business. Nadine...
-
Evaluate the line integral, where C is the given curve. C x 2 dx + y 2 dy, C consists of the arc of the circle x 2 + y 2 = 4 from (2, 0) to (0, 2) followed by the line segment from (0, 2) to (4, 3)
-
Yakima Wheat Company acquired harvesting equipment for $90,000 with an expected useful life of 5 years and a $10,000 expected residual value. Yakima Wheat used straight-line depreciation. During its...
-
The Outpatient Clinic of Eastside Hospital acquired X-ray equipment for $29,000 with an expected useful life of 5 years and a $4,000 expected residual value. The hospital uses straight-line...
-
Bellas Pizza Company purchased a delivery van in early 20X1 for $55,000 and depreciated it on a straight-line basis over its useful life of 5 years. Estimated residual value was $5,000. The company...
-
Two vectors are given by a = 3.0 +5.0 and b = 2.0 + 4.0. Find (a) a xb, (b) a. b, c) (a + b). b, and (d) the component of a along the direction of b.
-
Consider two parallel wires, each carrying an identical current I in the same direction. The moving charges create magnetic fields, and react to each other's magnetic fields, causing the wires to...
Study smarter with the SolutionInn App